The global Virtual Reality Headset market size is expected to be worth around US$ 65.69 billion by 2030, according to a new report by Vision Research Reports.
The global Virtual Reality Headset market size was valued at US$ 7.81 billion in 2020 and is anticipated to grow at a CAGR of 28.6% during forecast period 2021 to 2030.
The continuous advancements in virtual reality (VR) technology and the rapid penetration of smartphones are expected to drive market growth. The rising product adoption in the education and healthcare sectors, mainly for teaching & training purposes, is further contributing to the growth of the market.
The increasing product usage for different applications across industries, especially in the wake of the Covid-19 pandemic, is also driving the market growth. The deployment of these devices is expected to increase as temporary lockdowns imposed by governments have impelled people to shift to virtual platforms for various services. The demand for head-mounted displays witnessed a surge in demand during the pandemic.
Moreover, the innovations in 3D technology and the integration of Artificial Intelligence (AI) with virtual reality are providing growth opportunities to the market, particularly in the manufacturing and automation industries. Virtual reality technology enhances the efficiency of product development while helping in minimizing faults in the system. The product usage for training purposes on the production line and for remotely conducting maintenance and repair tasks provides effective control over the production cost. Businesses are embracing state-of-the-art devices with the latest features, such as sensors for motion tracking, eye tracking, gesture input, spatial sound, and voice support.
The high-end device segment accounted for the largest revenue share of more than 58% in 2020 and is expected to retain its dominance over the forecast period. The advanced features of these devices, including high-quality visual effects, self-tracking, and elevated performance, are expected to drive the segment growth. High-end devices are majorly used in big corporates to provide better-quality service to their customers and employees. These devices are majorly enclosed with the latest & advanced technologies that offer improved involvement and high resolution to the viewers. Heavy and continuous investments in high-end devices by prominent players, such as Sony Corp.; Facebook, Inc.; Samsung; and Google LLC, are likely to augment their demand over the forecast years.
The low-end device segment is anticipated to exhibit the highest CAGR of around 35.0% from 2021 to 2028. This growth can be attributed to the benefits of these devices, such as lower costs, considerable immersive experience, and high propulsion. The low-end devices are affordable and accessible to common people who are only interested in experiencing the basic VR technology. The medium-range device segment is projected to observe substantial growth in the coming years due to the ongoing developments, which will drive their demand, especially from small corporate organizations.
The standalone product type segment accounted for the largest revenue share of over 43% in 2020 and is anticipated to retain its dominance from 2021 to 2028. A standalone device offers a high-quality experience at an affordable price. Its fundamental feature, the integration of various mechanisms, including processing control and hardware, is driving the segment growth. The key players are offering various application-oriented devices with different features and price ranges. For instance, in December 2019, Facebook, Inc. introduced a hand-tracking feature in Oculus Quest VR standalone headset.
The smartphone-enabled product type segment is expected to exhibit the second-fastest CAGR of over 30.7% during the forecast period. The segment growth can be attributed to the rising penetration of advanced VR-enabled smartphones with the amalgamation of 3D technology and AI. The standalone PC-connected product type segment is expected to witness a sluggish demand from 2021 to 2028. The positioning of standalone PC-connected products in the gaming sector is expected to uphold the segment progress owing to its ability to offer a high-quality immersive experience. The key participants in the industry are continually investing in innovations and developments to offer gamers the finest immersive experience.
The gaming segment accounted for the largest revenue share of over 30.0% in 2020 and is anticipated to dominate the global VR headset market over the forecast period. Gamers have an elevated average price outlay for transforming their gaming consoles or desktops compared to people who do not indulge in gaming. This has encouraged the firms to capitalize on the VR headset games within the reasonable price range for gamers. Furthermore, the retail segment is also expected to observe substantial growth as retailers are integrating these devices into their stores to improve the buying experience. The new online shopping trends adopted by the retail and e-commerce businesses, which include providing their potential customers with real-life experiences in shopping to help them make a better purchase decision, are fueling the segment growth.
The education segment is anticipated to register the fastest CAGR from 2021 to 2028. This can be attributed to the increased product deployment in educational institutions and medical schools. Moreover, the advancements in the healthcare sector due to VR technology, along with favorable government regulations for facility enrichment, are promoting the segment growth. The augmented use of these devices for providing training to medical students and assisting medics and surgeons in patient treatment, robotic surgeries, mental health & psychological therapies, and pain management & physical therapies is further driving the healthcare segment growth. The key players in the healthcare sector are largely investing in VR devices owing to their benefits. For instance, GlaxoSmithKline used VR technology in its “The Migraine Experience” marketing campaign, wherein migraine patients selected the symptoms of their migraine and later passed over the VR headset to the partner, who was a non-migraine sufferer, to experience migraine firsthand.
The Asia Pacific region accounted for the highest market share of around over 40% in 2020 owing to the increased digitalization and VR technology developments, particularly in the gaming and entertainment sector. Within the regional market, China captured the largest revenue share. This can be attributed to the advent of 5G and policy support for VR progress from the government of China. The major companies in the region are widely utilizing VR technology for several purposes, thus contributing to the regional market growth. For instance, in January 2020, Virtuleap, a VR-based brain training firm, along with HTC Corporation, launched the Enhance VR brain training application in China to offer mini-games designed primarily to train and assess different skills, such as problem-solving, speed, spatial orientation, motor skills, memory, flexibility, and spatial audio awareness.
Carl Zeiss AG
Facebook Technologies, LLC (Oculus)
Samsung Electronics Co., Ltd.
Product Type Outlook
Media & Entertainment
Middle East & Africa
The Virtual Reality Headset market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Virtual Reality Headset market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Virtual Reality Headset market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Virtual Reality Headset market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Virtual Reality Headset market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Virtual Reality Headset capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Virtual Reality Headset by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Virtual Reality Headset market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Virtual Reality Headset market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Virtual Reality Headset market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Virtual Reality Headset industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Virtual Reality Headset market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Virtual Reality Headset market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Virtual Reality Headset market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Virtual Reality Headset market. These factors have benefited the growth of the global market for Virtual Reality Headset. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Virtual Reality Headset. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Virtual Reality Headset are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
To strategically profile the key players and comprehensively analyze their growth strategies.