Pune, Aug. 26, 2020 (GLOBE NEWSWIRE) -- The global virtual reality in automotive market is set to gain momentum from the ever-increasing need to create a virtual environment for automobile dealer centers and manufacturers. Besides, virtual reality (VR) simulators are capable of offering enhanced learning lessons to all the new employees. This information is given by Fortune Business Insights™ in a new report, 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 report further mentions that the market size was USD 759.3 Million in 2019 and is projected to reach USD 14,727.9 Million by 2027, exhibiting a CAGR of 45.1% during the forecast period.
Click here to get the short-term and long-term impact of COVID-19 on this market.
Please visit: https://www.fortunebusinessinsights.com/industry-reports/virtual-reality-vr-in-automotive-market-101702
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.
This Report Answers the Following Questions:
- What are opportunities & 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?
Get Sample PDF Brochure: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/virtual-reality-vr-in-automotive-market-101702
Drivers & 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.
Segment-
Training Segment to Grow Significantly Fueled by Ability to Reduce Rate of Errors
Based on application, the market is segregated into virtual showrooms, research & development, training, designing & 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.
Speak to Analyst: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/virtual-reality-vr-in-automotive-market-101702
Regional Analysis-
Rising Research & 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.
Competitive Landscape-
Key Players Focus on Partnerships & 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).
List of Key Companies profiled in VR in Automotive Market Are:
- 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)
Quick Buy – VR in Automotive Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/101702
Detailed Table of Content
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Global Market Share Analysis and Matrix, 2019
- Key Market Insights and Analysis, By Segments
- Global Virtual Reality in Automotive Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- By Component (Value)
- Hardware
- Software
- Content
- By Application (Value)
- Designing & Prototyping
- Training
- Virtual Showrooms
- Research & Development
- Others
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- By Component (Value)
Get your Customized Research Report: https://www.fortunebusinessinsights.com/enquiry/customization/virtual-reality-vr-in-automotive-market-101702
Have a Look at Related Research Insights:
Virtual Reality in Manufacturing Industry Share, Trends & Industry Analysis, By Component (Hardware, Software, Content), By Application (Product Design and Development, Safety and Training, Maintenance and Repair, and Communication & Collaboration), and Regional Forecast, 2019-2026
Virtual Reality in Education Market Size, Share & Industry Analysis, By Component (Hardware, Software, Content), By Application (K-12, Higher Education, and Vocational Training), and Regional Forecast, 2019-2026
Virtual Reality in Gaming Market Size, Share & Covid-19 Impact Analysis, By Component (Hardware, Software and Content), By Device (Mobile, Console/PC and Standalone), and Regional Forecast, 2020-2027
Virtual Reality Market Size, Share & Industry Analysis, By Offering (Hardware, Software), By Technology (Nonimmersive, Semi-Immersive), By Industry Vertical (Gaming & Entertainment Media, Healthcare, Education, Automotive, Aerospace & Defense, Manufacturing), By Application (Training & Simulation, Educational, Attraction, Research & Development) and Regional Forecast, 2019 - 2026
About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We therefore offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
Contact Us:
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune-Bangalore Highway,
Pune - 411045, Maharashtra, India.
Phone:
US: +1-424-253-0390
UK: +44-2071-939123
APAC: +91-744-740-1245
Email: sales@fortunebusinessinsights.com
Fortune Business Insights™
LinkedIn | Twitter | Blogs
Read Press Release https://www.fortunebusinessinsights.com/press-release/virtual-reality-vr-in-automotive-market-9408