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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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Extensive insights into the Growth of Automotive Extended Reality (XR) Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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Global Automotive Extended Reality (XR) Market Highlights over 2022 – 2030

The global automotive extended reality (XR) market is estimated to grow at a significant CAGR over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the massive evolution in the technology of virtual reality (VR), in the form of extended reality (XR). XR is a combination of virtual, augmented and mixed reality, where the elements present in the physical environment are utilized to provide a new reality which has opened doors to various innovations. XR has been successfully implemented in the medical field and has also garnered significant share in the field of education. Automotive XR uses a blend of virtual reality and augmented reality to provide virtual sale opportunities to the automotive manufacturers and sellers. Customer can view and experience all the features of any model of car at the comfort of their home, where the VR is available. This is estimated to boost the market growth. The COVID-19 pandemic had severe impact on the sales of automobiles, as people were stuck in their homes. According to the data by the International Energy Agency (IEA), the global sale of automotive fell from over 88 million units in 2019 to less than 73 million units in 2020. However, the growing adoption of XR in the automotive sector is estimated to raise the sales, which is one of the major growth drivers for the market. The technology is not implemented widely on the ground level, but is expected to grow tremendously by the end of 2025, and gain significant share by 2030.

Automotive Extended Reality (XR) MarketThe market is segmented by application into automobile sales, virtual testing, and others, out of which, the automobile sales segment is anticipated to hold the largest share in the global automotive extended reality (XR) market over the forecast period as XR provides a digital environment for customers, where they interact with exteriors as well as the interiors of the vehicle in true-to-life color, scale, and overall look. Moreover, the need for rapid recovery after the downfall of sales of cars after the COVID-19 pandemic is estimated to boost the segment growth. CLICK TO DOWNLOAD SAMPLE REPORT

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Major Macro-Economic Indicators Impacting the Market Growth

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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.

Global Automotive Extended Reality (XR) Market Regional Synopsis

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.

Automotive Extended Reality (XR) Market

The global automotive extended reality (XR) market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Market Segmentation

Our in-depth analysis of the global automotive extended reality (XR) market includes the following segments:

By Component

  • Virtual Reality
  • Augmented Reality
  • Mixed Reality

By Application

  • Automobile Sales
  • Virtual Testing
  • Others

Growth Drivers

  • Increasing Adoption of Virtual and Augmented Reality
  • Decreasing Showroom Sale of Cars

Challenges

  • Lack of Accessibility for Everyone

Top Featured Companies Dominating the Market

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.

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