PUBLISHER: Allied Market Research | PRODUCT CODE: 1365663
PUBLISHER: Allied Market Research | PRODUCT CODE: 1365663
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.
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