Metaverse for Automotive Market Analysis

Component (Hardware, Software, Services)

Software segment is expected to capture over 37.5% metaverse for automotive market share by 2037, driven by higher demand for advanced software platforms that support virtual car showrooms, immersive customer experiences, and real-time data analytics for manufacturers. Secondly, the increasing demand for AR and VR applications inside the vehicle promotes software innovations. In September 2021, Roblox Corporation collaborated with Hyundai Motor Company to introduce "Hyundai Mobility Adventure" on its platform. It offers a metaverse platform that showcases advanced products and future mobility solutions of the company. Such developments are highly probable to make automakers heavily invest in software capability for further enhancement in driving and operational efficiency.

Technology (Virtual Reality, Augmented Reality, Mixed Reality, Blockchain & NFTs)

By 2037, virtual reality (VR) segment is set to capture over 44% metaverse for automotive market share. VR represents newer levels of immersion where customers can experience virtual tours and test drives of vehicles from inside the comforts of their homes. The use of VR by automotive companies has been increasingly seen to improve customer experience. For example, in June 2022, Audi and Holoride partnered on VR-based in-car entertainment that would be synched with the movements of the car. That is a major leap in VR technology for the automotive sector. This initiative represents one of the most important advances in VR technology in the automotive industry, which shows the ability of VR to change the customer experience and also automotive marketing and training applications.

Our in-depth analysis of the global market includes the following segments: