The growth of the global digital twins in automotive market is driven by increase in demand for efficient product design and development, need for efficient performance monitoring, cost reduction due to virtual testing
PORTLAND, Ore., Aug. 10, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Digital Twins in Automotive Market by Type (System Digital Twin, Product Digital Twin, Process Digital Twin), by Application (Predictive Maintenance, Business Optimization, Product Design & Development, Others), by Technology (Internet of Things (IoT), Artificial Intelligence (AI), Machine Learning (ML), Simulation Tools, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global digital twins in automotive industry generated $2.17 billion in 2022, and is anticipated to generate $34.58 billion by 2032, witnessing a CAGR of 32.6% from 2023 to 2032.
Download Sample Pages – https://www.alliedmarketresearch.com/request-sample/108092
The digital twin technology combines artificial intelligence (AI), the internet of things (IoT), metaverse, machine learning, cloud computing, and virtual & augmented reality (VR/AR) to create digital models of real-world devices, systems, or processes. By providing seamless virtual interactions, this technology has transformed how automotive industry today interact with their consumers, design, build, operate, and develop their vehicles throughout their lifecycle.
Prime determinants of growth
Factors such as increase in demand for efficient product design and development, need for efficient performance monitoring, and cost reduction due to virtual testing boost the growth of the digital twins in automotive market. However, integrating digital twin technology into existing systems, and vulnerability of digital twins to cyber-attacks are anticipated to hinder market growth. On the other hand, utilization of emulation software and digital twin technology, sustainable practices and environmental impact provide a remarkable growth opportunity for the market players operating in the market.
Report Coverage & Details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$2.17 billion |
|
Market Size in 2032 |
$34.57 billion |
|
CAGR |
32.6 % |
|
No. of Pages in Report |
285 |
|
Segments covered |
Type, Application, Technology, and Region. |
|
Drivers |
Increase in demand for efficient product design and development Need for efficient performance monitoring Cost reduction due to virtual testing |
|
Opportunities |
Utilization of emulation software and digital twin technology Sustainable practices and environmental impact |
|
Restraints |
Integrating digital twin technology into existing systems Vulnerability of digital twins to cyber attacks |
COVID-19 Pandemic Impact
- The COVID-19 pandemic had a significant impact on the implementation and adoption of digital twin technology in the automotive market. This is attributed to the fact that the pandemic led to disruptions in the global supply chains.
- Automotive companies faced challenges in conducting R&D activities during the pandemic.
- The disruptions caused by the pandemic acted as a catalyst for digital transformation in the automotive industry.
The System Digital Twin segment to maintain its leadership status throughout the forecast period
Based on type, the system digital twin segment held the highest market share in 2022, accounting for nearly three-fifths of the global digital twins in automotive market revenue and is estimated to maintain its leadership status throughout the forecast period. Also, the same segment is expected to witness the fastest CAGR of 33.2% from 2023 to 2032 and is likely to dominate the market during the forecast period. This is owning to the need for improved system performance, reliability, and safety. The ability to simulate and optimize system behavior contributes to shorter development times and lower development costs.
Procure Complete Research Report Now – https://www.alliedmarketresearch.com/digital-twins-in-automotive-market/purchase-options
The Product Design and Development segment to maintain its leadership status throughout the forecast period
Based on application, the product design and development segment held the highest market share in 2022, accounting for around two-fifths of the global digital twins in automotive market revenue, and is estimated to maintain its leadership status throughout the forecast period, as designers may utilize digital twins to get real-time data on product performance, which allow them to optimize design and development processes. However, the business optimization segment is projected to manifest the highest CAGR of 33.5% from 2023 to 2032, as business optimization digital twins are utilized to optimize supply chain management, logistics, resource allocation, and operational processes within the automotive industry. The focus on cost reduction, enhanced efficiency, and sustainability drives the growth of this segment.
The Simulation tools segment to maintain its lead position during the forecast period
Based on technology, the simulation tools segment accounted for the largest share in 2022, contributing to around two-fifths of the global digital twins in automotive market revenue, and is estimated to maintain its leadership status throughout the forecast period, as automakers strive to develop and validate innovative technologies for modelling and simulating automotive complex systems. However, the artificial intelligence (AI) segment is expected to portray the largest CAGR of 35.9% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. This is owing to many software and automotive companies increased utilization of AI in digital twin.
North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for around one-third of the global digital twins in automotive market revenue, and is estimated to maintain its leadership status throughout the forecast period, as North American companies collaborated with robot automation companies to provide advanced automotive manufacturing process. However, the Asia-Pacific segment is expected to portray the largest CAGR of 33.6% from 2023 to 2032 and is projected to maintain its lead position during the forecast period, as digital twins are adopted to improve manufacturing efficiency, reduce costs, and enhance quality control in automotive industry.
Leading Market Players: –
- Altair Engineering Inc.
- ANSYS, Inc.
- Bosch Rexroth AG
- General Electric Company
- IBM Corporation
- PTC Inc.
- Rockwell Automation, Inc.
- SAP SE
- Schneider Electric SE.
- Siemens
Interested to Procure the Data? Inquire Here Before Making Decision to Purchase – https://www.alliedmarketresearch.com/purchase-enquiry/108092
The report provides a detailed analysis of these key players of the global digital twins in automotive market. These players have adopted different strategies such as partnership, agreement, acquisition, expansion and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Similar Reports We Have on Automotive Industry:
Automotive Digital Transformation Market Research Report 2023-2035
Automotive Artificial Intelligence Market Research Report 2023-2035
U.S. Digital Twins in Automotive Market Research Report 2023-2035
South Korea Digital Twins in Automotive Market Research Report 2023-2035
Japan Digital Twins in Automotive Market Research Report 2023-2035
About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact:
David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
USA/Canada (Toll Free):
+1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-800-792-5285
help@alliedmarketresearch.com
Web: www.alliedmarketresearch.com
Allied Market Research Blog: https://blog.alliedmarketresearch.com
Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg
SOURCE Allied Market Research