Nextech AR has inked a major deal with Genuine Parts Company, a global auto parts distribution firm, to provide 3D modelling and decorating via the former’s ARitize augmented reality (AR) studio, the company announced on Thursday.
The studio will convert 2D images to 3D models with Nextech AR’s artificial intelligence (AI)-backed solutions. The Vancouver, Canada-based firm has previously partnered with automotive giant Ford to build 3D models of the Ford Escape SE Hybrid and Mustang Mach-E motor vehicles.
Founded in 1928, Genuine Parts Company has distributed replacement parts for the automotive and industrial sectors across a network of over 10,000 locations in Europe, North America, and Australasia. It also hosts hundreds of thousands of clients and employs over 50,000 people.
Engaging 3D and AR content help customers see your products in a whole new way.
— Nextech AR Solutions (@Nextech_AR) April 27, 2022
The deal comes amid skyrocketing demand for real-time 3D assets, namely in the automotive parts industry. Nextech’s ARitize 3D and computer aided design (CAD) products could completely revolutionise the industry with its end-to-end solution, it said in a press release.
The Canadian firm’s 3D tool can convert large CAD assets into “lightweight 3D models,” affordably and at scale, to eliminate photography costs and allow customers to view high-quality 3D assets “from every angle,” it added.
Such innovations could see massive returns on investment (ROI) with higher conversions and lower product returns by verifying parts prior to purchases.
Evan Gappelberg, Chief Executive of Nextech AR, said the contract was a “big win” as his firm was competing with other 3D solution providers for major brands.
He continued, stating,
“Being able to provide scalable 3D/AR solutions for this trillion dollar industry at what we believe is the lowest cost and highest quality, the most scalable solution sets the stage for tremendous upside in this category. I believe that with this deal, 3D models in the automotive industry will move from a ‘nice to have’ to ‘must have’ and with Nextech having the 3D model factory that can scale, we are turning our platform into a “must have” solution for ecommerce in the automotive industry”
Nextech Moves to the Metaverse
The news follows a market study published in April last year, where analysts estimated that the global auto parts and accessories market would top $1.9 trillion USD in 2020 and up to $2.3 trillion by 2026.
It also launched its ARitize studio a week ahead of its rebrand in a bid to roll out progressive changes to accommodate bespoke AR-backed 3D assets for global firms.
In an XR Today round table, Gappelberg added Metaverse solutions such as 3D modelling would provide businesses with “increased speed to market of products, from ideation and design, all the way to sales.”
Rival firm Avataar also appointed ex-IKEA 3D strategy lead Daniel Frith in March as Vice-President of 3D to develop its solutions and build company solutions for shoppers worldwide.