Virtual Reality in Automotive Market Growth Opportunities, Industry Challenges, Size, Future Trends and Demand Analysis by 2026
September 8, 2020
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Sep 08, 2020 (The Expresswire) —
The global virtual reality in automotive market is expected to rise with an impressive CAGR and generate the highest revenue by 2026.Fortune Business Insights™ in its latest report published this information. The report is titled “Virtual Reality in Automotive Market Size, Share and Industry Analysis, By Component (Hardware, Software, Content), By Application (Designing and Prototyping, Training, Virtual Reality Showrooms, and Research and Development), and Regional Forecast, 2019-2026”. The report discusses research objectives, research scope, methodology, timeline and challenges during the entire forecast period. It also offers an exclusive insight into various details such as revenues, market share, strategies, growth rate, product and their pricing by region/country for all major companies.
For more information, Get sample pdf @https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/virtual-reality-vr-in-automotive-market-101702
The report provides a 360-degree overview of the market, listing various factors restricting, propelling, and obstructing the market in the forecast duration. The report also provides additional information such as interesting insights, key industry developments, detailed segmentation of the market, list of prominent players operating in the market, and other virtual reality in automotive market trends. The report is available for sale on the company website.
Virtual Reality in Automotive Marketsize wasUSD 759.3 Millionin 2019 and is projected to reachUSD 14,727.9 Millionby 2027, exhibiting a CAGR of 45.1% during the forecast period.
The COVID-19 pandemic has impacted the automotive industry severely. There is a reduction in the sales of vehicles since the lockdowns. But, virtual reality in automotive industry is playing an important role in maintaining social distancing. At the same time, it is providing technicians with professional training. Also, the usage of in-house virtual test-driving environments and virtual showrooms worldwide is helping the companies to enhance sales. Our reports would provide in-depth information about the effects of this pandemic on every market.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit:
This Report Answers the Following Questions:
What are opportunities and challenges in the market for virtual reality in automotive?
What are the growth drivers, hindrances, and dynamics of the market?
Which segment is anticipated to dominate the market in the coming years?
What are the vital strategies followed by key players to promote usage of VR in automotive industry?
Drivers and Restraints-
Ability to Present Car Designs Virtually to Customers will Boost Growth
The automotive industry is gaining various advantages for the marketing and sales of vehicles with the help of VR technology. It helps in creating an immersive experience to provide better customer experience. Additionally, dealers can present the car designs and features to their customers with the help of VR in automotive. However, VR simulators are incapable of offering flexibility amid training sessions. It includes asking doubts and clearing them. This factor may hinder the virtual reality in automotive market growth in the near future.
Training Segment to Grow Significantly Fueled by Ability to Reduce Rate of Errors
Based on application, the market is segregated into virtual showrooms, research and development, training, designing and prototyping, and others. Out of these, the training segment held 27.2% in terms of virtual reality in automotive market share in 2019. This growth is attributable to the ability of VR technology to deliver technicians and engineers with substantial training in the industry. Apart from that, it reduces the rate of errors considerably, as well as offers a safe environment for trainees.
Rising Research and Development to Favor Growth in North America
North America generated USD 288.2 million in terms of revenue in 2019. This growth is attributable to the presence of prominent automakers, such as General Motors, Tesla, and Ford Motor Co. in the U.S. They are extensively investing in research and development activities. The American Auto Council declared that by the end of 2025, the auto production in the U.S. is estimated to reach 12 million.
Asia Pacific is expected to grow rapidly in the coming years backed by the expansion of the automotive industry in countries, such as India, Japan, and China. China is investing hefty amounts of money in various technologies to gain efficient and skilled technicians at their manufacturing units. Japan is showcasing high growth owing to the rising augmented and virtual reality applications, emergence of 5G technology, and constant support by the government.
Key Players Focus on Partnerships and Collaborations to Enhance Businesses
The market for VR in automotive consists of a large number of companies that are persistently striving to boost their production units. Most of them are engaging in partnerships and collaborations with local start-ups for enhancing their businesses. Below are two latest industry developments:
January 2019: LG Electronics joined hands with Microsoft to improve and expand the former’s infotainment system and autonomous vehicle business. This new collaboration would enable LG to transform its digital platform for the automotive industry by leveraging Microsoft’s artificial intelligence technologies and Azure cloud.
January 2019: Continental AG partnered up with Automotive Artificial Intelligence (AAI), a start-up company based in Germany. It would help the former in refining its approach for the virtual development of automated driving (AD) and advanced driver assistance systems (ADAS).
Fortune Business Insights™ lists out the names of all the VR in automotive manufacturers 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-Bia�?a, Poland)
Sensorama, Inc. (Delaware, United States)
OmniVirt (California, United States)
Audax Labs, LLC (California, United States)
Have Queries? Speak to Our Analyst at – @https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/virtual-reality-vr-in-automotive-market-101702
Regional Analysis for Virtual Reality in Automotive Market:
North America (the United States, Canada and Mexico)
Europe (Germany, UK, France, Italy, Russia and Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia and Southeast Asia (Indonesia, Thailand, Philippines, Malaysia, and Vietnam))
South America (Brazil etc.)
The Middle East and Africa (North Africa and GCC Countries)
Regional analysis is another highly comprehensive part of the research and analysis study of the global market presented in the report. This section sheds light on the sales growth of different regional and country-level markets. For the historical and forecast period to 2026, it provides detailed and accurate country-wise volume analysis and region-wise market size analysis of the global market.
Major Table of Contents for Virtual Reality in Automotive Market:
Key Virtual Reality in Automotive Market Insights
Global Market Analysis, Insights and Forecast, 2015-2026
North America Market Analysis, Insights and Forecast, 2015-2026
Europe Market Analysis, Insights and Forecast, 2015-2026
Asia Pacific Market Analysis, Insights and Forecast, 2015-2026
The Middle East and Africa Market Analysis, Insights and Forecast, 2015-2026
Latin America Market Analysis, Insights and Forecast, 2015-2026
GlobalVirtual Reality in Automotive Market Revenue Share Analysis, By Key Players, 2020
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