Growth opportunities in the virtual reality headset market look promising over the next six years. This is mainly due to the integration with the industries like healthcare and manufacturing and launch of various 3G movies and the growing prominence of 3G and 4G technologies.
Virtual Reality Headset Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The growing prominence of 3G and 4G technologies and its incorporation with manufacturing and healthcare sectors, coupled with its robust prevalence in the entertainment industry, accounts to be the crucial drivers responsible for stimulating the demand of the virtual reality headset market. Also, the start of many 3D movies over the last decade has strengthened the virtual reality headset market size. The vision imparted by virtual reality is ten times better than the actual reality, which enhances the gaming and watching experience of individuals, thereby alluring consumers. The evolution of virtual reality in the medical sector includes telepresence surgery, VR surgical simulators, complicated medical database visualization, and rehabilitation. Thus, the implementation of VR headsets has improved the medical sector and is widely adopted. Moreover, the propagation of HMDs in the gaming and entertainment industry post coronavirus pandemic led by the increasing inclination of video game users to enrich entertainment and experience. The digital visual of the HMDs project allows a 3D view to intensify the experience of the user. Therefore, the surging gaming sector promotes the HMDs market, which results in an augmentation of VR. However, energy consumption concerned with VR is expected to obstruct the market growth.
Product Type Segment Drivers
Based on the product type, the standalone is expected to expand at a faster CAGR R in the market over the forecast period. This is primarily because it is engaged in providing a better-quality experience at an economical price. Also, its combination of mechanisms, such as processing control, is fuelling the virtual reality headset market share. The leading market players are involved mainly in offering application-oriented devices with variant features and price ranges. For instance, Facebook, Inc., in December 2019, launched a hand-tracking feature in Oculus Quest VR standalone headset.
Regional Drivers
Based on the regional coverage, Asia-Pacific is predicted to witness a higher CAGR in the market over the forecast period. This is attributed to the swift digitalization in the gaming sector and the advent of 5G, and favorable Chinese government support to promote PR. The major companies in the region are largely employing VR technology for different purposes, thus driving the market growth. For example, in January 2020, Virtuleap, a VR-based brain training firm, and HTC Corporation introduced the Enhance VR brain training application in China to provide games designed to train and assess different skills, including motor skills and speed flexibility, and spatial audio awareness.
Virtual Reality Headset Market’s leading Manufacturers:
- Sixense Enterprises
- Samsung Electronics Co. Ltd.
- Microsoft
- HTC Corporation
- LLC (Oculus)
- Carl Zeiss AG
- Sony Corporation
- Razer Inc.
- LG Electronics
- Google LLC
- Facebook Technologies
Virtual Reality Headset Market Segmentation:
Segmentation by Product Type
- Standalone
- Smartphone-enabled
- Standalone PC-connected
Segmentation by Outlook
- Gaming
- Healthcare
- Media & Entertainment
- Manufacturing
- Retail
- Education
- Telecommunications
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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