Impact of COVID-19 on global virtual reality in cars

NEW YORK, July 27, 2022 (GLOBE NEWSWIRE) – Reportlinker.com announces the release of the report “The Impact of COVID-19 on the Global Virtual Reality in the Automotive Market: By Component; By Application and Region – Analysis of Market Size, Share and Trends for 2014 – 2019 and Forecast to 2030”- https://www.reportlinker.com/p06310364/?utm_source=GNW
It is commonly used, for example, to build virtual worlds for car manufacturers and dealerships. The simulators will provide useful learning experiences for the new employees of the auto manufacturing unit. It provides a virtual representation of the vehicle with features such as scale, colour, architecture, bodywork, and more. These hypothetical designs helped the company’s engineers review and identify defects in the models. Likewise, it provides customers in the dealership’s showroom with vehicle appraisal features. Customers may have a virtual test drive and check vehicle features such as parking assistance and rear view cameras. This is likely to drive the auto industry’s adoption of virtual reality.

Market highlights
Global virtual reality was recorded in the automotive market size of about 0.62 billion US dollars in 2019 and is estimated to reach 36.82 billion US dollars by 2030, registering a compound annual growth rate of 46.11% from 2020 to 2030. Virtual reality technology is giving the automotive industry Major advantages in marketing and sales. VR provides an immersive automotive marketing platform to create greater interaction with customers. The company will give its customers a virtual car driving experience with digital marketing solutions. It allows car dealers to display their vehicle designs and features electronically to customers. Digital marketing generates a widespread impact on the consumer and helps in improving showroom sales. This new trend increases customer loyalty and buying experience and improves sales growth. So immersive technology is gradually being used for sales and marketing in the automotive industry. Thus, driving the market for virtual reality in cars.

Global Virtual Reality in Automotive Market Opportunity Analysis

Global Virtual Reality in the Automotive Market: Slides
The global virtual reality automotive market is segmented on the basis of component, application, and region.

By Component (%), Global Automotive Virtual Reality Market, 2019

The hardware segment is expected to register XX% of the market share during the forecast period.

By component, the market can be segmented into hardware, software, and content. Due to the low cost of headphones, the hardware segment is expected to gain a large market share. The growth of corporate investment in research and development of advanced VR devices is also likely to fuel the growth of this sector.

By Application (%), Global Automotive Virtual Reality Market, 2019

The training department made up XX% of the country’s volume in 2019

The application section can be categorized into design, modeling, training, virtual reality showrooms, and research and development. The training applications category is expected to gain traction in the automotive industry due to its extensive training capabilities for engineers and technicians. It also provides a comfortable atmosphere for the trainees and helps greatly to reduce error rates. Virtual showrooms also show a growing demand for better customer service. By introducing wearable devices, it provides consumers with an immersive experience. This will also raise the part production.

Global Virtual Reality in Automotive Market Dynamics:
Digital Marketing and Technological Advances to Increase Market Growth

Virtual reality technology gives the automotive industry major advantages in marketing and sales. VR provides an immersive automotive marketing platform to create greater interaction with customers. The company will give its customers a virtual car driving experience with digital marketing solutions. It allows car dealers to display their vehicle designs and features electronically to customers. Digital marketing generates a widespread impact on the consumer and helps in improving showroom sales. This new trend increases customer loyalty and buying experience and improves sales growth. So immersive technology is gradually being used for sales and marketing in the automotive industry. Likewise, the technology can give consumers the option to change vehicle configurations such as choosing colors etc as they want. This will likely lead to the adoption of virtual reality in the industry.

Lack of versatility and human connection to impede market growth
Virtual reality simulators and techniques provide excellent employee training solutions. However, visual learning sessions can degrade the connection between humans. Because of the contact distance, the workers were unable to understand the purpose of the job and see which company was likely to get in the way. The simulator also lacks variety during training sessions, such as asking questions and solving doubts. This simulator with minimal accuracy will reduce the motivation of trainees on site. This can lead to further complication of practical real-world facilities. Also, mimetics symptoms can undermine the effectiveness of training and can impair its usability. This will likely hinder the growth of the auto industry in virtual reality.

Global Virtual Reality Automotive Market: Regions
In terms of value and volume, Europe accounted for XX% of the total market volume share in 2019

The European market is expected to witness significant growth in the coming years. The increasing use of technologically advanced devices and the increasing demand for automated concepts will generate multiple development opportunities. As investment in the production of embedded and sensor-based technologies increases, virtual reality in the North American auto industry will also experience significant growth.

The region segment can be divided into five main types including North America, Latin America, Europe, Asia Pacific, Middle East and North Africa.

The global Automotive Virtual Reality market is segmented by region into:

North America market size, share, trends, opportunities, growth, CAGR – United States and Canada
Latin America market size, share, trends, opportunities, annual growth, CAGR – Mexico, Argentina, Brazil, rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Annual Growth, CAGR – UK, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, Rest of Europe
Asia Pacific Market Size, Share, Trends, Opportunities, Annual Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, Rest of Asia Pacific Region
MENA Market Size, Share, Trends, Opportunities, Annual Growth, CAGR – North Africa, Israel, GCC, South Africa, Rest of MENA
Global Virtual Reality in the Automotive Market: Impact of COVID-19
The global pandemic COVID-19 has become a global stress, not only for human lives, but also for industries across different industry sectors. COVID-19 has infected several million people globally, with the number of active cases increasing daily, and the duration of the pandemic still difficult to predict. The auto industry is one of the sectors that has been hit hard during the pandemic. Demand for social distancing in factories and offices has slowed industry production. Likewise, in the midst of a lockdown, the industry is seeing a decline in revenue. However, the introduction of virtual reality technologies for car players has provided new ways to deal with the current situation. Virtual reality devices and simulators will provide technicians with appropriate technical training by maintaining the necessary social distance. In the same way, with the help of a VR headset, new prototypes and prototypes can be made from afar. The introduction of a virtual reality showroom and an in-house test drive for customers is also expected to improve revenue. For example, Vroom, the car manufacturer, is embracing the technology to showcase its new models in a remote area. To give them a driving experience in the virtual world, the company will take the entire system to the customer site. Therefore, post-pandemic demand is expected to expand significantly.

Global Virtual Reality in the Automotive Market: Competitive Landscape
New technological developments in the global virtual reality in the automotive market, in addition to the mass production of the product by the major players, is likely to drive the growth of the market. Moreover, the growing security and safety concerns among individuals and new car assessment programs launched by companies across the globe are other factors fueling the global virtual reality auto market.

Global Virtual Reality in the Automotive Market: Key Players

Sony
Company Profile
business strategy
Main product offerings
Financial performance
Key Performance Indicators
Risk analysis
New developments
regional presence
SWOT Analysis
Continental AG
The Google
Zero Light Limited
HTC Corporation
Bosch Limited
Unity Techniques
FESTON COMPANY
Microsoft
Other notable players
The Global Automotive Virtual Reality Market Report also contains an analysis about:

Global Virtual Reality in Automotive Market Segments:-

By component:
hardware
Programming
content
By application:
Design and Modeling
exercise
Virtual reality showrooms
research and development
Global virtual reality in the automotive market dynamics
Global virtual reality in the automotive market size
Supply and demand
Current trends/issues/challenges
Competition and companies participating in the market
market value chain
Market drivers and constraints
Read the full report: https://www.reportlinker.com/p06310364/?utm_source=GNW

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