Virtual Reality (VR) in Automotive Market
Growth Factors of Virtual Reality (VR) in Automotive Market
The virtual reality (VR) in automotive market size was valued at USD 2.36 billion in 2023, and the market is now projected to grow from USD 3.19 billion in 2024 to USD 37.13 billion by 2032, exhibiting a CAGR of 35.9% during the forecast period of 2024-2032.
COVID-19 has driven away the limits regarding the want for greater individualized and enjoyable procedures closer to purchasers and faster and greater green techniques for designing and developing new motors and automobiles, as well as the extended usage of VR generation. Virtual reality (VR) in automotive market growth is a result of development in the virtual reality era.
There is a popular integration of VR technology in the car sector because of the popularity of inexpensive VR tools and software programs in the marketplace. Today’s massive IT companies have been progressively growing and freeing notable VR headsets and associated hardware to the patron electronics marketplace in current years. This has made the fee of VR installations lessen substantially with the increase of opposition amongst production corporations hence lowering the overall price and making it extra less expensive to several clients and corporations. The boundaries to access related to VR adoption for automotive organizations intending to adopt the technology have therefore been eliminated. Overall, all these factors influenced virtual reality (VR) in automotive market share globally.
Applying VR technology has ended up as an alternative popular in the vehicle enterprise as a powerful manner to decorate the drift of comprehensive design and engineering. Automobile groups incorporate enticing technology and dynamic virtual environments for developing and modeling actual automobile fashions virtually. Designers do now not build an unmarried bodily model earlier than determining, inclusive of fashion, indoors, or even ergonomically from the motive force’s attitude, is evaluated and decided on via the crew of designers.
Comprehensive Analysis of Virtual Reality (VR) in Automotive Market
Virtual Reality (VR) is significantly impacting the automotive market by offering innovative solutions across various types and applications. Hardware for VR, including headsets and motion controllers, provides immersive experiences, while software enables advanced simulations and visualizations. Content creation for VR facilitates engaging and realistic automotive experiences. In design, prototyping, and testing, VR allows for detailed virtual models and simulations of vehicles, enhancing accuracy and efficiency. Training and simulation applications provide realistic environments for driver and technician training. VR also enriches showroom and retail experiences by allowing customers to virtually explore and customize vehicles. In manufacturing and assembly, VR aids in process planning and workflow optimization, while logistics applications streamline supply chain and operational management. Overall, VR is revolutionizing the automotive industry by improving design, enhancing customer engagement, and optimizing operational processes.
With a value of USD.68 billion in 2023, North America can have the most important digital fact marketplace share in the car enterprise thanks to the presence of full-size automakers and tech firms that have made great investments in adopting VR answers for consumer stories, training, and prototyping. Due to the region's early adoption of VR in automotive applications, its blessings—inclusive of price financial savings, shorter product development cycles, and better customer engagement—had been broadly diagnosed.
The top players in the market play a crucial role in the hardware and software IT service sector assuring industrial prospectus growth and setting market standards.Those groups enlist Vection Technologies Ltd. (Australia),Wear Studio (Ukraine), Unity Technologies (U.S.), XR Labs (India), Bosch GmbH (Germany), Meta Platforms, Inc. (U.S.), Tecknotrove (India), Volkswagen AG (Germany),BMW M GmbH (Germany),and WayRay AG (Switzerland).
Honda discovered the Honda XR Mobility Experience in March 2024, a VR goggles and UNI-ONE powered wheelchair blend. This ground-breaking enjoy proven the wheelchair's ability programs for digital and extended reality leisure through allowing customers to browse virtual worlds while feeling real motion.
Segmentation Table
Global Virtual Reality (VR) in Automotive Market Scope
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 35.9% from 2024 to 2032
Unit Value (USD Billion)
Segmentation By Type , Application , and Region
By Type - Hardware
- Software
- Content -
By Application
- Design, Prototyping and Testing
- Training and Simulation
- Showroom and Retail Experience
- Manufacturing and assembly
- Others (Logistics) -
By Region - North America (By Type, Application, and Country)
- U.S.
- Canada
- Mexico
- Brazil
- Argentina
- Rest of South America
- U.K.
- Germany
- France
- Italy
- Spain
- Russia
- Benelux
- Nordics
- Rest of Europe
- Turkey
- Israel
- GCC
- North Africa
- South Africa
- Rest of the Middle East & Africa
- China
- India
- Japan
- South Korea
- ASEAN
- Oceania
- Rest of Asia Pacifico
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- 1. Introduction
- 1.1. Definition, By Segment
- 1.2. Research Methodology/Approach
- 1.3. Data Sources
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Macro and Micro Economic Indicators
- 3.2. Drivers, Restraints, Opportunities and Trends
- 3.3. Impact of Generative AI
- 4. Competition Landscape
- 4.1. Business Strategies Adopted by Key Players
- 4.2. Consolidated SWOT Analysis of Key Players
- 4.3. Global Virtual Reality (VR) in Automotive Key Players Market Share Insights and Analysis, 2023
- 5. Global Virtual Reality (VR) in Automotive Market Size Estimates and Forecasts, By Segments, 2019 – 2032
- 5.1. Key Findings
- 5.2. By Type (USD)
- 5.2.1. Hardware
- 5.2.2. Software
- 5.2.3. Content
- 5.3. By Application (USD)
- 5.3.1. Design, Prototyping and Testing
- 5.3.2. Training and Simulation
- 5.3.3. Showroom and Retail Experience
- 5.3.4. Manufacturing and assembly
- 5.3.5. Others (Logistics, etc.)
- 5.4. By Region (USD)
- 5.4.1. North America
- 5.4.2. South America
- 5.4.3. Europe
- 5.4.4. Middle East & Africa
- 5.4.5. Asia Pacific
- 6. North America Virtual Reality (VR) in Automotive Market Size Estimates and Forecasts, By Segments, 2019 – 2032
- 6.1. Key Findings
- 6.2. By Type (USD)
- 6.2.1. Hardware
- 6.2.2. Software
- 6.2.3. Content
- 6.3. By Application (USD)
- 6.3.1. Design, Prototyping and Testing
- 6.3.2. Training and Simulation
- 6.3.3. Showroom and Retail Experience
- 6.3.4. Manufacturing and assembly
- 6.3.5. Others (Logistics, etc.)
- 6.4. By Country (USD)
- 6.4.1. U.S.
- 6.4.2. Canada
- 6.4.3. Mexico
- 7. South America Virtual Reality (VR) in Automotive Market Size Estimates and Forecasts, By Segments, 2019 – 2032
- 7.1. Key Findings
- 7.2. By Type (USD)
- 7.2.1. Hardware
- 7.2.2. Software
- 7.2.3. Content
- 7.3. By Application (USD)
- 7.3.1. Design, Prototyping and Testing
- 7.3.2. Training and Simulation
- 7.3.3. Showroom and Retail Experience
- 7.3.4. Manufacturing and assembly
- 7.3.5. Others (Logistics, etc.)
- 7.4. By Country (USD)
- 7.4.1. Brazil
- 7.4.2. Argentina
- 7.4.3. Rest of South America
- 8. Europe Virtual Reality (VR) in Automotive Market Size Estimates and Forecasts, By Segments, 2019 – 2032
- 8.1. Key Findings
- 8.2. By Type (USD)
- 8.2.1. Hardware
- 8.2.2. Software
- 8.2.3. Content
- 8.3. By Application (USD)
- 8.3.1. Design, Prototyping and Testing
- 8.3.2. Training and Simulation
- 8.3.3. Showroom and Retail Experience
- 8.3.4. Manufacturing and assembly
- 8.3.5. Others (Logistics, etc.)
- 8.4. By Country (USD)
- 8.4.1. U.K.
- 8.4.2. Germany
- 8.4.3. France
- 8.4.4. Italy
- 8.4.5. Spain
- 8.4.6. Russia
- 8.4.7. Benelux
- 8.4.8. Nordics
- 8.4.9. Rest of Europe
- 9. Middle East & Africa Virtual Reality (VR) in Automotive Market Size Estimates and Forecasts, By Segments, 2019 – 2032
- 9.1. Key Findings
- 9.2. By Type (USD)
- 9.2.1. Hardware
- 9.2.2. Software
- 9.2.3. Content
- 9.3. By Application (USD)
- 9.3.1. Design, Prototyping and Testing
- 9.3.2. Training and Simulation
- 9.3.3. Showroom and Retail Experience
- 9.3.4. Manufacturing and assembly
- 9.3.5. Others (Logistics, etc.)
- 9.4. By Country (USD)
- 9.4.1. Turkey
- 9.4.2. Israel
- 9.4.3. GCC
- 9.4.4. North Africa
- 9.4.5. South Africa
- 9.4.6. Rest of Middle East & Africa
- 10. Asia Pacific Virtual Reality (VR) in Automotive Market Size Estimates and Forecasts, By Segments, 2019 – 2032
- 10.1. Key Findings
- 10.2. By Type (USD)
- 10.2.1. Hardware
- 10.2.2. Software
- 10.2.3. Content
- 10.3. By Application (USD)
- 10.3.1. Design, Prototyping and Testing
- 10.3.2. Training and Simulation
- 10.3.3. Showroom and Retail Experience
- 10.3.4. Manufacturing and assembly
- 10.3.5. Others (Logistics, etc.)
- 10.4. By Country (USD)
- 10.4.1. China
- 10.4.2. Japan
- 10.4.3. India
- 10.4.4. South Korea
- 10.4.5. ASEAN
- 10.4.6. Oceania
- 10.4.7. Rest of Asia Pacific
- 11. Company Profiles for Top 10 Players (Based on data availability in public domain and/or on paid databases)
- 11.1. Vection Technologies Ltd.
- 11.1.1. Overview
- 11.1.1.1. Key Management
- 11.1.1.2. Headquarters
- 11.1.1.3. Offerings/Business Segments
- 11.1.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.1.2.1. Employee Size
- 11.1.2.2. Past and Current Revenue
- 11.1.2.3. Geographical Share
- 11.1.2.4. Business Segment Share
- 11.1.2.5. Recent Developments
- 11.2. Wear Studio
- 11.2.1. Overview
- 11.2.1.1. Key Management
- 11.2.1.2. Headquarters
- 11.2.1.3. Offerings/Business Segments
- 11.2.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.2.2.1. Employee Size
- 11.2.2.2. Past and Current Revenue
- 11.2.2.3. Geographical Share
- 11.2.2.4. Business Segment Share
- 11.2.2.5. Recent Developments
- 11.3. Unity Technologies
- 11.3.1. Overview
- 11.3.1.1. Key Management
- 11.3.1.2. Headquarters
- 11.3.1.3. Offerings/Business Segments
- 11.3.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.3.2.1. Employee Size
- 11.3.2.2. Past and Current Revenue
- 11.3.2.3. Geographical Share
- 11.3.2.4. Business Segment Share
- 11.3.2.5. Recent Developments
- 11.4. XR Labs
- 11.4.1. Overview
- 11.4.1.1. Key Management
- 11.4.1.2. Headquarters
- 11.4.1.3. Offerings/Business Segments
- 11.4.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.4.2.1. Employee Size
- 11.4.2.2. Past and Current Revenue
- 11.4.2.3. Geographical Share
- 11.4.2.4. Business Segment Share
- 11.4.2.5. Recent Developments
- 11.5. Bosch GmbH
- 11.5.1. Overview
- 11.5.1.1. Key Management
- 11.5.1.2. Headquarters
- 11.5.1.3. Offerings/Business Segments
- 11.5.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.5.2.1. Employee Size
- 11.5.2.2. Past and Current Revenue
- 11.5.2.3. Geographical Share
- 11.5.2.4. Business Segment Share
- 11.5.2.5. Recent Developments
- 11.6. Meta Platforms, Inc.
- 11.6.1. Overview
- 11.6.1.1. Key Management
- 11.6.1.2. Headquarters
- 11.6.1.3. Offerings/Business Segments
- 11.6.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.6.2.1. Employee Size
- 11.6.2.2. Past and Current Revenue
- 11.6.2.3. Geographical Share
- 11.6.2.4. Business Segment Share
- 11.6.2.5. Recent Developments
- 11.7. Tecknotrove
- 11.7.1. Overview
- 11.7.1.1. Key Management
- 11.7.1.2. Headquarters
- 11.7.1.3. Offerings/Business Segments
- 11.7.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.7.2.1. Employee Size
- 11.7.2.2. Past and Current Revenue
- 11.7.2.3. Geographical Share
- 11.7.2.4. Business Segment Share
- 11.7.2.5. Recent Developments
- 11.8. Volkswagen AG
- 11.8.1. Overview
- 11.8.1.1. Key Management
- 11.8.1.2. Headquarters
- 11.8.1.3. Offerings/Business Segments
- 11.8.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.8.2.1. Employee Size
- 11.8.2.2. Past and Current Revenue
- 11.8.2.3. Geographical Share
- 11.8.2.4. Business Segment Share
- 11.8.2.5. Recent Developments
- 11.9. BMW M GmbH
- 11.9.1. Overview
- 11.9.1.1. Key Management
- 11.9.1.2. Headquarters
- 11.9.1.3. Offerings/Business Segments
- 11.9.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.9.2.1. Employee Size
- 11.9.2.2. Past and Current Revenue
- 11.9.2.3. Geographical Share
- 11.9.2.4. Business Segment Share
- 11.9.2.5. Recent Developments
- 11.10. WayRay AG
- 11.10.1. Overview
- 11.10.1.1. Key Management
- 11.10.1.2. Headquarters
- 11.10.1.3. Offerings/Business Segments
- 11.10.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.10.2.1. Employee Size
- 11.10.2.2. Past and Current Revenue
- 11.10.2.3. Geographical Share
- 11.10.2.4. Business Segment Share
- 11.10.2.5. Recent Developments
- 12. Key Takeaways
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