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The global virtual reality in automotive market size is projected to reach USD 14,727.9 Million by 2027. It is likely to gain momentum from the ability to provide customers virtual test drives and a glimpse into every feature of the vehicle, such as reverse view cameras and parking assistance. This information is given by Fortune Business Insights™ in a new study, titled, “Virtual Reality in Automotive Market Size, Share & COVID-19 Impact Analysis, By Component (Hardware, Software, and Content), By Application (Designing & Prototyping, Training, Virtual Showrooms, Research & Development, Others), And Regional Forecast, 2020-2027.” The study further mentions that the market stood at USD 759.3 Million in 2019 and is set to exhibit a CAGR of 45.1% during the forecast period between 2020 to 2027.
Autodesk VRED Supports HTC VIVE Pro Eye & NVIDIA VRS
In November 2019, Autodesk VRED announced that it started supporting HTC’s VIVE Pro Eye head-mounted display and NVIDIA VRS to provide innovative VR for automotive design. This new VRED 2020.2 Beta would be able to optimize viewing performance and deliver content-adaptive shading. It refers to high quality images for certain materials. Also, it would be equipped with the feature of foveated rendering in which the VRS solution would produce high quality pixels. Thus, it would be capable of creating visually accurate designs. It accelerates instrument panels with subtle details, such as test, metallic finishes, and material grain.
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Increasing Usage for Sales & Marketing Purposes to Augment Growth
Nowadays, the trend of virtual marketing is creating prolific influence on the customers, thereby driving sales at showrooms. This is further elevating buying experience and customer engagement. Hence, virtual reality in automotive industry is being deployed for marketing and sales purposes extensively. The immersive technology is also helping dealer centers and automobile manufacturers to maintain social distancing and selling vehicles amid the COVID-19 pandemic. However, the rising concerns about communication gap between an organization and its employees caused by the usage of virtual reality in the automotive industry may affect the market negatively. Besides, the increasing simulator sickness symptoms can affect training, thereby obstructing the virtual reality in automotive market growth in the coming years.
Key Players Engage in Partnerships & Launching New Products to Intensify Competition
Robert Bosch GmbH is one of the leading companies present in the market for virtual reality in automotive. It is constantly spending huge sums in research and development activities to provide efficient manufacturing processes equipped with VR. Some of the other companies are practicing the strategy of new product launches and partnerships to gain a competitive edge.
Fortune Business Insights™ lists out the names of all the prominent virtual reality in automotive providers operating in the global market. They are as follows:
A Notable Industry Development-
Further Report Findings-
The global market can be segmented in this way:
ATTRIBUTE | DETAILS |
Study Period | 2016–2027 |
Base Year | 2019 |
Forecast Period | 2020–2027 |
Historical Period | 2016– 2018 |
Unit | Value (USD Million) |
Segmentation | By Component
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By Application
| |
By Region
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