Allied Market Research, on Friday, published a report with regard to metaverse in automotive industry, where it mentioned global metaverse in automotive market generated $2.18 billion in 2022, and is expected to generate $27.18 billion by 2032.
The report titled, Metaverse in Automotive Market by Product, Technology and Application: Global Opportunity Analysis and Industry Forecast, 2022-2032, said the industry will witness CAGR of 29.9% in the period of 2023 to 2032.
According to the report, surge in focus on leveraging the metaverse for marketing campaigns, increase in demand for modern vehicle shopping experiences with immersive virtual showrooms and growing demand for intuitive metaverse design for product development and manufacturing are identified as key drivers to achieve the forecast.
Software sector – highest market share in 2022
Based on product, the study revealed that software held highest market share in 2022, which includes nearly three-fifth of global metaverse in automotive market revenue and is estimated to maintain its leadership status throughout the forecast period.
Also, the same segment is projected a CAGR of 30.6% from 2023 to 2032, resulting from capability of the metaverse software that enables numerous possibilities for automakers to design, test, and even simulate its products in software.
Asia-Pacific region – highest market share in 2022
Based on region, the research mentioned that Asia-Pacific held the highest market share in terms of revenue in 2022, and is projected a CAGR of 30.8% from 2023 to 2032, resulting from rapid expansion of automotive sector in Asia-Pacific is welcoming metaverse technology.
The study added, with China’s investments in augmented reality start-ups, promotion of EVs in metaverse by Japanese manufacturers, and India’s adoption of VR-based marketing propels the extension of metaverse in automotive market.
Other Research:
Allied Market Research also published another report, on Friday, titled, “AI in Video Games Market by Component, Technology, Genre: Global Opportunity Analysis and Industry Forecast, 2022-2032”.
The report revealed that global AI in video games industry generated $1.08 billion in 2022, and projects to generate $11.42 billion by 2032, to see a CAGR of 26.8% from 2023 to 2032.
