The metaverse has existed as a concept since the 1990s but didn’t gain much attention until technology companies in recent years started to explore its potential applications. While some still don’t buy into it – granted, the technology is still in its early stages – it represents a significant opportunity for various sectors, including the automotive industry. According to GlobalData, the metaverse has a potential market value of $626.5 billion by 2030.
As automotive enthusiasts around the world have started to see, the metaverse’s impact on the automotive sector has the potential to impact how cars are designed, sold, repaired and driven. Even antique car collectors such as Pierre-Mary Bachelet might one day have to compete with digitally designed (and existing) vehicles in this category.
The metaverse’s influence is likely to be felt in all aspects of the auto industry, including design, manufacturing, and community engagement. Furthermore, the technology may also open up new opportunities in the digital world, not to mention raise questions about the responsibilities between the main actors involved.
Before getting into the various aspects where the metaverse integrates with the auto world, it is vital to understand the technology. Simply put, it is a virtual world that has been created using next-generation technologies such as artificial intelligence (AI), virtual reality (VR) and augmented reality (AR). Together, they’ve enabled a shared online space where people (and entities) can meet, interact, transact, and even play virtual games.
Integration
As mentioned, there are numerous areas where the metaverse is useful to automotive industry players. For example, a manufacturer’s operations can be fully digital, allowing for a simulated environment in the development, prototyping and testing of models before they ever hit the road or the showroom floor. A simulated environment can save costs and reduce risks, ensuring operational investments are properly tested before rolling out.
The metaverse can also be useful in the sales department, enriching the customer shopping experience. A virtual showroom can be the first stop for prospective customers to assess their preferences and, within the virtual world, even test-drive a vehicle without leaving their homes. Of course, this would not replace a real-life test drive but could be a big factor in helping to close the deal.
Finally, a few manufacturers have tapped into the metaverse to provide driver assistance tools, entertainment and infotainment options. For example, many new Mercedes-Benz models are equipped with heads-up display (HUDs) units that provide key information about navigation, traffic and speed that can help drivers make better driving decisions.
