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.
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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.
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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)
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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.
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