Product Code: A107608
The Digital twins in automotive market is expected to experience a significant growth rate of 32.6% from 2023 to 2032 owing to rise in environmental regulations and legislation- Allied Market Research
In addition, Japanese automobile collaborated with software companies to utilize digital twins for testing of new vehicle. For instance, in May 2022, UD Trucks partnered with PTC Inc. to implement a new data platform, which aims to improve its engineering and supply chain capabilities in the digital era. By partnering with PTC, UD Trucks is projected to enhance its data-sharing infrastructure, enabling the application of digital twin technology to prototype testing. This advancement will facilitate faster identification of issues and allow for prompt modifications and improvements in the development process.
Furthermore, global automotive companies in India adopted digital twin through their subsidiaries to cater to the requirements of the Indian automobile market. For instance, in June 2022, MG Motor India formed a strategic partnership with Siemens AG to harness the power of digital technologies, including the Internet of Things (IoT), data analytics, Plant Simulation, and MindSphere. Siemens AG developed a digital twin of production, a virtual replica of the manufacturing process, which drives improvements in productivity, cost savings, and emissions reduction. Therefore, this region provides numerus opportunity for digital twins in automotive market owing to continuous efforts from automotive companies to adapt the digital twins solutions to improve efficiency.
Moreover, the adoption of machine learning is increasing as software companies integrate ML in their digital twin software for autonomous vehicle development. For instance, in September 2020, Siemens and VSI Labs formed a partnership to accelerate the progress of self-driving car technology. As part of this collaboration, Siemens PAVE360 platform will be utilized to develop digital twin simulations for testing and validating the various processors, electronics, sensors, and systems that are crucial to the VSI Labs Capability Demonstrator. The use of digital twin simulations is expected to enable thorough testing and verification of the AV technology, contributing to its advancement and readiness for real-world deployment.
In addition, AI-powered digital twin is helping in development and testing of EV battery and its supporting system. For instance, in November 2022, Renault, the French automaker joined forces with Google to adopt a software-centric approach in developing its vehicles. Through the utilization of AI, the two companies aim to build a digital twin of a new vehicle. Moreover, the collaboration aims to personalize the user experience by adapting to frequently visited destinations, including electric vehicle charging stations. Therefore, many software and automotive companies increased utilization of AI in digital twin, which drives the growth of the digital twins in automotive market.
Furthermore, IoT is used in automotive digital twins to install sensors, exchange data, monitor and manage products and systems in real-time, provide real-time performance information, integrate with other technologies, provide real-time data, and monitor and model production vehicle fleets. The use of IoT in automotive digital twins can help reduce costs, improve efficiency, and optimize performance.
The global digital twins in automotive market is segmented into type, application, technology, and region. On the basis of type, it is bifurcated into system digital twin, product digital twin, and process digital twin. By Application, it is categorized into predictive maintenance, business optimization, product design & development, and others. On the basis of technology, it is segregated into internet of things (IoT), artificial intelligence (AI), machine learning (ML), simulation tools, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key players profiled in the digital twins in automotive market report include Altair Engineering Inc., ANSYS, Inc, Bosch Rexroth AG, General Electric Company, IBM Corporation, PTC Inc., Rockwell Automation, Inc., SAP SE, Schneider Electric SE., and Siemens.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the digital twins in automotive market analysis from 2022 to 2032 to identify the prevailing digital twins in automotive market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the digital twins in automotive market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global digital twins in automotive market trends, key players, market segments, application areas, and market growth strategies.
Additional benefits you will get with this purchase are:
- Quarterly Update and* (only available with a corporate license, on listed price)
- 5 additional Company Profile of client Choice pre- or Post-purchase, as a free update.
- Free Upcoming Version on the Purchase of Five and Enterprise User License.
- 16 analyst hours of support* (post-purchase, if you find additional data requirements upon review of the report, you may receive support amounting to 16 analyst hours to solve questions, and post-sale queries)
- 15% Free Customization* (in case the scope or segment of the report does not match your requirements, 20% is equivalent to 3 working days of free work, applicable once)
- Free data Pack on the Five and Enterprise User License. (Excel version of the report)
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- Free Industry updates and white papers.
Possible Customization with this report (with additional cost and timeline talk to the sales executive to know more)
- Additional company profiles with specific to client's interest
- Additional country or region analysis- market size and forecast
- Expanded list for Company Profiles
- SWOT Analysis
Key Market Segments
By Type
- System Digital Twin
- Product Digital Twin
- Process Digital Twin
By Technology
- Internet of Things (IoT)
- Artificial Intelligence (AI)
- Machine Learning (ML)
- Simulation tools
- Others
By Application
- Predictive Maintenance
- Business Optimization
- Product Design and Development
- Others
By Region
- North America
- Europe
- Germany
- France
- Italy
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players:
- General Electric Company
- Altair Engineering Inc.
- SAP SE
- IBM Corporation
- Schneider Electric SE.
- ANSYS, Inc.
- Rockwell Automation, Inc.
- Siemens
- Bosch Rexroth AG
- PTC Inc.
TABLE OF CONTENTS
CHAPTER 1: INTRODUCTION
- 1.1. Report description
- 1.2. Key market segments
- 1.3. Key benefits to the stakeholders
- 1.4. Research Methodology
- 1.4.1. Primary research
- 1.4.2. Secondary research
- 1.4.3. Analyst tools and models
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
- 3.1. Market definition and scope
- 3.2. Key findings
- 3.2.1. Top impacting factors
- 3.2.2. Top investment pockets
- 3.3. Porter's five forces analysis
- 3.3.1. Moderate bargaining power of suppliers
- 3.3.2. Low threat of new entrants
- 3.3.3. Low threat of substitutes
- 3.3.4. Low intensity of rivalry
- 3.3.5. Moderate bargaining power of buyers
- 3.4. Market dynamics
- 3.4.1. Drivers
- 3.4.1.1. Increase in demand for efficient product design and development
- 3.4.1.2. Need for efficient performance monitoring and predictive maintenance
- 3.4.1.3. Cost reduction due to virtual testing
- 3.4.2. Restraints
- 3.4.2.1. Integrating digital twin technology into existing systems
- 3.4.2.2. Vulnerability of digital twins to cyber attacks
- 3.4.3. Opportunities
- 3.4.3.1. Utilization of emulation software and digital twin technology
- 3.4.3.2. Sustainable practices and environmental impact
- 3.5. COVID-19 Impact Analysis on the market
CHAPTER 4: DIGITAL TWINS IN AUTOMOTIVE MARKET, BY TYPE
- 4.1. Overview
- 4.1.1. Market size and forecast
- 4.2. System Digital Twin
- 4.2.1. Key market trends, growth factors and opportunities
- 4.2.2. Market size and forecast, by region
- 4.2.3. Market share analysis by country
- 4.3. Product Digital Twin
- 4.3.1. Key market trends, growth factors and opportunities
- 4.3.2. Market size and forecast, by region
- 4.3.3. Market share analysis by country
- 4.4. Process Digital Twin
- 4.4.1. Key market trends, growth factors and opportunities
- 4.4.2. Market size and forecast, by region
- 4.4.3. Market share analysis by country
CHAPTER 5: DIGITAL TWINS IN AUTOMOTIVE MARKET, BY APPLICATION
- 5.1. Overview
- 5.1.1. Market size and forecast
- 5.2. Predictive Maintenance
- 5.2.1. Key market trends, growth factors and opportunities
- 5.2.2. Market size and forecast, by region
- 5.2.3. Market share analysis by country
- 5.3. Business Optimization
- 5.3.1. Key market trends, growth factors and opportunities
- 5.3.2. Market size and forecast, by region
- 5.3.3. Market share analysis by country
- 5.4. Product Design and Development
- 5.4.1. Key market trends, growth factors and opportunities
- 5.4.2. Market size and forecast, by region
- 5.4.3. Market share analysis by country
- 5.5. Others
- 5.5.1. Key market trends, growth factors and opportunities
- 5.5.2. Market size and forecast, by region
- 5.5.3. Market share analysis by country
CHAPTER 6: DIGITAL TWINS IN AUTOMOTIVE MARKET, BY TECHNOLOGY
- 6.1. Overview
- 6.1.1. Market size and forecast
- 6.2. Internet of Things (IoT)
- 6.2.1. Key market trends, growth factors and opportunities
- 6.2.2. Market size and forecast, by region
- 6.2.3. Market share analysis by country
- 6.3. Artificial Intelligence (AI)
- 6.3.1. Key market trends, growth factors and opportunities
- 6.3.2. Market size and forecast, by region
- 6.3.3. Market share analysis by country
- 6.4. Machine Learning (ML)
- 6.4.1. Key market trends, growth factors and opportunities
- 6.4.2. Market size and forecast, by region
- 6.4.3. Market share analysis by country
- 6.5. Simulation tools
- 6.5.1. Key market trends, growth factors and opportunities
- 6.5.2. Market size and forecast, by region
- 6.5.3. Market share analysis by country
- 6.6. Others
- 6.6.1. Key market trends, growth factors and opportunities
- 6.6.2. Market size and forecast, by region
- 6.6.3. Market share analysis by country
CHAPTER 7: DIGITAL TWINS IN AUTOMOTIVE MARKET, BY REGION
- 7.1. Overview
- 7.1.1. Market size and forecast By Region
- 7.2. North America
- 7.2.1. Key trends and opportunities
- 7.2.2. Market size and forecast, by Type
- 7.2.3. Market size and forecast, by Application
- 7.2.4. Market size and forecast, by Technology
- 7.2.5. Market size and forecast, by country
- 7.2.5.1. U.S.
- 7.2.5.1.1. Key market trends, growth factors and opportunities
- 7.2.5.1.2. Market size and forecast, by Type
- 7.2.5.1.3. Market size and forecast, by Application
- 7.2.5.1.4. Market size and forecast, by Technology
- 7.2.5.2. Canada
- 7.2.5.2.1. Key market trends, growth factors and opportunities
- 7.2.5.2.2. Market size and forecast, by Type
- 7.2.5.2.3. Market size and forecast, by Application
- 7.2.5.2.4. Market size and forecast, by Technology
- 7.2.5.3. Mexico
- 7.2.5.3.1. Key market trends, growth factors and opportunities
- 7.2.5.3.2. Market size and forecast, by Type
- 7.2.5.3.3. Market size and forecast, by Application
- 7.2.5.3.4. Market size and forecast, by Technology
- 7.3. Europe
- 7.3.1. Key trends and opportunities
- 7.3.2. Market size and forecast, by Type
- 7.3.3. Market size and forecast, by Application
- 7.3.4. Market size and forecast, by Technology
- 7.3.5. Market size and forecast, by country
- 7.3.5.1. Germany
- 7.3.5.1.1. Key market trends, growth factors and opportunities
- 7.3.5.1.2. Market size and forecast, by Type
- 7.3.5.1.3. Market size and forecast, by Application
- 7.3.5.1.4. Market size and forecast, by Technology
- 7.3.5.2. France
- 7.3.5.2.1. Key market trends, growth factors and opportunities
- 7.3.5.2.2. Market size and forecast, by Type
- 7.3.5.2.3. Market size and forecast, by Application
- 7.3.5.2.4. Market size and forecast, by Technology
- 7.3.5.3. Italy
- 7.3.5.3.1. Key market trends, growth factors and opportunities
- 7.3.5.3.2. Market size and forecast, by Type
- 7.3.5.3.3. Market size and forecast, by Application
- 7.3.5.3.4. Market size and forecast, by Technology
- 7.3.5.4. UK
- 7.3.5.4.1. Key market trends, growth factors and opportunities
- 7.3.5.4.2. Market size and forecast, by Type
- 7.3.5.4.3. Market size and forecast, by Application
- 7.3.5.4.4. Market size and forecast, by Technology
- 7.3.5.5. Rest of Europe
- 7.3.5.5.1. Key market trends, growth factors and opportunities
- 7.3.5.5.2. Market size and forecast, by Type
- 7.3.5.5.3. Market size and forecast, by Application
- 7.3.5.5.4. Market size and forecast, by Technology
- 7.4. Asia-Pacific
- 7.4.1. Key trends and opportunities
- 7.4.2. Market size and forecast, by Type
- 7.4.3. Market size and forecast, by Application
- 7.4.4. Market size and forecast, by Technology
- 7.4.5. Market size and forecast, by country
- 7.4.5.1. China
- 7.4.5.1.1. Key market trends, growth factors and opportunities
- 7.4.5.1.2. Market size and forecast, by Type
- 7.4.5.1.3. Market size and forecast, by Application
- 7.4.5.1.4. Market size and forecast, by Technology
- 7.4.5.2. Japan
- 7.4.5.2.1. Key market trends, growth factors and opportunities
- 7.4.5.2.2. Market size and forecast, by Type
- 7.4.5.2.3. Market size and forecast, by Application
- 7.4.5.2.4. Market size and forecast, by Technology
- 7.4.5.3. India
- 7.4.5.3.1. Key market trends, growth factors and opportunities
- 7.4.5.3.2. Market size and forecast, by Type
- 7.4.5.3.3. Market size and forecast, by Application
- 7.4.5.3.4. Market size and forecast, by Technology
- 7.4.5.4. South Korea
- 7.4.5.4.1. Key market trends, growth factors and opportunities
- 7.4.5.4.2. Market size and forecast, by Type
- 7.4.5.4.3. Market size and forecast, by Application
- 7.4.5.4.4. Market size and forecast, by Technology
- 7.4.5.5. Rest of Asia-Pacific
- 7.4.5.5.1. Key market trends, growth factors and opportunities
- 7.4.5.5.2. Market size and forecast, by Type
- 7.4.5.5.3. Market size and forecast, by Application
- 7.4.5.5.4. Market size and forecast, by Technology
- 7.5. LAMEA
- 7.5.1. Key trends and opportunities
- 7.5.2. Market size and forecast, by Type
- 7.5.3. Market size and forecast, by Application
- 7.5.4. Market size and forecast, by Technology
- 7.5.5. Market size and forecast, by country
- 7.5.5.1. Latin America
- 7.5.5.1.1. Key market trends, growth factors and opportunities
- 7.5.5.1.2. Market size and forecast, by Type
- 7.5.5.1.3. Market size and forecast, by Application
- 7.5.5.1.4. Market size and forecast, by Technology
- 7.5.5.2. Middle East
- 7.5.5.2.1. Key market trends, growth factors and opportunities
- 7.5.5.2.2. Market size and forecast, by Type
- 7.5.5.2.3. Market size and forecast, by Application
- 7.5.5.2.4. Market size and forecast, by Technology
- 7.5.5.3. Africa
- 7.5.5.3.1. Key market trends, growth factors and opportunities
- 7.5.5.3.2. Market size and forecast, by Type
- 7.5.5.3.3. Market size and forecast, by Application
- 7.5.5.3.4. Market size and forecast, by Technology
CHAPTER 8: COMPETITIVE LANDSCAPE
- 8.1. Introduction
- 8.2. Top winning strategies
- 8.3. Product Mapping of Top 10 Player
- 8.4. Competitive Dashboard
- 8.5. Competitive Heatmap
- 8.6. Top player positioning, 2022
CHAPTER 9: COMPANY PROFILES
- 9.1. Altair Engineering Inc.
- 9.1.1. Company overview
- 9.1.2. Key Executives
- 9.1.3. Company snapshot
- 9.1.4. Operating business segments
- 9.1.5. Product portfolio
- 9.1.6. Business performance
- 9.1.7. Key strategic moves and developments
- 9.2. ANSYS, Inc.
- 9.2.1. Company overview
- 9.2.2. Key Executives
- 9.2.3. Company snapshot
- 9.2.4. Operating business segments
- 9.2.5. Product portfolio
- 9.2.6. Business performance
- 9.2.7. Key strategic moves and developments
- 9.3. Bosch Rexroth AG
- 9.3.1. Company overview
- 9.3.2. Key Executives
- 9.3.3. Company snapshot
- 9.3.4. Operating business segments
- 9.3.5. Product portfolio
- 9.3.6. Business performance
- 9.3.7. Key strategic moves and developments
- 9.4. General Electric Company
- 9.4.1. Company overview
- 9.4.2. Key Executives
- 9.4.3. Company snapshot
- 9.4.4. Operating business segments
- 9.4.5. Product portfolio
- 9.4.6. Business performance
- 9.5. IBM Corporation
- 9.5.1. Company overview
- 9.5.2. Key Executives
- 9.5.3. Company snapshot
- 9.5.4. Operating business segments
- 9.5.5. Product portfolio
- 9.5.6. Business performance
- 9.6. PTC Inc.
- 9.6.1. Company overview
- 9.6.2. Key Executives
- 9.6.3. Company snapshot
- 9.6.4. Operating business segments
- 9.6.5. Product portfolio
- 9.6.6. Business performance
- 9.6.7. Key strategic moves and developments
- 9.7. Rockwell Automation, Inc.
- 9.7.1. Company overview
- 9.7.2. Key Executives
- 9.7.3. Company snapshot
- 9.7.4. Operating business segments
- 9.7.5. Product portfolio
- 9.7.6. Business performance
- 9.7.7. Key strategic moves and developments
- 9.8. SAP SE
- 9.8.1. Company overview
- 9.8.2. Key Executives
- 9.8.3. Company snapshot
- 9.8.4. Operating business segments
- 9.8.5. Product portfolio
- 9.8.6. Business performance
- 9.8.7. Key strategic moves and developments
- 9.9. Schneider Electric SE.
- 9.9.1. Company overview
- 9.9.2. Key Executives
- 9.9.3. Company snapshot
- 9.9.4. Operating business segments
- 9.9.5. Product portfolio
- 9.9.6. Business performance
- 9.9.7. Key strategic moves and developments
- 9.10. Siemens
- 9.10.1. Company overview
- 9.10.2. Key Executives
- 9.10.3. Company snapshot
- 9.10.4. Operating business segments
- 9.10.5. Product portfolio
- 9.10.6. Business performance
- 9.10.7. Key strategic moves and developments