A virtual prototype, also known as a digital mock-up, is a computer simulation of a physical product that can be presented, analyzed, and tested as if it were a real physical model from product life-cycle aspects such as design/engineering, manufacturing, service, and recycling. Virtual prototyping is the process of creating and testing a virtual prototype (VP).
The global electric vehicle virtual prototyping market generated revenue of $407.6 million in 2021 and is expected to reach $5,613.2 million by 2030 at a CAGR of 33.83%. Increasing demand for effective solutions to reduce production and training costs and increasing capabilities of electric vehicle virtual prototyping toward advanced technologies such as AR/VR, digital twins, and 3D printing are fueling the growth of the global electric vehicle virtual prototyping market.
Presently, digital prototyping of EVs and EV-related developments are completed by way of simulating software program. The businesses use a digital testing surroundings the place the digital fashions of the electrical autos are showcased.
It’s helpful to detect errors and determine lacking or irrelevant options, future usability, and performance in the long term. Digital prototyping may be useful in minimizing the manufacturing price of the businesses as each design may be mentioned beforehand. Digital prototyping of electrical autos is the gateway of its full-fledged implementation process. When the designs and fashions of the electrical autos are just about prototyped, the event group can research how the precise mannequin will appear to be and get rid of attainable dangers.
Market Growth Drivers
• Need for Rapid Product Testing and Enhancing Ergonomics and Usability
• Increasing Accuracy in Virtual Prototyping
• Need for Discovery of Design and Software Problems
Market Challenges
• High Cost of Virtual Prototyping
Market Opportunities
• Scope of Innovative Prototyping Technologies
• Growing Market for Electric Vehicle
Advantages of Digital Prototyping:
Aside from getting a transparent thought of the product, there are a number of different benefits that digital prototyping provides:
1. Higher and quicker planning and manufacturing
3. Shorter time to market
4. Lesser iterations
5. Error detection
6. Identification of potential points throughout precise functioning of the product
7. Conduct futuristic idea assessments
8. Get consumer suggestions
North America is essentially the most aggressive automotive marketplace for electrical autos. The regional presence of conventional motor trade giants similar to Ford, Tesla, and Fiat Chrysler could also be accountable for the rise in electrical car manufacturing within the area. Moreover, the excessive buyer demand paired with the provision of sources and alternatives offers a positive progress benefit to North America EV market.
Key Market Players and Competition Synopsis
Synopsys, Altair Engineering, Inc., Claytex Services Ltd, dSPACE GmbH, Elektrobit Automotive GmbH, EOMYS Engineering, ESI Group, Siemens, Waterloo Maple Inc., Autodesk Inc., Cadence Design Systems, Inc., ANSYS Inc., PTC Inc, Arm Ltd, Dassault Systèmes SE
The companies profiled in the report have been selected post undergoing in-depth interviews with experts and understanding details around companies such as product portfolios, annual revenues, market penetration, research and development initiatives, and domestic and international presence in the electric vehicle virtual prototyping market.
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