Pierre-Mary Bachelet is a seasoned entrepreneur and investor who takes a keen interest in antique cars. This article will look at the metaverse and its potential to drive value in the automotive sector.
Across the world today, businesses and entire industries are strategizing tactics to harness the power of the metaverse, and the automotive industry is no exception. At Auto Expo 2023, car manufacturers not only showcased their new models but also their metaverse projects, jostling with each other in terms of coming up with exciting and innovative new ways to reach and engage with customers. A recent industry report estimated that, by 2030, the global metaverse automotive market could be worth as much as $116.5 billion, representing an impressive CAGR of more than 41.46%.
Consumers are increasingly seeking out personalized and integrated experiences that surprise, engage, inspire, and delight in equal measure. Evolving technologies such as augmented reality and virtual reality present an opportunity to develop and deliver a flawless, connected, and immersive buying experience, potentially enabling carmakers to virtualize every touch point in the customer purchase journey, from showcasing best-fit products to closing the purchase, all in the virtual world.
Experts predict that once the fully-fledged metaverse materializes in five to ten years, the potential for automotive marketers could be vast. According to a recent consumer survey by McKinsey, some 59% of respondents agreed that they preferred to conduct at least one activity daily – such as shopping, socializing, education, or fitness – in the virtual world rather than in person. A different survey revealed that excitement surrounding the metaverse is consistently high across all demographic groups, irrespective of gender, age, or religion.
The metaverse and emerging technologies present opportunities that go far beyond conventional websites that enable users to click on different features to gain information about the vehicle. For example, RelayCars’ mobile application combines augmented reality and 3D visuals, enabling users to explore thousands of different car models.
With an explosion in online car shopping during the pandemic, the metaverse could enhance the shopping experience by enabling automakers to set up virtual showrooms, allowing consumers to inspect models and even take a virtual test drive without even leaving their home. With increasingly sophisticated tools available online today, the metaverse poses scope to help consumers whittle down their choices, presenting a faster, more convenient, and more fun way to find the perfect new car.