Metaverse-Enabled Coopetition based Open Innovation in Electric-car Market and Corporate Financial Growth in Automobile Industry of Thailand

Abstract

The worldwide automotive market was estimated to be worth USD 2810.63 billion in 2022. The value of the automotive industry is expected to increase to approximately USD 3969.84 billion by 2030, growing at a compound annual growth rate (CAGR) of approximately 4.42% from 2023 to 2030. Despite the extensive contribution of automobile industry, the use of metaverse is limited in open innovation (OI). This study attempted to examine the value addition in terms of financial growth of automobile industry in electric-car market through metaverse-enabled coopetition-based OI. While using a cross-sectional research design, a survey was carried out to examine the effect of metaverse-enabled coopetition-based OI on financial growth of automobile industry in Thailand. Findings of this study identified the vital contribution of metaverse-enabled coopetition-based OI in the financial growth of automobile industry in Thailand. Metaverse trust and metaverse dependency can increase metaverse-enabled coopetition-based OI, leading to an increase in financial growth. These results are helpful for the practitioners to increase the economic contribution of automobile industry.