The global metaverse market for automotive is projected to grow from USD 1.9 billion in 2022 to USD 16.5 billion by 2030, at a CAGR of 31.4%. Factors such as increasing demand for smart manufacturing (using digital factories and virtual twins for manufacturing), virtual car design (to save costs in the design and testing phase), in-car AR/VR based infotainment systems, virtual showrooms (for providing immersive experiences to users), simulation & training along with virtual advertisement will increase demand for metaverse in the automotive industry.
Advancements in supplementary technologies like 5G, IoT, cloud and edge computing, blockchain, 3D modeling and real-time rendering, AI, and ML will lead to the rapid development of the metaverse market for automotive. These technologies enable the use of metaverse as a whole and are the foundation of building metaverse systems. Further, developments in AR/VR/MR technologies in the form of hardware and software will increase the demand for the metaverse market across industries, including the automotive industry. Companies have already started working on the development of AR/VR-based in-vehicle safety and infotainment systems. WayRay (Switzerland), for instance, was the first amongst its competitors to develop this technology to some extent. It showcased an AR-based display for driver safety on actual roads in March 2022.
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NVIDIA (US) specializes in graphics, wireless communication, PC processors, and a wide range of automotive hardware/software. The company has presence in North America, South America, Asia, and Europe with more than 50 offices. NVIDIA technology and products meet the needs of pioneers like roboticists, virtual artists, and data scientists. In June 2022, NVIDIA joined the Metaverse Standard Forum, in which it will play a major and vital role in incorporating metaverse. The company has joined hands with tech giants like Microsoft, Meta, and others in the Metaverse Standard Forum. NVIDIA has developed its Metaverse called Omniverse. It is an extensible platform that will help in virtual and real-time collaboration and a physically accurate simulation. The company also worked with BMW Group to provide digital twins of their factory to customize their automobile manufacturing process. BMW installed the Omniverse system in more than 30 of BMW Group’s factories after its initial success in 2021.
Roblox Corporationis a video gaming developer based in the US. The company designs and incorporates vast varieties of online games worldwide. The company allows users to create and develop different 3D models and games and allows other users to play those games. Roblox is developed by and is a subsidiary of Roblox Corporation which is an online gaming and game development platform. In 2021, Roblox had explosive growth and was one of the biggest players in the metaverse sector. In September 2021, Hyundai announced its Hyundai Mobility Adventure, which is based on a metaverse adventure on the Roblox metaverse platform, under which various users can communicate and meet with each other in the form of avatars. The company has collaborated with non-automotive companies like Nike and Spotify as well in the metaverse space.
Unity Technologies (US) is one of the world’s leading platforms for creating and operating interactive RT3D content. Creators, from game developers to artists, architects, automotive designers to filmmakers, use Unity to make their imaginations come to life. The Unity platform provides a comprehensive set of software solutions to create and operate real-time 2D and 3D content for multiple platforms, including mobile phones, tablets, PCs, consoles, and augmented and VR devices. In CES 2022, Hyundai and Unity Technologies announced a partnership for developing Meta factories for Hyundai.
Meta Platforms (US), WayRay (Switzerland), Microsoft (US), Qualcomm (US), Epic Games (US), Decentraland (China), Sandbox (US), Tech Mahindra (India), XR Labs (India) are some of the other top providers in this market. Multiple startups like Holo-light (Germany), XR Central (India), Terranet AB (Sweden), Holoride (Germany), Oxbotica (UK), InfiniteWorld (US), Innoactive (Germany), Upland (US), Hyperlink Infostystem (India), Somnium Space (UK), Holoride (Germany), MetaVRse (Canada) etc. have also contributed to the metaverse market for automotive industry. They worked with various other companies in the metaverse ecosystem to provide metaverse based hardware and services to automotive OEMs and users. Meta, Microsoft and Qualcomm for instance provide hardware for metaverse use. Companies like Meta, Decentraland, Sandbox, InfiniteWorld, Upland, Somnium space are providing metaverse platforms for users. Meanwhile, Companies like WayRay, Holoride are working on XR based technologies for in-car infotainment. Further, Oxbotica and NVIDIA have worked on technologies for metaverse enabled autonomous car testing.
Metaverse Market for Automotive by Products (Software, Hardware), Technology (Virtual Reality (VR), Augmented Reality (AR), Mixed Reality (MR), Non-fungible Token (NFT), Blockchain), Function, Application & Region - Global Forecast to 2030
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