Driving Simulator Market Generated $1,525.6 Million Revenue In 2020 Finds P&S Intelligence

NEW YORK, June 29, 2021 /PRNewswire/ -- The global driving simulator market revenue stood at $1,525.6 million in 2020. The market is being driven by the increasing number of vehicles, burgeoning requirement for skilled drivers, due to the growing incidence of road accidents, and soaring research and development (R&D) activities being carried out in advanced driver assistance systems (ADAS).

Because of the COVID-19 pandemic, the governments of many countries announced lockdowns, which led to the shutdown of manufacturing facilities. This, in turn, affected product sales, till the third quarter of 2020, thereby hampering the growth of the driving simulator market. However, with the lifting of lockdowns and streamlining of exports and imports, manufacturing operations resumed and the demand for driving simulators increased massively.

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The driving simulator market is classified into full-scale simulator, advanced simulator, and compact simulator, depending on simulator type. Out of these, the compact simulator category dominated the market in 2020, and it is predicted to retain its market lead during the forecast period. This is ascribed to the fact that compact simulators are extensively used in off-highway and commercial vehicles. Furthermore, these simulators are more cost-effective than advanced and full-scale variants.

Browse detailed report with COVID-19 impact analysis on Driving Simulator Market Research Report: By Vehicle Type (Passenger Vehicle, Commercial Vehicle), Simulator Type (Compact Simulator, Full-Scale Simulator, Advanced Simulator), Application (Research and Testing, Training) – Global Industry Analysis and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/driving-simulator-market

Globally, the Asia-Pacific (APAC) driving simulator market is predicted to demonstrate the fastest growth during the forecast period. This is attributed to the existence of strict road safety regulations in South Korea and Japan. Apart from this, the increasing number of metro cities, improving lifestyle of people, and booming population are also driving the sales of passenger cars in the region, thereby propelling the demand for driving simulators.

The driving simulator market players are increasingly focusing on product launches and technological advancements for gaining a significant position in the industry. For example, Anthony Best Dynamics Limited launched a static driving simulator for providing better driver immersion in July 2020, due to the growing need for driver-in-the-loop (DIL) simulation for developing new vehicle models in a short period of time.

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Likewise, Corys TESS launched a new feature in April 2020 for providing remote training opportunities to employees. The organized developed its new web portal for offering access to operator training simulators in various remote places in a cloud-based simulation environment.

Ansible Motion Ltd., Cruden B.V., Mechanical Simulation Corp., AutoSim AS, NVIDIA Corp., OKTAL SYDAC, MTS System Corp., Dallara Group Srl, Moog Inc., and CAE Inc. are some of the major global driving simulator market players.

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SOURCE P&S Intelligence