Virtual Reality Headset Market Growth & Trends
The global virtual reality headset market size is anticipated to reach USD 55.69 billion by 2028, registering an estimated CAGR of 28.2% from 2021 to 2028, according to a new report by Grand View Research, Inc. 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.
Virtual Reality Headset Market Report Highlights
- Innovations in virtual reality gaming along with advanced devices that offer a real-like experience for gamers are expected to drive the market growth from 2021 to 2028
- The high-end device segment accounted for over 58% of the total revenue share in 2020. This growth can be attributed to the significant investments made by the industry players in high-end devices as they offer better-quality unified self-contained tracking
- Based on the product, the standalone segment is anticipated to witness the fastest CAGR of over 30% from 2021 to 2028 owing to the ability of these products to provide steady spatial orientation and location recognition with respect to the realm coordinates of supplementary peripheral devices
- In 2020, Asia Pacific accounted for the largest revenue share of around 40.0% and is anticipated to continue to dominate the global market over the forecast period