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Metaverse Market for Automotive by Products, Function, Application & Region - Global Forecast to 2030

Metaverse Market for Automotive by Products, Function, Application & Region - Global Forecast to 2030

  • September 2022
  • 247 pages
  • ID: 6323919
  • Format: PDF
  • MarketsandMarkets

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The global metaverse market for automotive is projected to grow from USD 1.9 Billion in 2022 to USD 16.5 Billion by 2030, at a CAGR of 31.4%. The concept of digital twin factories and virtual showrooms in the virtual space is in trend among automotive OEMs and dealers at present has triggered the growth of automotive metaverse industry. Many software companies and startups have developed AR/VR technologies and are still doing research and development towards the incorporation of metaverse applications in the automotive sectors. Users and customers are showing their interest in the NFTs and crypto to be used in the asset marketplace in the virtual space. Metaverse technologies has made the things much more convenient in the field of simulation and testing the vehicle. The metaverse market for automotive is dominated by established players such as NVIDIA (US), Roblox Corporation (US), Unity Technologies (US), Meta Platforms Inc. (US), and WayRay (Switzerland). They develop products and provide service offerings for the automotive metaverse ecosystem.

Advertisement applications to be leveraged at a higher level by automotive manufacturers and dealers during the forecast period.
Many automotive manufacturers and dealers have leveraged metaverse technologies to showcase their products in virtual space.OEMs have leveraged NFT releases, new product launches (of automobiles), virtual marketing events, and other resources.

Meta, for instance, has been selling virtual billboards as part of its metaverse.The company has allowed dealerships to sell cars directly through its online platform and allowed digital purchase rights of virtual estates for showrooms.

Many local dealerships across regions have leveraged this platform.With the rising usage of metaverse, the market for advertising in the metaverse will grow exponentially, with companies finding new ways to advertise on these platforms.

The concept of virtual showrooms has grown rapidly across the automotive industry, where companies can advertise their products virtually without leveraging actual cars. The company plans to reduce costs by launching its cars only in the virtual space.

North America is likely to be the largest market during the forecast period.
North America has the largest metaverse market for the automotive industry.Software is expected to be the largest segment in this region, with top software and metaverse platform providers like Roblox, Unity Technologies, Epic Games, Upland, and Sandbox, among others, present in this region.

The presence of top metaverse hardware providers like Microsoft, Meta, NVIDIA, and Qualcomm, among others, and a large part of the population using metaverse will make this the largest metaverse market for automotive.The US is expected to lead the market in this region due to the presence of most metaverse ecosystem providers in the country.

Metaverse software and platform providers like Roblox (US), Unity Technologies (US), Upland (US), Sandbox (US), and Epic Games (US) have been key players in this region.These companies have been working with OEMs to provide software for the metaverse market for automotive.

Roblox and Unity Technologies have worked with Hyundai for metaverse solutions. Similarly, Ferrari has worked with Epic Games for its metaverse offering for digital assets.

In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market.
• By Company Type: Metaverse Ecosystem Providers - 67%, Others - 9%, and OEMs - 24%
• By Designation: CXOs - 33%, Managers – 52%, Executives – 15%
• By Region: North America - 20%, Europe - 31%, Asia Pacific - 41%, Rest of the World - 8%
The metaverse market for automotive is dominated by established players such as NVIDIA (US), Roblox Corporation (US), Unity Technologies (US), Meta Platforms Inc. (US), and WayRay (Switzerland). They develop products and provide service offerings for the automotive metaverse ecosystem. They have initiated partnerships to develop their metaverse technology and provide finished products and services to their respective customers in the metaverse market for automotive.

Research Coverage:
The report covers the metaverse market for automotive in terms of Offering, Products (Hardware, Software, Others), Technology (AR, VR, MR), Application & Region (Asia Pacific, Europe and North America). It covers the competitive landscape and company profiles of the major players in the metaverse market for automotive ecosystem.
The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key Benefits of Buying the Report:
• The report will help market leaders/new entrants in this market with information on the closest approximations of revenue numbers for the overall metaverse market for automotive and its subsegments.
• This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
• The report also helps stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.

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