Global Driving Simulators Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

Overview and Scope
A driving simulator is a tool or setup that mimics the act of driving a vehicle in a virtual setting and is utilized for instructional, investigative, or recreational objectives. These driving simulators offer a secure environment for trainees to practice driving skills, free from real-world risks, while also providing the flexibility to simulate various driving scenarios such as diverse weather conditions, road types, and traffic situations.

Sizing and Forecast
The driving simulators market size has grown strongly in recent years. It will grow from $1.88 billion in 2023 to $2.02 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to increased driver safety training, increased demand for realistic and immersive experiences, growth in cost-effective training solutions, increased regulatory requirements for standardized driver education, increased adoption of autonomous vehicle, growth in adoption of gamification elements, and growth in emphasis on reducing road accidents.

The driving simulators market size is expected to see strong growth in the next few years. It will grow to $2.7 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to increasing demand for driver safety training, expanding applications in autonomous vehicle development, rising adoption in entertainment and gaming industries, increasing regulatory mandates for driver training and certification, increasing emergence of subscription-based simulator services, and expanding applications beyond automotive to industries such as aviation and military. Major trends in the forecast period include increasing demand for virtual reality-based simulators, advancement in driver-assistance systems (ADAS) integration, emergence of portable and affordable simulator solutions, continuous innovation in hardware and software technologies, and advancement in haptic feedback systems.

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Segmentation & Regional Insights
The driving simulators market covered in this report is segmented –
1) By Component: Hardware, Software
2) By Technology: Compact Stimulator, Full-Scale Simulator
3) By Application: Research And Testing, Training
4) By End-User: Automotive Original Equipment Manufacturers (OEMs), Research Institutes And Universities, Driving Schools And Training Centers, Other End Users

North America was the largest region in the driving simulators market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the driving simulators market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The rise in road accident rates is expected to propel the growth of the driving simulator market going forward. The increase in road accidents occurs due to higher traffic, distractions from mobile devices, speeding, driving under the influence, and insufficient enforcement of traffic regulations. Driving simulators minimize road accidents by providing a safe environment for drivers to practice and improve their skills, helping them recognize and respond to potential dangers more effectively, ultimately enhancing road safety. For instance, in May 2022, according to the National Highway Traffic Safety Administration, a US-based federal government agency focused on transportation safety, the number of fatalities from motor vehicle crashes surged by 10.5%, reaching an estimated 42,915 deaths, compared to 38,824 in 2020. Therefore, the rise in road accident rates is driving the growth of the driving simulator market.

Key Industry Players
Major companies operating in the driving simulators market are  Volkswagen AG, Ford Motors, General Motors, BMW AG, AB Volvo, NVIDIA Corporation, Moog Inc., CAE Inc., ANSYS Inc., Waymo LLC, ECA Group, AB Dynamics, FAAC Incorporated, OKTAL SYDAC, Transoft Solutions, LANDER Simulation & Training Solutions S.A., MAK Technologies Inc., Tecknotrove, RACELOGIC Ltd., Mechanical Simulation Corporation, Cruden, SimXperience, CXC Simulations, Virage Simulation, DriveSafety

The driving simulators market report table of contents includes:
1. Executive Summary
2. Driving Simulators Market Characteristics
3. Driving Simulators Market Trends And Strategies
4. Driving Simulators Market - Macro Economic Scenario
5. Global Driving Simulators Market Size and Growth
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32. Global Driving Simulators Market Competitive Benchmarking
33. Global Driving Simulators Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Driving Simulators Market
35. Driving Simulators Market Future Outlook and Potential Analysis
36. Appendix