New York , Jan. 10, 2024 (GLOBE NEWSWIRE) -- The global driving simulation market size is slated to expand at 10.20% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 8.66 billion by the end of 2035, up from a revenue of USD 2.7 billion in the year 2022. This growth of the market is set to be influenced by growing autonomous vehicles. From 2019 and 2030, sales of autonomous vehicles are predicted to increase. Over 2 million cars bringing at least Level 3 autonomy are predicted to have been marketed globally in 2019. Global sales of these cars are expected to reach over 57 million units by 2030.
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However, ensuring autonomous driving systems are safe in dangerous situations is a difficult task. Even though artificial intelligence (AI) offers the potential to significantly enhance vehicle safety by lowering collisions caused by human mistake, distraction, or exhaustion, nearly two-thirds (over 64%) of people worldwide do not feel comfortable riding in a car without a human driver. Hence, the deployment for driving simulation is set to grow. This makes it feasible for an autonomous vehicle system to be trained to be ready for a variety of scenarios, including edge cases and unanticipated events.
Driving Simulation Market: Key Takeaways
- Market in Europe region to propel the highest growth
- The passenger segment to garner the highest growth
- Market in North America region to grow at a notable rate
Surge in Urban Population to Boost the Growth of Global Driving Simulation Market
As of 2021, there were about five billion individuals living in metropolitan areas globally; another four billion people lived in rural areas. Approximately 750 million people resided in cities in 1950; by 2021, that figure had almost doubled to almost 5 billion; by 2050, it is expected to rise to over 7 billion, bringing an additional 3 billion people to metropolitan areas. Furthermore, people in urban areas prefer a quality life which is why they are demanding more advanced and modern vehicles. As a result, the market revenue for driving simulation is predicted to rise.
Driving Simulation Industry: Regional Overview
The global driving simulation market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Demand for Electric Vehicles to Drive the Market Growth in Europe
The Europe market for driving simulation is projected to generate the largest share of ~33% over the forecast period. This growth of the market in this region is set to be influenced by rising demand for electric vehicles. With about 20% of new automobile registrations in the EU being electric, substantial progress has been achieved with the adoption of electric cars and vans. exceedingly over 3 million electric vehicle registrations in a single year, compared to just about 2 million in 2021. Hence, with this, the demand for driving simulation is also growing since there has been a growing need for technological advancement in electric vehicles in this region.
Surge in Disposable Income to Influence the Market Growth in North America
The North America market for driving simulation is predicted to capture a significant share of ~27% over the forecast period. The major element to influences the market expansion in this region is rising disposable income. In October of 2023, the United States' disposable personal income grew to over USD 20450 billion from September of approximately USD 20387 billion.
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Driving Simulation Segmentation by Vehicle Type
- Passenger
- Commercial Vehicles
The passenger vehicles segment is projected to gather the largest revenue over the projected period. The major element to dominates this segment's growth is the rising demand for passenger vehicles. The worldwide sales of passenger cars totaled close to 56 million in 2022, representing a rise of almost over 2 percent over the previous year.
Driving Simulation Segmentation by Simulation Type
- Full-Scale
- Compact Simulation
The compact simulation segment is poised to have notable growth in the market over the coming years. This growth of the segment is set to be influenced by the rising production of automobiles. Around the world production of automobiles reached roughly 84 million units in 2022. By contrast to the prior year, this statistic represents a rise of about 5 percent.
Driving Simulation Segmentation by Application
- Training
- Research
- Sports Gaming
A few of the well-known market leaders in the global driving simulation market that are profiled by Research Nester are Thales Group, L3Harris Technologies, Inc., CAE Inc., Bosch Rexroth AG, Adacel Technologies Limited, Tecknotrove Systems Pvt Ltd., CrudenB.V., Anthony Best Dynamics Limited, ECA Group, NVIDIA Corporation, and others.
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Recent Development in the Driving Simulation Market
- In an effort to provide the automotive and racing industries with cutting-edge simulation tools and services, Anthony Best Dynamics Limited announced the acquisition of Ansible Motion Limited.
- Cruden B.V. declared that the BMW Group's new FIZ Driving Simulator Centre in Munich, Germany, will get nine driver-in-the-loop (DIL) simulators in 2020.
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