Automotive Extended Reality (XR) Market Future Scope 2030
Research Nester published a report titled “Automotive Extended Reality (XR) Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global automotive extended reality (XR) market in terms of market segmentation by component, application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
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The global automotive extended reality (XR) market is anticipated to attain a significant CAGR over the forecast period, i.e., 2022 – 2030. The market is segmented on the basis of application into automobile sales, virtual testing, and others, out of which, the automobile sales segment is projected to hold the largest market share over the forecast period owing to the true-to-life digital experience provided by XR to the customers remotely. The remote interaction with vehicle interiors and exteriors using virtual reality and augmented reality is estimated to boost the market growth.
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The global automotive extended reality (XR) market is estimated to grow on the back of rising concerns amongst automotive manufacturers regarding the lessened sales of vehicles, along with adoption of innovative technology to boost the sales of car. The sales of vehicles have decreased as people are avoiding going to showrooms post the COVID-19 pandemic. This is why, XR is being adopted by automotive manufacturers to improve their sales as customers can experience the vehicles and buy from the safety of their homes. This is estimated to boost the market growth. According to the data by the International Energy Agency (IEA), the global sale of cars reduced to less than 73 million in 2020, from 88 million in 2019.
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 the North America region is estimated to gain noteworthy growth owing to the increasing adoption of advanced technology in the region, combined with high demand for automobiles in developed countries.
The research was global in nature and conducted in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa). In addition, areas like Market size, Y-O-Y growth & Opportunity Analysis, market players competitive study, investment opportunities, demand for future outlook etc. have been covered and displayed in the research report to ensure it dives deep to achieve strategic competitive intelligence in the segment.
Downfall in the Sale of Vehicles to Boost the Market Growth
The reduced sale of automobiles due to the COVID-19 pandemic is estimated to boost the market growth, as XR provides opportunities to uplift the sales of vehicles remotely. Moreover, increasing adoption of XR in medical and educational sectors is estimated to gain the demand for extended reality.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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However, lack of accessibility to common people is expected to operate as key restraint to the growth of the global automotive extended reality (XR) market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global automotive extended reality (XR) market which includes company profiling of Accenture PLC, Qualcomm Technologies, Inc., Augray LLC, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global automotive extended reality (XR) market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
