Global Virtual Reality Headset Market Forecast to 2030 - Covid-19 Impact Analysis (By End-Device: Low-End Device, Mid-Range Device, High-End Device; By Product Type: Standalone, Smartphone-enabled, Standalone PC-connected; and By Application: Gaming, Healthcare, Media & Entertainment, Manufacturing, Retail, Education, Telecommunications, Others) - Global Market Size, Industry Trends, Competitive Landscape, and Opportunities
The Global Virtual Reality Headset Market size accounted for US$ 10,248 Mn in 2021 and is projected to reach US$ 94,318 Mn by 2030 with a CAGR of 28.1% from 2022 to 2030.
Virtual reality is a technology that tries to regenerate computer pictures and videos in order to create real-life visual experiences that go beyond what can be achieved on a standard computer monitor and phone. VR systems accomplish this by generating 3D pictures and video with depth, in addition to recreating the scale and distances between static 2D pictures, using computer vision and advanced graphics. A virtual reality headset is a HUD that enables people to interact with virtual worlds. Headsets frequently include cutting-edge audio, eye or head motion-tracking sensors, or cameras. VR headsets, such as the Oculus Rift or the HTC Vive, can be completely self-contained. They are expensive and must be connected to a powerful computer to handle the motion graphics. VR headsets use some fusion of gyroscope, accelerometer, proximity sensor, and magnetometer to identify the user's motion, whether within the goggles or via the smartphone.
Augmented reality (AR) and virtual reality (VR) are evolving as next-generation display channels for deeper human-digital interactions, thanks to rapid developments in high-speed communication and computation. However, matching the outstanding performance of human vision while keeping the near-eye display module lightweight and compact poses unprecedented challenges to optical engineering.
After the COVID affected the global VR headset industry, the demand rate dropped, but now that the market has resumed, the growth factors are quite visible. The most important factor contributing to the growth of the VR headset market is rising demand in the gaming, automotive, and advertising industries. Another major virtual reality headset industry driver is its use in the expanding smartphone sector, as well as the rapid increase in its use after gaining technical expertise. As a result of these rapid modifications within these sectors following COVID, market demand is expected to skyrocket in the current Virtual reality headset market projected period.
Various technological advancements, combined with increased adoption of these technologies on a daily basis in various industries, are expected to drive the growth of the virtual reality headset market during the forecast period.
Other factors such as increased adoption of smartphones devices such as smartphones and other connected devices, as well as constant growth in the gaming and entertainment industries, are expected to drive market growth further. However, the high cost of these headsets and the lack of an effective consumer experience due to design flaws are expected to stymie market growth. On the other hand, advancements in existing virtual reality technology are expected to open up a plethora of opportunities in the virtual reality headset industries in the coming years.
Covid-19 Impact on Global Virtual Reality Headset Market
During the COVID-19 period, the VR headset market experienced a significant decline. The closure of the game points and virtual reality film hubs was caused by the government's imposed lockdown to prevent the spread of disease. During the pandemic period, the revenue that was presumed to be obtained by the gaming stations and movie centre contributed to the market decline.
The growing popularity of VR Head-Mounted Devices in the gaming and entertainment sectors is driving up demand (HMDs). Companies are constantly introducing new devices to provide interactive immersive experiences and an unprecedented level of pragmatism in VR games.
End-device, product type, application, and region are the four categories of the global virtual reality headset industry. Based on the end-device, the segmentation includes low-end device, high-end device, and mid-range device. According to our research, the high-end device segment will dominate the virtual reality headset market in the coming years.
The product type segment is further categorized into smartphone-enabled, standalone, and standalone pc-connected. Among them, standalone segment achieved a significant amount of market share in 2021. Furthermore, the application segment covers into education, gaming, media & entertainment, manufacturing, healthcare, telecommunications, retail, and others. Among them, the gaming segment is likely to achieve the largest market share during the forecast timeframe 2022 to 2030.
Global Virtual Reality Headset Market Geographical Competition
The global virtual reality headset industry is divided into North America, Europe, Latin America, Asia-Pacific, and the Middle East and Africa. Because of rising demand in the healthcare sector, North America is estimated to witness for a significant revenue major share of the global virtual reality headset market. The rising popularity of gaming among consumers, as well as the launch of new technology by manufacturers, are expected to boost the target market's growth.
Asia Pacific is expected to grow rapidly, with a significant increase in market share, owing to an increase in the gaming and entertainment industry, increased use of smart devices and scientific advance, and an increase in disposable income.
Global Virtual Reality Headset Industry Segment Analysis
Market By End-Device
· Low-End Device
· High-End Device
· Mid-Range Device
Market By Product Type
· Standalone PC-connected
Market By Smartphone-enabled
· Media & Entertainment
Virtual Reality Headset Market Leading Companies
This section of the study honors the market's top vendors Facebook Technologies, LLC, Carl Zeiss AG, Google LLC, HTC Corporation, Samsung Electronics Co., Ltd., Microsoft, LG Electronics, Razer Inc., and Sony Corporation are the key companies mentioned in the research.
Virtual Reality Headset Market Regions
· Rest of Europe
· Rest of Latin America
· South Korea
· Rest of Asia-Pacific
Middle East & Africa
· South Africa
· Rest of Middle East & Africa