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Study: Global Automotive Market on Metaverse will achieve a CAGR of 31.4% by 2030

Study: Global Automotive Market on Metaverse will achieve a CAGR of 31.4% by 2030

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Answer Study: Global Automotive Market on Metaverse will achieve a CAGR of 31.4% by 2030

The global metaverse growth for automotive products is expected to increase from $1.9 billion in 2022 to $16.5 billion in 2030, with a compound annual growth rate (CAGR) of 31.4%.

Predictions and numbers have been revealed via article He points out that the increase is due to the use of metaverse technologies such as non-fungible tokens (NFT) and cryptocurrencies in the automotive industry.

Major players in the automotive industry include the Metaverse company WayRay in Switzerland and Meta in the USA among others.

Their primary responsibility is to create goods and provide services tailored to the automotive space.

Metaverse technologies have made it very easy for Original Equipment Manufacturers (OEM) to display their products in the virtual space.

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The idea of ​​virtual showrooms, where companies can display their products virtually without using actual vehicles, has expanded rapidly throughout the automotive industry.

By launching their cars online only, companies operating in this space are hoping to cut costs.

Many companies are using or planning to use virtual reality (VR) technologies to integrate metaverses toward advancements in the automotive industry.

North America is expected to have the largest auto metaverse market with major software providers such as Upland, Sandbox, Roblox and Unity Technologies dominating this region.

Metaverse Experience to Boost Economy:

Metaverse is a platform that supports virtual activities using avatars.

Users can participate in social, entertainment, artistic, educational, artistic and commercial activities via metaverse.

In a news release, PwC Hong Kong stated that it has teamed up with Metaverse technology company TerraZero to provide Metaverse goods and services.

Prime Minister Fumio Kishida announced earlier in October that the Japanese government is striving to promote Web 3.0 services such as blockchain, NFT, and metaversers.

He claimed that the administration is committed to fostering a society in which new services can be easily developed.

Read:Gate.io successfully raises $64 million for the sale of its cryptocurrency (GT)

A recent study report issued by “JP Morgan Chase” also predicted that the metaverse market may boost the online gaming market in China from $44 billion to $131 billion.

Read also:

Twitter developers unveil “NFT Tweet Tiles” feature on Twitter…details here

EOS Corporation Signs Memorandum of Understanding with Busan to Promote Blockchain Investments


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