The concept of the metaverse, a virtual world in which users can share their experiences and interact in real time within simulated scenarios, is still being discussed. It is a ubiquitous term that no one can avoid in this day and age. It also appears that some automakers have been drawn in by the hype and want a piece of the metaverse pie.
The metaverse is an immersive virtual environment that can support various online interactions. It is thought to be a very profitable market, with integration steadily expanding across the industrial sector and others. Metaverse technology can be used to improve and streamline supply chain management in the automotive industry, from product design to procurement, manufacturing to inventory.
Metaverse is also expected to bridge the gap between dealerships and customers who prefer to buy cars online. Hyundai, for example, launched its Hyundai Mobility Adventure, a Roblox-hosted metaverse space where users can join the platform to test drive cars, explore the future of innovation, and understand the experiences of designers and engineers. Rapid advancements in metaverse platforms are expected to create highly lucrative opportunities for customers to interact with salespeople in the form of avatars. When compared to shopping online or in a showroom or outlet, the experience is more immersive and novel.
The global metaverse in the automotive market has been segmented based on application into advertising, online car purchasing, designing, in-car entertainment, and others. Revenue in the in-car entertainment segment is expected to grow significantly during the forecast period, owing to increased use of VR platforms to create in-vehicle virtual reality entertainment systems, growing collaborations between automotive manufacturers and gaming companies to create online entertainment platforms, development of cars specifically designed for the metaverse, and rapid integration of AR and VR technologies to seamlessly blend virtual and real world foes. Furthermore, technological advancements in entertainment solutions, as well as the integration of XR and real-time motion data to create immersive experiences for users, are expected to support revenue growth.
Metaverse could be a major part of what we’re all about to see in the future. Because the Metaverse is here to stay, we must wait and see how the automotive industry responds to this revolutionary technology. Experts predict that the metaverse in the automotive industry will grow in lockstep over the next five years.
