Category : ICT | Published at : May-2021 | Delivery Format : PDF | Status: Published | Pages : 190
The global virtual reality headset market is anticipated to grow at a CAGR of around 28.1% during the forecast period 2020 to 2027 and to reach around US$ 44.2 Bn by 2027.
Market Dynamics
Rapid development in electronic devices, increasing demand from healthcare sector for advanced devices that aid to train & support healthcare professionals in order to change lives and heal patients are major factors expected to drive the growth of the global virtual reality headset market. With the help of virtual reality, it becomes easy to access and view complex areas in the human body. Flourishing gaming sector in developing countries and increasing demand for advanced products for better gaming experience is expected to augment the growth of the virtual reality headset market. In 2019, around 65.7% of South Koreans stated that they were playing video games. Almost 6 in 10 South Koreans between the age of 10 and 65 years stated that they were playing mobile games, while 42.1% reported they were playing PC games. Emerging countries such as India and Australia are spending high in order to uplift the educational bars. Their approach towards deploying virtual reality technology in the educational sector in order to simplify the teaching experience is gaining traction. Major players are investing high for R&D activities their approach towards enhancing the business through strategic acquisitions is expected to augment the growth of the virtual reality headset market. In 2020, Apple Inc., a global technology company acquired NextVR. The company specializes in recording live events like concerts and sports matches to be experienced in VR. This acquisition is expected to help the company to enhance the business and increase the product offering.
Innovative product launches by major players in order to attract new customers is expected to boost the growth of virtual reality headset market. In 2021, Apple Inc. a global technology company is expected to launch its VR product “Apple Glasses”. The product launch is expected to help the company to enhance the business and increase the revenue share. Factors such as high cost of devices and lack of advanced infrastructure for the adoption of advanced technology are factors expected to hamper the growth of global virtual reality headset market. In addition, high initial investment is expected to challenge the growth of target market. However, increasing investment by major players and focus on integration of AI in devices are factors expected to create new opportunities for players operating in the virtual reality headset market over the forecast period. In addition, increasing strategic partnership activities is expected to support the revenue transaction of the target market.
Segment Analysis by Region
The market in North America is expected to account for major revenue share in the global virtual reality headset market due to increasing demand from healthcare sector. Increasing popularity for gaming among consumers and introduction of new products from manufacturers are factors expected to augment the growth of target market. Presence of large number of players operating in the country such as US and their approach towards reaching out to possible customers is resulting in use of VR for media & entertainment purpose. This aspect is responsible for the market growth. In addition, increasing merger & acquisition activities by major players in order to enhance the business and increase the customer base are factors expected to impact the growth of target market.
The market in Asia Pacific is expected to witness faster growth in the target market due to increasing demand from education sector. Flourishing telecommunication sector, coupled with innovative product offerings from manufacturers is expected to impact the regional market growth. Major players focus on tracking the untapped market in developing countries is expected to boost the market growth.
Competitive Landscape
The global virtual reality headset market is highly competitive due to presence of large number of players and innovative product offerings. In addition, business expansion activities through partnerships and agreements are factors expected to further increase the competition.
Virtual Reality Headset Market Segment Analysis, 2019
The global virtual reality headset market is segmented into end-device, product type, and application. The end-device segment is bifurcated into low-end device, mid-range device, and high-end device. Among end-device segment, the High-end Device segment is expected to account for major revenue share in the global virtual reality headset market. The application segment is divided into gaming, healthcare, media & entertainment, manufacturing, retail, education, telecommunications, and others. Among application, the healthcare segment is expected to account for a noticeable revenue share in the target market. Players operating in the global virtual reality headset market are Carl Zeiss AG, Facebook Technologies, LLC, Google LLC, HTC Corporation, LG Electronics, Microsoft, Razer Inc., Samsung Electronics Co., Ltd., and Sony Corporation.
Market Segmentation
Market By End-Device
Low-end Device
Mid-range Device
High-end Device
Market By Product Type
Standalone
Smartphone-enabled
Standalone PC-connected
Market By Application
Gaming
Healthcare
Media & Entertainment
Manufacturing
Retail
Education
Telecommunications
Others
Market By Geography
North America
• U.S.
• Canada
Europe
• U.K.
• Germany
• France
• Spain
• Rest of Europe
Asia-Pacific
• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific
Latin America
• Brazil
• Mexico
• Rest of Latin America
Middle East & Africa
• GCC
• South Africa
• Rest of Middle East & Africa
Frequently Asked Questions
The global virtual reality headset market in 2027 is expected to be above US$ 44.2 Bn.
The CAGR of the global virtual reality headset market from 2020-2027 is above 28.1%.
Rapid development in electronic devices, increasing demand from healthcare sector for advanced devices that aid to train & support healthcare professionals in order to change lives and heal patients this are major factors expected to drive the growth of global virtual reality headset market.
In product type the smartphone-enabled segment is growing at faster pace.
In the global market the Asia Pacific region is expected to grow faster.
Some of the players considered in the report scope are Facebook Technologies, LLC, Google LLC, HTC Corporation, LG Electronics, and Microsoft.
The North America is expected to account for major revenue share in the global market.
