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.
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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.
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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
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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.
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