In the automotive industry, the development & application of innovative technologies is a major factor for success in a progressively more competitive market that requires more rapid time-to-market and ever-higher quality of products. Virtual Reality (VR) is one of the technologies that can help to achieve these aims. VR is a system that permits the users to interact, look, move, and be immersed in a 3D environment. In the automotive sector, VR has resulted in benefits in various applications. Virtual reality automotive applications are moving beyond the research & development (R&D) labs & factories into the showrooms and homes.
Some of the key companies operating in the Global Virtual Reality in Automotive Market are Facebook Technologies LLC, Sony, ZeroLight Limited, Continental AG, DAQRI, HTC Corporation, Google, Unity Technologies, Bosch Limited, WayRay AG, Linden Research, Inc., Microsoft Corp., Visteon Corporation, Axiscades. The leading companies are focusing on introducing innovative products into the market for competing with the competitors and enhance the market share.
By component, Virtual Reality in the Automotive market is segregated as software, hardware, and content. The hardware segment dominates the global market owing to the declining cost of the headset. Growing companies’ investment in the R&D of advanced VR devices is also expected to increase this segment’s growth. In addition, by application, the market is segregated as training, virtual reality showrooms, designing & prototyping, and R&D. Training application segment is likely to exhibit a considerable growth rate due to its widespread training capabilities for engineers & technicians during the forecast period.
Virtual Reality in the Automotive market is driven by growth in security & safety concerns among individuals, followed by rising in new car assessment programs launched by companies and growth in the automotive industry. However, the increase in coronavirus (COVID-19) pandemic lack of versatility & human link is a hindering factor for the market. The Corona-virus pandemic has become the global stress both for human lives and industries across different industry verticals. The coronavirus disease has infected numerous million people globally, with a growing number of active cases every day, the duration of this pandemic is still difficult to predict. One of the vastly impacted sectors during the Covid-19 pandemic is the automotive industry. Moreover, growth in new technological advancements is a key opportunity for the market.
By geography, the European region holds the major share in the global Virtual Reality in the Automotive market owing to the rise in the use of technologically advanced devices in the region. The North-American and Asian-Pacific regions are anticipated to witness a higher growth rate due to growth in the automotive industry and an increase in investment in the production of embedded and sensor-based technologies over the forecast period. It is predicted that the future of the global will be optimistic on account of the introduction of 5G technology coupled with rising government support during the forecast period. It is also predicted that Global Virtual Reality in Automotive Industry will be reached at the US $36.82 billion by 2030, at a CAGR of 46.11% during 2020-2030.
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Global Virtual Reality Market Growth Rate
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