What Does the Entry of Famous Automotive Companies into the Metaverse Mean for the Market?
Automotive Companies
Metaverse will be ruling the future of virtual reality. Many organizations are rushing to secure a piece of the billion dollar industry. The automotive industry has laid its stepping stones to the virtual world. The reason being the benefits are immense and they will get significant exposure. This integration has made sure streamlining and optimization of supply chain management. It is expected to continue in the upcoming years with the rapid advancement in techonloies of the metaverse.
How are they gaining an Advantage?
- The designers can design and share the prototype design with other designers present across the globe in real-time. This makes the process faster and also accelerates the procurement of materials.
- Gaming platforms are widely used to design advanced models of cars and entertainment systems.
- The companies are developing virtual showrooms.
How will the customers gain?
- Virtual showrooms will help users to get a better look and feel of the cars.
- Customers can test drive cars in the metaverse virtually and understand the designers’ and developers’ experiences in real-time.
- Customers can now take part in the design and development process of the cars. They can provide the companies with their personal opinions and feedback. The organizations are looking forward to satisfying their taste and needs before the cars go into production.
What does the market say?
A report by Global Industry Analysts Inc, the global market for automotive blockchain was estimated at USD 339.7 million in 2020. It will grow up to USD 1.6 billion by 2026. The analysis clearly projects that the industry is growing exponentially. The rapid advancements in the metaverse platforms and advancements in technologies will help drive the revenue growth of the market.
Which automotive companies are stepping into the Metaverse
Hyundai Motor Company in June 2021 announced that they were acquiring Boston Dynamics to enhance the robotics business. They wanted to provide the costumes with an increased mobility experience. Boston Dynamics’ Robot Spot was introduced in the metaverse by Hyundai in January 2022 to speed up the development of its meta-mobility concept.
Audi has also partnered with Holoride to deliver holoride-ready experiences through its’ vehicles’ MIB 3 infotainment system. The Holoride system connects the physical world of the passengers in the backseat with augmented reality for a motion-synchronized journey with the movement of the car.
CONCLUSION
More companies are expected to enter the metaverse in the future as the hype grows. Automotive companies can reach their goals faster with the consumers being an integral part of the process. Gaming platforms are widely used in the metaverse to design advanced models of cars. Koop360 provides an excellent decentralized and open-source platform to help creators design their works with the use of AI and ML tools. The designers can easily bring their ideas to life.
