The digital revolution introduced virtual experiences in digital worlds that mimic reality, and consumers have embraced it. A June 2022 report from McKinsey found that 59% of respondents prefer to conduct at least one daily activity—such as socialising, shopping, fitness, or education—in the virtual world as opposed to in person. Numerous industries, including automotive, have been exploring applications around augmented reality (AR) and virtual reality (VR), but the metaverse promises to take this to the next level. From strengthening brand engagement and enhancing the user experience to creating new revenue streams, metaverse tools and concepts offer tremendous potential for automakers, provided they get their business model right.
