The Global Virtual Reality Headsets Market was valued USD 7.8 Billion in 2022 and projected to reach USD 61.6 Billion by 2030, growing at a CAGR of 29.6% during the forecast period of 2023-2030.
Richmond, Nov. 16, 2023 (GLOBE NEWSWIRE) — According to a research report “Virtual Reality Headsets Market, by End-device (Low-end Device, Mid-range Device, High-end Device), Product Type (Standalone, Smartphone-enabled, Standalone PC-connected), Application (Gaming, Healthcare, Media & Entertainment, Manufacturing, Retail, Education, Telecommunications, Others), and Region.
Global Virtual Reality Headsets Market Report Scope:
|Market size value in 2022||USD 7.8 Billion|
|Market size value in 2030||USD 61.6 Billion|
|Forecast Units||Value (USD Million/USD Billion)|
|Segments Covered||Product Type, Application, End-device and Region|
|Geographies Covered||North America, Europe, Asia Pacific, and RoW|
|Sample of Companies Covered||
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TOC Covers in Depth & Breath on Virtual Reality Headsets Market
178 – Market Data Tables
65 – List of Figures
230 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings/Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
A virtual reality headset is a heads-up display (HUD) that provides users with the ability to engage with simulated environments and immerse themselves in a first-person perspective. These VR headsets substitute the user’s real-world surroundings with virtual reality content, which can encompass anything from movies and games to prerecorded 360-degree VR environments, enabling users to freely pivot and explore, mirroring the natural world. The adoption of virtual reality (VR) headsets has expanded beyond entertainment into various professional applications, including medical training, architectural design, and remote collaboration. Advancements in VR technology, including higher resolutions, reduced latency, and more accessible prices, are making VR headsets more appealing to a broader audience.
Major Vendors In The Global Virtual Reality Headsets Market – Carl Zeiss AG, Facebook Technologies, LLC (Oculus), Google LLC, HTC Corporation, LG Electronics, Inc., Microsoft Corporation, Razer Inc., FOVE, Inc., Valve Corporation, HP Inc. and Others.
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Growing Demand for Immersive Entertainment Experiences
The Global Virtual Reality Headsets Market is being propelled by the escalating demand for immersive entertainment experiences. Consumers across the globe are seeking more engaging and interactive forms of entertainment, ranging from gaming and interactive storytelling to virtual tourism and cinematic experiences. VR headsets provide an unparalleled level of immersion, allowing users to step into virtual worlds and experience entertainment in a deeply engaging and interactive manner. As the gaming industry continues to expand and diversify, the demand for VR gaming experiences is on the rise. Additionally, virtual reality has a significant role to play in the future of entertainment, offering new dimensions of storytelling and content consumption. This heightened demand for immersive entertainment is a substantial driver for the VR headset market’s growth.
- Growing Demand for Immersive Entertainment Experiences
- Expanding Applications in Healthcare and Education
- Technological Advancements in VR Headsets
- Content Creation and Development
- Medical and Therapeutic Uses
- Enterprise and Industrial Applications
Growing use in enterprise and industrial applications
The Global Virtual Reality Headsets Market presents a promising opportunity in the realm of enterprise and industrial applications. Businesses are increasingly recognizing the potential of VR headsets for training, design, and collaboration. VR technology can provide cost-effective and immersive training simulations for employees, reducing the risks and costs associated with real-world training scenarios. In the industrial sector, VR headsets can be used for remote maintenance, allowing technicians to receive real-time guidance and support from experts located elsewhere. This has the potential to streamline operations and reduce downtime. Additionally, VR is proving valuable in architectural and product design, enabling professionals to visualize and interact with their creations in a three-dimensional virtual space. As these applications expand, the market for VR headsets in enterprise and industry is poised for substantial growth.
The market for Virtual Reality Headsets is dominated by North America.
In 2022, the North American region dominated the Virtual Reality Headsets Market with the highest market share. The region is home to several key VR headset manufacturers and technology giants, including Oculus (a subsidiary of Meta Platforms, formerly Facebook), HTC, and Sony. The North American market benefits from a tech-savvy consumer base that embraces innovation and immersive experiences. It has a strong presence in gaming and entertainment applications, but it’s also making strides in healthcare, education, and enterprise applications. With a well-established VR ecosystem and ongoing investments in research and development, North America continues to drive market growth.
The Asia-Pacific region is experiencing rapid growth in the Virtual Reality Headsets Market. Countries like China, Japan, and South Korea are driving this expansion. The region is a manufacturing powerhouse for VR headsets, with several local and global players producing cost-effective and innovative devices. Asia-Pacific has a strong presence in gaming and entertainment, with a massive consumer base. It is also witnessing increasing adoption in education and healthcare. With a growing middle-class population and an appetite for immersive experiences, the Asia-Pacific market holds substantial growth potential, both for consumer and enterprise applications.
Asia-Pacific (APAC) region is expected to witness the highest growth rate. This growth can be attributed to several factors, including the surging appetite for immersive technologies in burgeoning economies, the infrastructural development in countries like China, South Korea, Japan, and India, the rapid economic growth in the region, advancements in technology, increasing awareness of satellite IoT among small and medium-sized organizations, and government initiatives aimed at promoting the adoption of advanced satellite IoT solutions. These factors collectively contribute to the rapid expansion of the satellite IoT market in the APAC region.
Notably, China is poised to capture the largest market share, given its prominent role as a major distributor of head-mounted VR devices and associated hardware. Furthermore, the ongoing advancements in 5G networks and related infrastructure within China are anticipated to fuel the market’s growth trajectory. Conversely, India is expected to experience noteworthy development, facilitated by government-backed initiatives and substantial funding support.
Overall, while North America currently dominates the Virtual Reality Headsets market, Asia-Pacific, with countries like China and India, is expected to witness substantial growth and become a key player in the coming years.
The standalone segment is anticipated to hold the largest market share during the forecast period
In 2022, the standalone segment held the majority of revenue share, and it is expected to maintain its leading position from 2023 to 2030. Standalone devices provide users with a cost-effective means to enjoy high-quality immersive experiences. A standout characteristic of these devices is their consolidation of multiple functions, encompassing processing control and hardware, within a single, unified system. Market leaders in this space offer a range of application-specific devices, each boasting distinct features and price points, which contributes significantly to the segment’s continuous growth.
Further, the smartphone-enabled products is poised to display a notable Compound Annual Growth Rate (CAGR) in the foreseeable future. This remarkable growth is attributable to the increasing adoption of sophisticated VR-capable smartphones that integrate 3D technology and Artificial Intelligence (AI).
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