According to MarkNtel Advisors’ research report, "Global Virtual Reality in Automotive Industry Analysis, 2022," the market is likely to grow at a CAGR of 41.32% during 2022-27. The market growth owes to the increasing enactment of virtual reality tools like immersive rooms & full body-tracking suits to evaluate the interiors of vehicles, conduct ergonomic interpretation, etc.
Virtual reality in the automotive industry is widely used in digital showrooms & vehicle production environments to create an interactive customer experience & better employee productivity. Besides, owing to its vast application & benefits, virtual reality solutions are projected to come in handy for entertainment purposes like movie streaming, gaming, virtual tours, etc., from the vehicle itself, which, in turn, would drive the global market in the coming years.
According to the research report, the Global Virtual Reality in Automotive Industry, based on the Application, segments into:
VR-based Training software is observing significant popularity in the automotive sector, principally for developing complex skills in their employees and improving their performance & productivity. Hence, several automakers like Audi & Volkswagen are developing different simulations for their trainees using Virtual Reality.
Volkswagen, amongst others, is building a virtual reality platform, Digital Reality Hub, which includes multiple knowledge bases, virtual meeting rooms, & training programs. Through this, employees can interact with each other & develop skills using HTC Vive VR headsets & controllers.
Germany to Continue Adopting Virtual Reality across its Automotive Industry during 2022-27
Of all regions, Europe is expected to create lucrative growth opportunities for the industry in the coming years. Germany, the largest adopter of virtual reality in the automotive sector across Europe, is gaining significant popularity while adopting VR across its automotive industry. It owes to the extensive presence of prominent automotive leaders like BMW, Audi, & Volkswagen in the country.
The companies are witnessing increased sales with immersive showrooms, enhanced safety of self-driving vehicle manufacturing using VR-based testing, & reduced design costs through virtual prototyping, respectively, reveals MarkNtel Advisors in their research report, "Global Virtual Reality in Automotive Industry Analysis, 2022."
Key Market Competitors
According to MarkNtel Advisors, the leading players in the Global Virtual Reality in Automotive Industry are 4Experience, Continental AG, Google LLC, HTC Corporation, Microsoft Corporation, NEXT/NOW, Oculus Rift (Facebook Inc.), OmniVirt, Onboard, Robert Bosch GmbH, Sensorama, Inc., Unity Technologies, Veative Labs Ltd., Visualise Creative Limited (VCL), and ZeroLight Limited.
Key Questions Answered in the Study