Global Driving Simulator Market was valued at US$ 1.4 Bn in 2017 and is expected to reach US$ 2.6 Bn by 2026, at a CAGR of 8.05% during a forecast period.
Global Driving Simulator Market
An increasing number of vehicles is expected to drive the growth of the driving simulators market. Rising prices of driving schools and growing demand for enhanced experience among individuals are among some of the major factors expected to fuel the growth of the target market. Growing research-based development activities that offer technologically advanced systems in the field of semi-autonomous and autonomous vehicles is a major revenue growth opportunity. This opportunity is expected to boost the growth of the global market for driving simulators.
However, high initial cost and lack of infrastructure in developing economies are a major factor expected to hamper the growth of the target market to a certain extent. Integration complexities and lack of benchmark & standards in the driving simulator market are the major challenges faced by this market.
Based on simulator type segments, the advanced driving simulator segment is expected to register high revenue growth in the driving simulators market owing to the growing development of autonomous vehicles with technological advancements in developing and developed economies.
On the basis of applications segments, the research & testing segment is expected to account for large revenue share in the global market for driving simulators. Growing research and development activities for the production of driverless cars is a major factor expected to bolster the growth of the application segment in the upcoming future.
In terms of region, the Europe region is expected to be the fastest growing market during the forecast period. In Europe, Germany is projected to be the largest driving simulation market in the region. The German automotive industry is a globally renowned innovation hub. Almost 70% of the world’s premium cars are manufactured by German OEMs. The region’s vibrant R&D landscape and technological excellence with done 100 automotive electronics-related study programs every year justify the region’s dominance in the field of connectivity, vehicle electronics, and self-driving cars.
Various major players operating in the global market for driving simulators. Toyota is the leading players in the driving simulators market. In 2017, Toyota Research Institute & also the Computer Vision in Barcelona, Spain launched an open-source driving simulator named CARLA (Car Learning Act), which can be used by car manufacturers to test self-driving technologies in realistic driving conditions, thus eliminating risks such as car crashes, extreme weather conditions, and others on-road test.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding Global Driving Simulator Market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in the Global Driving Simulator Market.
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Scope of the Global Driving Simulator Market
Global Driving Simulator Market, By Simulator Type
Global Driving Simulator Market, By Application
Global Driving Simulator Market, By Driving Training Simulators
Global Driving Simulator Market, By Vehicle Type
Global Driving Simulator Market, By Region
Key players operating in Global Driving Simulator Market
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