"We Envision Growth Strategies Most Suited
to Your Business"

Virtual Reality in Automotive Market to Exhibit 45.1% CAGR till 2027; Demand for Virtual Test Drives from Customers to Aid Growth

August 25, 2020 | Information & Technology

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.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/virtual-reality-vr-in-automotive-market-101702


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:



  • Google LLC (California, United States)

  • ZeroLight Limited (England, UK)

  • Robert Bosch GmbH (Gerlingen, Germany)

  • Unity Technologies (California, United States)

  • HTC Corporation (Taoyuan City, Taiwan)

  • Oculus Rift (Facebook Inc.) (California, United States)

  • Microsoft Corporation (Washington, United States)

  • Autodesk Inc. (California, United States)

  • Continental AG (Hanover, Germany)

  • Veative Labs Ltd. (Singapore)

  • Visualise Creative Limited (VCL) (London, UK)

  • Augmented Pixels, Inc. (California, United States)

  • Onboard (Berlin, Germany)

  • NEXT/NOW (Chicago, United States)

  • 4Experience (Bielsko-Biała, Poland)

  • Sensorama, Inc. (Delaware, United States)

  • OmniVirt (California, United States)

  • Audax Labs, LLC (California, United States)


A Notable Industry Development-



  • July 2018: Autodesk VRED and VRgineers teamed up to enable high-precision realism and visualization in VERD software with the help of VRgineers' headsets. The latest XTAL headset is capable of automatically aligning lens positions with the user’s eyes owing to the AutoEye feature. It also possesses voice-activated commands and Leap Motion hand-tracking sensor.


Further Report Findings-



  • In 2019, North America procured USD 288.2 million in terms of revenue. This growth is attributable to the increasing investments by industry giants present in this region in research and development activities.

  • Europe is set to grow considerably stoked by the presence of reputed companies, such as Volkswagen, BMW, Jaguar Land Rover, and Renault in this region. They are the early adopters of VR technology.

  • Based on application, the training segment generated 27.2% in terms of virtual reality in automotive market in 2019. It would exhibit significant growth owing to its ability to offer a safe environment for trainees. At the same time, it helps in lowering errors rapidly.


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



  • Hardware

  • Software

  • Content



By Application



  • Designing & Prototyping

  • Training

  • Virtual Showrooms

  • Research & Development

  • Others



By Region



  • North America (The U.S. and Canada)

  • Europe (The U.K., Germany, France, Scandinavia, and Rest of Europe)

  • Asia Pacific (Japan, China, India, Southeast Asia and Rest of Asia Pacific)

  • Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)

  • Latin America (Brazil, Mexico and Rest of Latin America)


Virtual Reality (VR ) in Automotive Market
  • PDF
  • 2019
  • 2016-2018
  • 120

    CHOOSE LICENSE TYPE

  • 4850
    5850
    6850

Our Clients

Samsung
Jubilant
Bunge
Ipsos
Fresenius
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X