It's the art of Virtual Photography, which uses digital design techniques (for design, rendering and animation) to create photo-realistic imagery that shows a product in studio set, or in full context.
Of course, all this information is a computational nightmare, so the use of efficient rendering applicances is a must.

What we are seeing is a convergence of technologies, at the core, there is the widespread adoptance of 3D design tools, then there is the technology HDRI (for capture of lighting and scenery information) and BDRF (the capture of accurate information on how light interacts with different materials).
Then the latest rendering technology of unbiased rendering engines, makes the final difference.
These render engines use algorithms based on phisical light behavior and that's why they offer very realistic photographic quality images, never reached before.

A totally Physically Based Unbiased Render, doesn't use tricks to imitate reality, but all calculations are done according mathematical models based on the real world.
The lighting and camera settings, are the same as you find in real physical photocameras and so are the values and units to be used.

By virtual photography, it is possible to take a computer model and make it indistinguishable from a photograph.

See this sample, to understand what I mean. 

Changing the subject's location or visual properties to create another 'photograph' can be done in very short time, far faster than traditional software solutions.
The high level of realism allows designers to make decisions on specifics of the aesthetic, more accurately than with previous rendering techniques.
Features such as real-world lighting, physically based materials, and unique camera effects, make it possible to create powerful images, hard to believe, but even beyond the reality of conventional photography.

Virtual photography is already common with automotive firms to create the stunning imagery that accompanies any car launch, but the same can be said about several other kind of products, such as electronic devices, interior funiture design etc., but potentially any kind of image could benefit by this techniques.
Obviously, when the subjects are large in size, or not easy to be phisically handled, advantages are even more substantial.

The pitch is that instead of shifting the cars, or such, cameras, lights, staff, to a desert, glacier etc, use the digital data that defines the product to create the imagery in a digital environment.
By default, you gain greater creative control, total control over the weather, lighting conditions etc. and it saves one hell of a lot of money.

At the sharp end of product design, manufacturers are constantly seeking ways to improve the virtual visualisation of their products.
CAD rendering allows designers to evaluate their work and assists in the decision-making processes of new product development.
In addition to the purely in-house benefits, virtual visualisation can be used to place a design in front of potential customers before production engineering and tooling take place.

Today there are around brochures from some automotives, that just contain RenderDrive produced images, before the vehicle even rolls off the assembly line.
But as said, it's not just the automotive industry that's getting in on the act, as any product can be shown in such photorealistic way, that many viewers don't even realize it's not photography.

These technique has not only the advantage to replace traditional photography, but also costs are lowering and this is becoming mainstream.