Virtual Reality (VR) in Automotive Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
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 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.
Progressions in Virtual Reality (VR) innovation drive the developing appropriation of virtual reality (VR) in automotive market growth. The requirements for more productive plan and improvement forms, and the expanding request for personalized and locks in client encounters, all of which have been assist quickened by the effect of the COVID-19 widespread.
The automotive industry has grasped VR innovation as a persuasive apparatus for streamlining plan and designing workflows. Automakers construct and test vehicle models carefully by making completely immersive innovation and intuitively virtual situations. Plan groups collaboratively assess concepts, testing with distinctive styling components, insides formats, and indeed analyzing ergonomics from a driver's point of view some time recently a single physical model is built. This approach spares noteworthy time and costs related with conventional clay modeling and model manufacture.
The developing accessibility and reasonableness of VR equipment and program have been a critical driving calculate behind the far-reaching appropriation of this innovation within the car industry. Over the past few a long time, the customer market has witnessed a surge within the advancement and commercialization of high-quality VR headsets and related equipment from major tech companies. This has driven to a considerable diminish within the in general cost of VR setups and cultivated strongly competition among producers, assist driving down costs and making the innovation more available to a broader extend of customers and businesses alike.
Comprehensive Analysis of Virtual Reality (VR) in Automotive Market
The type analysis of the VR in automotive market is fragmented into content, hardware and software. The fragment hardware with significant upfront cost is associated to be a larger part of the market. Manufacturing and assembly, training and simulation, logistics, design, prototyping and testing, showroom and retail experience are the parameters of the application segment among which the training and simulation part took the lead.
The territorial area of North America with an elevated valuation of USD 0.68 billion holds the most noteworthy virtual reality (VR) in automotive market share due to the nearness of major automotive producers and innovation companies that have contributed intensely to embracing VR arrangements for planning, prototyping, preparing, and client encounters. The region's early acknowledgment of VR benefits, such as cost investment funds, quickened item improvement cycles, and improved client engagement, has driven to broad appropriation over automotive applications.
Wear Studio (Ukraine), Tecknotrove (India), Bosch GmbH (Germany), WayRay AG (Switzerland), Meta Platforms, Inc. (U.S.), Unity Technologies (U.S.), Volkswagen AG (Germany), Vection Technologies Ltd. (Australia), WayRay AG (Switzerland) are the key players within the market are leveraging vital organizations, collaborations, and other comparative procedures to improve their VR offerings. These associations empower them to get to modern advances, extend their showcase reach, and offer more comprehensive arrangements to their clients. By collaborating with VR substance designers, computer program suppliers, and other industry players, these companies make more immersive and locks in client encounters.
In March 2024, the company Honda divulged its Honda XR Versatility Involvement, combining its UNI-ONE fueled wheelchair with VR goggles. This imaginative involvement empowered clients to explore virtual universes whereas encountering genuine development, displaying the potential utilizations of the wheelchair for virtual and amplified reality excitement.
Segmentation Table
ATTRIBUTEDETAILS
Study Period2019-2032
Base Year2023
Estimated Year2024
Forecast Period2024-2032
Historical Period2019-2022
Growth RateCAGR of 35.9% from 2024 to 2032
UnitValue (USD Billion)
SegmentationBy 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
South America (By Type, Application, and Country)
Brazil
Argentina
Rest of South America
Europe (By Type, Application, and Country)
U.K.
Germany
France
Italy
Spain
Russia
Benelux
Nordics
Rest of Europe
Middle East & Africa (By Type, Application, and Country)
Turkey
Israel
GCC
North Africa
South Africa
Rest of the Middle East & Africa
Asia Pacific (By Type, Application, and Country)
China
India
Japan
South Korea
ASEAN
Oceania
Rest of Asia Pacific
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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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