A virtual prototype, also known as a digital mock-up, is a computer simulation of a physical product that may be displayed, evaluated, and tested as if it were a real physical model from product life-cycle elements like design/engineering, production, service, and recycling. Virtual prototyping is the process of creating and testing a virtual prototype (VP).

Read Report Overview: Electric Vehicle Virtual Prototyping Market

In recent years, virtual prototyping has evolved as a computer-based simulation of systems with realism and accuracy to improve the design and, in some cases, to replace the physical prototype to save time and money. One of the primary objectives of automobile manufacturers is to enhance the design process and obtain a more realistic model before producing a prototype, which is expensive and often must be made multiple times before the design is complete. The usage of a virtual prototype is one solution to the problem. The focus is on enhancing suspension systems and introducing advanced active suspension systems, as one of the key objectives for upgrading design is to increase handling and comfort.

Electric Vehicle Virtual Prototyping Market Overview

The global electric vehicle virtual prototyping market is expected to reach $5,613.2 million by 2030, with a CAGR of 33.83% during the forecast period 2021-2030.

ADAS and Autonomous System to be the Largest Application in the Global Electric vehicle virtual prototyping Market

The ADAS and autonomous system segment held the major share of $XX million in the global electric vehicle virtual prototyping market in 2020. As autonomous vehicle technology becomes more widely used on public roads, verifying and testing the systems' safe operation becomes increasingly important. Each of these three difficulties must be examined to see how algorithms respond. By reducing prototype costs, enhancing accessibility, and increasing virtual integration steps, adding a virtual development layer can help prepare safe systems for launch. Virtual Test Drive (VTD), a product by MSC (Hexagon), overcomes challenges by allowing engineers to test code and stack adjustments almost instantly, quickly record and access data, and perform a variety of scenarios.

On-Premise to be the Largest Growing Category for Electric Vehicle Virtual Prototyping Deployment

Based on deployment, the global electric vehicle virtual prototyping market has been categorized into on-premises and cloud. Several large enterprises have moved or shown intent to move toward a on-premises -based infrastructure. In competitive and regulated marketplaces, engineering teams produce high-tech equipment for demanding users. As a result, they must incorporate high-performance technology into ever-smaller yet durable enclosures, accessories, and packages. Under time pressure, this frequently results in difficult trade-offs.

North America to be the Largest Market for Electric Vehicle Virtual Prototyping Globally

North America is currently the most advanced and competitive automotive market in terms of electric vehicle production and distribution. The presence of automotive giants such as Ford, Tesla, GM, and Fiat Chrysler are responsible for the cruising production of electric vehicles in the region. Companies created a forum where they could discuss, learn, and share with experts from all over the region as manufacturers increasingly focus on the exponential power of information and communication technologies (ICT) with its associated high-performance computing (HPC), machine learning, and Internet of Things (IoT).

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

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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.