In the current scenario, most of the cars show a continuous trend towards automation. The advent of self-driving cars is one of the major milestones in the automotive industry. VR gives users the choice to experience the performance of a vehicle in several conditions, even before they are made available for practical use. VR has led to a technological revolution across the automotive industry.

The global virtual reality in automotive market will derive growth from recent advancements in virtual reality devices in several countries across the world. According to a report published by Fortune Business Insights, titled “Virtual Reality in Automotive Market Size, Share & Industry Analysis, By Component (Hardware, Software, Content), By Application (Designing and Prototyping, Training, Virtual Reality Showrooms, and Research and Development), and Regional Forecast, 2019-2026,” the market size was USD 436.2 million in 2018 is projected to reach USD 6,781.1 million by 2026, exhibiting a CAGR of 38.6% during the forecast period.

The growing trends of automation have resulted from the benefits offered by the concept. Resulting from the increased applications of virtual reality, there has been a subsequent rise in the total investment in the research and development of newer products. Virtual reality has played a massive role in the automotive industry and allowed flexible applications. Advances in 3-D technology, coupled with the growing incorporation of virtual reality and augmented reality have opened up a huge potential for the companies operating in the virtual reality in automotive market in recent years.

The report provides an in-depth analysis of the market. It highlights several aspects of the market and focuses on factors such as leading products and renowned companies. The report discusses the strategies adopted by major companies in the market and summarizes how these strategies have helped shape their company. The competitive landscape has been discussed in detail. The report identifies companies that are currently leading in the market and predicts companies that are likely to emerge dominant in the years. Based on extensive research methods, the report evaluates forecast values for the market for the period of 2019-2026. Additionally, the report encompasses several factors that have contributed to market growth and labels a few factors that have restrained growth.

Increasing Number of Company Mergers to Aid Growth

The report identifies a few of the factors that have had a positive influence on the growth of the market in recent years. Among all factors, the increasing number of mergers and acquisitions will have a direct impact on the growth of the market in the coming years. In 2019, Porsche announced that it has partnered with tech start-up Holoride. The company is engaged in developing VR-based solutions. With this collaboration, Porsche plans to integrate VR software in its products, with a view to providing enhanced user experience. The use of VR will also provide an improved experience for the passengers traveling in the car. Furthermore, the company plans to help users overcome car sickness by improving the performance and integrating necessary sensor-based devices.

Europe is Projected to Emerge Dominant; Recent Technological Advances to Aid Growth

The report segments the market on the basis of regional demographics into Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa. The market in Europe is likely to witness high growth in the coming years. Increasing the use of technologically advanced devices and the growing demand for automated concepts will create several growth opportunities. The virtual reality in automotive market in North America will also witness high growth, owing to the increased investment in the development of embedded and sensor-based concepts. The AI-driven trends will open up a huge potential for the growth of the market in North America.

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