Brooklyn, New York, Feb. 09, 2024 (GLOBE NEWSWIRE) -- According to a new market research report published by Global Market Estimates, the global digital twin in vehicle manufacturing market is projected to grow at a CAGR of 31.3% from 2024 to 2029.
The growth of the global digital twin in the vehicle manufacturing market is driven by advancements in technology such as IoT devices and sensors, as well as growing demand for predictive maintenance solutions.
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Key Market Trends
- Integration of AI and Machine Learning: Increasing integration of artificial intelligence (AI) and machine learning (ML) technologies within digital twin systems enables more advanced predictive analytics and optimization capabilities. This allows manufacturers to predict maintenance needs, optimize vehicle performance, and enhance production processes.
- Expansion of IoT Connectivity: The proliferation of Internet of Things (IoT) devices and sensors in vehicles facilitates the collection of real-time data, enabling more comprehensive and accurate digital twin models. This enhanced connectivity allows for more precise monitoring of vehicle components, leading to improved maintenance strategies and overall operational efficiency.
- Adoption of Cloud-based Solutions: Growing adoption of cloud-based digital twin platforms offers scalability, flexibility, and accessibility to manufacturers. Cloud-based solutions enable seamless collaboration, data sharing, and remote access to digital twin models, enhancing collaboration among stakeholders and streamlining decision-making processes across geographically dispersed teams.
Browse 147 Market Data Tables and 115 Figures spread through 163 Pages and in-depth TOC on “Global Digital Twin in Vehicle Manufacturing Market - Forecast to 2029’’
Key Market Insights
- As per the type outlook, the product digital twin segment is expected to be the largest segment in the global digital twin in vehicle manufacturing market from 2024 to 2029
- As per the application outlook, the predictive maintenance segment is expected to be the largest segment in the global digital twin in vehicle manufacturing market from 2024 to 2029
- Asia Pacific region is analyzed to be the fastest-growing region in the market
- North American region is estimated to hold the largest share of the market during the forecast period from 2024 to 2029
- Bosch Rexroth AG, ANSYS, Inc., Schneider Electric SE., PTC Inc., Rockwell Automation, Inc., IBM Corporation, Altair Engineering Inc., General Electric Company, SAP SE, and Siemens among others, are some of the key players operating in the global digital twin in vehicle manufacturing market
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By Type Outlook (Revenue, USD Billion, 2024-2029)
- System Digital Twin
- Product Digital Twin
- Process Digital Twin
By Application Outlook (Revenue, USD Billion, 2024-2029)
- Predictive Maintenance
- Business Optimization
- Product Design and Development
- Others
By Technology Outlook (Revenue, USD Billion, 2024-2029)
- IoT
- AI
- ML
- Simulation Tools
- Others
By Regional Outlook (Revenue, USD Billion, 2024-2029)
North America
- The U.S.
- Canada
- Mexico
Europe
- Germany
- U.K.
- France
- Spain
- Italy
- Netherlands
- Rest of Europe
Asia Pacific
- China
- India
- Japan
- South Korea
- Thailand
- Indonesia
- Malaysia
- Singapore
- Vietnam
- Rest of APAC
Central and South America
- Brazil
- Argentina
- Chile
- Rest of CSA
Middle East and Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of MEA
Contact: Yash Jain
Director- Global Accounts & Strategic Advisory
Email address: yash.jain@globalmarketestimates.com
Phone Number: +1 6026667238/ +91 9769352498
Website: www.globalmarketestimates.com
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