The global metaverse for automotive products has been forecast to rise from $1.9 billion in 2022 to $16.5 billion in 2030, at a compound annual growth rate (CAGR) of 31.4%.

The projection was sleepless via an article hinting that the rise is due to the use of metaverse technologies like non-fungible tokens (NFTs) and crypto in the automotive industry.

Key players in the metaverse automotive industry include; WayRay in Switzerland and Meta Platforms Inc in the United States, among others. Its primary responsibility is to create goods and provide services tailored to the automotive metaverse space.

Metaverse technologies have made it very easy for original equipment manufacturers (OEMs) to showcase their products in virtual space.

The idea of ​​virtual showrooms, where companies can display their products virtually without using real vehicles, has spread rapidly throughout the automotive industry. By launching their cars online only, companies operating in this space hope to cut costs.

Many companies are using or planning to use virtual reality (VR) technologies to integrate the metaverse and advance the automotive industry.

North America has been projected to have the largest automotive metaverse market with large software providers like Upland, Sandbox, Roblox, and Unity Technologies dominating this region.

The metaverse experience for an improved economy

The Metaverse is a platform that supports virtual activities using avatars. Users can participate in social, recreational, artistic, educational, artistic and commercial activities through the metaverse.

In a press release, PwC Hong Kong stated that it had collaborated with the Metaverse technology company TerraZero Technologies Inc. to offer Metaverse products and services.

Prime Minister Fumio Kishida Announced in early October that the Japanese government is striving to promote Web3 services such as block chain, NFT and the metaverse. He stated that the administration is committed to fostering a society in which new services can be easily developed.

A recent study report published by JPMorgan Chase (JPM) has also predicted that the Metaverse market can boost China’s online gaming market from $44 billion to $131 billion.

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