Driving Simulator Market to Reach $4.0 Billion, Globally, by 2032 at 7.4% CAGR: Allied Market Research

The growth of the global driving simulator market is driven by the surge in demand for testing and development of autonomous vehicles, cost-effective training solutions over traditional methods, integration of AI and IoT in driving simulators.

PORTLAND, Ore., Sept. 5, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Driving Simulator Market by Application (Training, Research & Testing, Entertainment), Vehicle Type (Car Simulators, Truck & Bus Simulators), Simulator Type (Training Simulator, Advanced Driving Simulator): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global driving simulator industry generated $2.0 billion in 2022, and is anticipated to generate $4.0 billion by 2032, witnessing a CAGR of 7.4% from 2023 to 2032.

Download Sample Pages – https://www.alliedmarketresearch.com/request-sample/12109

Driving simulator gives the feeling of driving a vehicle even before starting to drive the vehicle. Training for a driving job involved a lot of time on the road or a closed track, whereas driving in a digital space with the help of driving simulator eases the process. 

Prime determinants of growth

Factors such as surge in demand of testing and development of autonomous vehicle, cost effective training solution over traditional method, and integration of AI and IoT in driving simulators boost the growth of the driving simulator market. However, high initial cost of simulators and the lack of the real-world experience are anticipated to hinder market growth. On the other hand, adoption of virtual reality (VR) and augmented reality (AR) and development of Driver-in-the-Loop (DIL) simulators 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

$2.0 billion

Market Size in 2032

$4.0 billion

CAGR

7.4 %

No. of Pages in Report

234

Segments covered

Application, Vehicle Type, Simulator Type, and Region.

Drivers

Surge in demand of testing and development of autonomous vehicle

Cost effective training solution over traditional method

Integration of AI and IoT in driving simulators

Opportunities

Adoption of virtual reality (VR) and augmented reality (AR)

Development of Driver-in-the-Loop (DIL) simulators

Restraints

High initial cost of simulators

The lack of the real-world experience

Russia-Ukraine Conflict Scenario:

The ongoing conflict between Russia and Ukraine has sent ripples of instability across geopolitical, economic, and industrial landscapes.
The Russia-Ukraine conflict has introduced an element of geopolitical uncertainty that has the potential to influence market confidence and investment decisions.
In the short term, existing orders may sustain new car sales. However, the combined effects of inflation, supply chain disruptions, and consumer confidence issues are likely to catch up with the market, potentially leading to a drop in new car sales in the long term.
Manufacturers and dealers are hopeful for a quick resolution to these challenges to salvage what initially seemed like a promising year for the driving simulator market.

The Training segment to maintain its leadership status throughout the forecast period

Based on application, the training segment held the highest market share in 2022, accounting for more than two-fifths of the global driving simulator market revenue and is estimated to maintain its leadership status throughout the forecast period owning to the shortage of professional drivers in the Europe and U.S. However, the research and testing segment is projected to manifest the highest CAGR of 8.2% from 2023 to 2032, owing to research & testing ensures reliability and accuracy to the manufacture about the vehicles desired output and helps the testing simulator manufacturer to grow in the global market.

Interested to Procure the Research Report? Inquire Before Buying – https://www.alliedmarketresearch.com/purchase-enquiry/12109

The Car Simulator segment to maintain its leadership status throughout the forecast period

Based on vehicle type, the car simulator segment held the highest market share in 2022, accounting for nearly three-fourths of the global driving simulator market revenue, and is estimated to maintain its leadership status throughout the forecast period, owning to increase in adoption of car simulation systems for training new drivers. However, the truck and bus simulator segment is projected to manifest the highest CAGR of 8.4% from 2023 to 2032, owing to increase in the demand of drivers for delivery and logistics services.

The Advanced Driving Simulator segment to maintain its lead position during the forecast period

Based on simulator type, the advanced driving simulator segment accounted for the largest share in 2022, contributing to nearly three-fifths of the global driving simulator market revenue, and is estimated to maintain its leadership status throughout the forecast period. Also, the same region is expected to witness the fastest CAGR of 8.0% from 2023 to 2032 and is likely to dominate the market during the forecast period. This is owing to the advanced driving simulator helps manufacturers in the automotive industry to create performance vehicles of various type such that they can operate in roads and in off roads.

Asia-Pacific to maintain its dominance by 2032

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global driving simulator market revenue. Also, the same region is expected to witness the fastest CAGR of 8.2% from 2023 to 2032 and is likely to dominate the market during the forecast period. This is owing to the fact that emerging economies confront substantial issues like the necessity for comprehensive driver training programs due to the growing nature of the automobile sectors.

Leading Market Players: –

AB Dynamics Plc
AVSimulation
Cruden
CXC Simulations
Hottinger Brel & Kjær (HBK)
Moog Inc.
Tecknotrove
Thales
Arotech Corporation
Exail Technologies (Former Groupe Gorge)

Procure Complete Research Report Now – https://www.alliedmarketresearch.com/driving-simulator-market/purchase-options

The report provides a detailed analysis of these key players of the global driving simulator 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:

Simulators Market Research Report 2023-2035

Aircraft Simulation Market Research Report 2023-2035

Helicopter Simulation 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
[email protected]
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

Go to Source