What Transformation Has the Electric Vehicle Virtual Prototyping Market Undergone?
The electric vehicle virtual prototyping market has seen considerable growth due to a variety of factors.
• The market size for virtual prototypes in the electric vehicle industry has seen a significant rise lately. It is forecasted to increase from $0.99 billion in 2024 to $1.25 billion in 2025, with a compound annual growth rate (CAGR) of 25.4%.
This historical market elevation can be attributed to several factors such as the escalation in computational power enabling simulations, the mounting complexity of EV systems, the requirement for more rapid prototyping to curtail development cycles, the decrease in costs associated with physical prototyping, and the expansion in automotive R&D investments.
What Is The Forecast For The Electric Vehicle Virtual Prototyping Market By 2029?
The electric vehicle virtual prototyping market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of the electric vehicle virtual prototyping is anticipated to witness a significant surge in the coming years. The sector could potentially reach a value of $3.05 billion in 2029, boasting a notable compound annual growth rate (CAGR) of 25.0%.
The expected growth during the projection period is largely due to the global surge in electric vehicle usage, increased focus on sustainability and swift market introduction, along with the proliferation of sophisticated simulation mechanisms. The complicated nature of EV technology, inclusive of autonomous attributes, and the demand for heightened vehicle effectiveness and safety are also strong growth drivers. Key market trends forecasted for the period include the incorporation of artificial intelligence (AI) within simulation and design procedures, live data analytics for design enhancement, cloud-based virtual prototyping solutions, collective virtual environments for international teams, and innovative progress in the field of digital twins technology.
Which Drivers Are Accelerating Growth In The Electric Vehicle Virtual Prototyping Market?
The growth of the electric vehicle virtual prototyping market is anticipated to be driven by an increasing consumer preference for electric vehicles. Electric vehicles (EVs) are a type of car powered by electric motors as opposed to traditional internal combustion engines. They draw electricity from an internal battery or an external source, like a charging station. The popularity of EVs is fueled by advancements in battery technology which enhances vehicle range and reduce charging times, coupled with government incentives and stringent emission regulations promoting eco-friendly modes of transportation. The role of electric vehicle virtual prototyping in this context is vital as it fast-tracks the development process by enabling manufacturers to digitally test and fine-tune vehicle designs, leading to faster innovations, higher performance, and cost-effective production, thereby fuelling consumer interest and adoption in battery cars. For example, as per the Society of Motor Manufacturers and Traders, a UK-based motor industry trade association, 314,684 units of electric cars were sold in July 2024, constituting an 18% increase from the 267,203 units sold in 2022. Hence, the surging demand for electric vehicles is steering the growth of the electric vehicle virtual prototyping market.
How Is The Globa Electric Vehicle Virtual Prototyping Market Divided Into Key Segments?
The electric vehicle virtual prototyping market covered in this report is segmented –
1) By Type: Designing, Simulation, Validation, Other Types
2) By Deployment: Cloud, On-Premises
3) By Application: Electronic Control Unit (ECU), Electronic Systems, Sensor, Battery Systems, Charging Systems, Advanced Driver Assistance Systems (ADAS) And Autonomous System, Motor And Motor Controller, Other Applications
Subsegments:
1) By Designing: CAD (Computer-Aided Design) Tools, 3D Modeling Software, Aesthetic Design Tools, Ergonomics and Human Factors Design
2) By Simulation: Performance Simulation, Thermal Simulation, Structural Simulation, Electrical Simulation, Environmental Impact Simulation
3) By Validation: Prototype Testing and Validation Tools, Compliance And Safety Validation Tools, Functional Testing Systems, Reliability Testing Methods, User Acceptance Testing Tools
4) By Other Types: Integration With IoT and Smart Technologies, Data Analysis And Visualization Tools, Collaborative Design Platforms, Augmented Reality (AR) And Virtual Reality (VR) Prototyping Tools
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What Trends Are Reshaping The Electric Vehicle Virtual Prototyping Market?
Major corporations in the electric vehicle virtual prototyping market are strategically partnering to enhance technological integration and broaden their market presence. This strategy involves multiple companies pooling their resources, skills, and efforts to meet shared objectives or goals. For example, in December 2023, Hexagon Manufacturing Intelligence, an industrial technology firm based in Sweden, joined forces with JSOL Corporation, an IT services company based in Tokyo. Their aim was to promote the virtual prototyping of electrified powertrains through multi-physics simulation. This joint venture strengthens their ongoing technical alliance, supplying global customers with efficient, precise virtual prototyping of intricate electro-mechanical systems. The consolidation of Hexagon's simulation software with JSOL's JMAG electromagnetic field analysis software will expedite complete and economical system design within the virtual framework, decreasing the dependency on physical prototypes.
Who Are the Key Players in the Electric Vehicle Virtual Prototyping Market?
Major companies operating in the electric vehicle virtual prototyping market are include:
•Siemens AG
• Dassault Systèmes SE
• Synopsys Inc.
• Autodesk Inc.
• Cadence Design Systems Inc.
• Arm Ltd.
• ANSYS Inc.
• Rivian Automotive Inc.
• Bentley Systems Incorporated
• Lucid USA Inc.
• Altair Engineering Inc.
• Elektrobit Automotive GmbH
• dSPACE GmbH
• TWI Ltd.
• ESI Group SA
• Fisker Inc.
• Fictiv Inc.
• Maplesoft
• Numeca International N.V.
• 3E Rapid Prototyping Ltd.
• Monarch Innovation Private Limited
• Claytex Services Ltd.
• EOMYS Engineering SAS
What are the Regional Insights into the Electric Vehicle Virtual Prototyping Market?
North America was the largest region in the electric vehicle virtual prototyping market in 2024. The regions covered in the electric vehicle virtual prototyping market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
