Automotive Extended Reality (XR) Market
Segmentation by Component (Virtual Reality, Augmented Reality, and Mixed Reality); and by Application (Automobile Sales, Virtual Testing, and Others)– Global Demand Analysis & Opportunity Outlook 2030
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Segmentation by Component (Virtual Reality, Augmented Reality, and Mixed Reality); and by Application (Automobile Sales, Virtual Testing, and Others)– Global Demand Analysis & Opportunity Outlook 2030
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The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
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On the basis of geographical analysis, the global automotive extended reality (XR) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region is estimated to witness noteworthy growth over the forecast period on the back of high adoption of technology, presence of major automobile manufacturers and growing demand for cars. According to the report by IEA, 17 million cars were sold in the United States in 2019.
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The global automotive extended reality (XR) market is further classified on the basis of region as follows:
Our in-depth analysis of the global automotive extended reality (XR) market includes the following segments:
By Component
By Application
Growth Drivers
Challenges
The market is dominated by Accenture PLC, Qualcomm Technologies, Inc., Augray LLC, and other technology research companies. The technology is being adopted at a modest pace amongst the automotive industry, which is estimated to grow tremendously by the end of 2030.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Increasing adoption of virtual car sales is estimated to boost the market growth.
Ans: The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2022 – 2030.
Ans: Lack of accessibility is estimated to hamper the market growth.
Ans: The market in the North America region is estimated to gain noteworthy growth owing to the increasing adoption of advanced technology in the region.
Ans: The major players in the market are Accenture PLC, Qualcomm Technologies, Inc., Augray LLC, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by components, application, and by region.
Ans: The automobile sale segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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