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What are the recent trends in market size and growth for the electric vehicle virtual prototyping market?
The electric vehicle virtual prototyping market size has grown exponentially in recent years. It will grow from $0.99 billion in 2024 to $1.25 billion in 2025 at a compound annual growth rate (CAGR) of 25.4%. The growth in the historic period can be attributed to the rise of computational power for simulations, increasing complexity of EV systems, demand for faster prototyping to shorten development cycles, reduction in physical prototyping costs, and growth in automotive R&D investments.
The electric vehicle virtual prototyping market size is expected to see exponential growth in the next few years. It will grow to $3.05 billion in 2029 at a compound annual growth rate (CAGR) of 25.0%. The growth in the forecast period can be attributed to the expansion of electric vehicle adoption globally, growing emphasis on sustainability and reducing time-to-market, increasing availability of advanced simulation tools, rising complexity of EV technology, including autonomous features, and demand for improved vehicle performance and safety. Major trends in the forecast period include integration of artificial intelligence (AI) in simulation and design processes, real-time data analytics for design optimization, cloud-based virtual prototyping solutions, collaborative virtual environments for global teams, and advancements in digital twins technology.
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How have varous drivers impacted the growth of the electric vehicle virtual prototyping market?
The rising demand for electric vehicles is expected to propel the growth of the electric vehicle virtual prototyping market going forward. Electric vehicles (EVs) are automobiles that are powered by electric motors instead of internal combustion engines. These vehicles use electricity stored in batteries or obtained from an external source, such as a charging station, to power the motor. The demand for electric vehicles is driven by advancements in battery technology, enhancing the range and reducing charging times, and government incentives and emissions regulations, promoting cleaner transportation. Electric vehicle virtual prototyping accelerates the development process by allowing manufacturers to test and refine vehicle designs digitally, leading to quicker innovations, improved performance, and lower production costs, boosting consumer interest and adoption of battery vehicles. For instance, in July 2024, according to the Society of Motor Manufacturers and Traders, a UK-based trade association for the United Kingdom motor industry, electric car sales reached 314,684 units, marking an 18% increase compared to the 267,203 units sold in 2022. Therefore, the rising demand for electric vehicles is driving the growth of the electric vehicle virtual prototyping market.
What are the primary segments of the electric vehicle virtual prototyping market?
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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Which firms are leading the electric vehicle virtual prototyping market?
Major companies operating in the electric vehicle virtual prototyping market areSiemens 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
How will industry trends affect the trajectory of the electric vehicle virtual prototyping market?
Major companies operating in the electric vehicle virtual prototyping market are focused on adopting a strategic partnership approach to enhance technology integration and expand market reach. A strategic partnership typically refers to a collaborative relationship between two or more organizations combining their resources, expertise, and efforts to achieve common goals or objectives. For instance, in December 2023, Hexagon Manufacturing Intelligence, a Sweden-based industrial technology company, partnered with JSOL Corporation, a Tokyo-based IT services provider, to advance the virtual prototyping of electrified powertrains using multi-physics simulation. This collaboration enhances their long-standing technical alliance, providing global customers with accurate and efficient virtual prototyping of complex electro-mechanical systems. The integration of Hexagon’s simulation software with JSOL’s JMAG electromagnetic field analysis software will enable faster, more thorough, and cost-effective system design in the virtual realm, reducing reliance on physical prototypes.
Which geographic trends are shaping the electric vehicle virtual prototyping market, and which region has the highest market share?
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.
What Does The Electric Vehicle Virtual Prototyping Market Report 2025 Offer?
The electric vehicle virtual prototyping market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Electric vehicle (EV) virtual prototyping refers to the use of advanced digital tools and simulations to design, test, and refine EV components and systems before physical production. This process leverages computer-aided design (CAD) and virtual simulations to optimize vehicle performance, safety, and efficiency, reducing the need for physical prototypes and speeding up development.
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