Virtual Reality Headset Market: Global Industry Analysis and Forecast (2023-2029) by End Device, Product Type, Application, and Region

Virtual Reality Headset Market size was valued at US$ 12.83 Bn. in 2022 and the total revenue is expected to grow at a CAGR of 28.2% through 2022 to 2029, reaching nearly US$ 73.03 Bn.
Virtual Reality Headset Market Overview:
The Virtual Reality Headset Market is expected to reach at US$ 73.03Bn. by 2029. A virtual reality headset is a head-mounted device that immerses the user in virtual reality. Virtual reality headsets (VR) are often associated with video games, but they are also used in simulators and trainers. Low-end Device, Mid-range Device, and High-end Device are the types of the end device of the virtual reality headset market. Gaming, Media & Entertainment, Healthcare, Retail, Manufacturing, Education, and Telecommunications are some of the applications of the virtual reality headset market.



To know about the Research Methodology :- Request Free Sample Report
Virtual Reality Headset Market Dynamics:
The widespread use of virtual reality (VR) technology in the military and automotive industries is driving the market forward. Furthermore, the increased demand for gaming consoles is another aspect driving the market forward. Virtual reality technology has a wide range of applications, including medical training, industrial prototyping, and education. During the forecast period, increased investments in this technology by both businesses and consumers are expected to boost product demand. The advent of simple, beautiful, and elegant VR headsets is one example of how developing trends in VR technology have an immediate impact on advancements in the VR headset market.

Furthermore, the introduction of Artificial Intelligence (AI) and machine learning into VR is expected to increase demand. The industry's major companies are constantly spending in R&D in order to manufacture cutting-edge technologies. In addition, in the midst of Covid-19, businesses have resorted to internet platforms to continue their operations. The market is being driven by the rising use of virtual reality technology in virtual events, which allows businesses to reach out to potential customers in their own homes by providing a realistic experience of their products and services.

The need for VR Head-Mounted Devices is increasing as more products are used in the gaming and entertainment industries (HMDs). Companies are constantly releasing new technologies to provide immersive entertainment experiences and an unrivalled level of realism in virtual reality games. The industry's major players are acquiring gaming companies in order to improve their product offerings and obtain a competitive advantage. For example, in February 2021, Facebook LLC purchased Sanzaru, Inc., a video game creation firm based in the United States, in order to investigate the technological benefits of Oculus Studios developing rich, VR-based content.

The emerging trend of virtual reality becoming more social and collaborative, together with the increased adoption of smartphones, is expected to provide the industry with a variety of growth prospects. The advantages of VR devices, such as the development of a realistic environment, immersive experience, profound visualisation, and accessibility to various sites, are driving the market forward. During the Covid-19 pandemic, these instruments were in high demand from a variety of industries, particularly for teaching and learning activities. The United Kingdom government, for example, used virtual reality headsets to train trauma care professionals for the treatment. Similarly, NASA used virtual reality to create a Virtual Space Station (VSS), a suite of interactive computer-delivered therapy programmes, and interactive behavioural health training.
Virtual Reality Headset Market Segment Analysis:
Based on the End Device, the market is segmented into Low-end Device, Mid-range Device, and High-end Device. High-end Device segment held the largest market share of 58% in 2021 and is expected to continue its dominance by 2021. The segment is expected to grow due to the enhanced features of High-end Device, such as high-quality visual effects, self-tracking, and increased performance. In large corporations, high-tech equipment is frequently used to provide better service to their clients and employees. These devices are mostly equipped with cutting-edge technologies that provide viewers with increased engagement and great quality. During the forecast period, major firms like as Sony Corp., Facebook, Inc., Samsung, and Google LLC are expected to make significant and ongoing investments in high-end devices, boosting demand.

Low-end Device segment is expected to grow rapidly at a CAGR of 35.0% during the forecast period 2022-2021. The advantages of these equipment, such as decreased costs, a significant immersive experience, and high propulsion, can be ascribed to their growth. The low-cost equipment are affordable and accessible to regular individuals who merely want to try out basic VR technologies. Due to ongoing innovations, the medium-range device market is expected to have significant growth during the forecast period, which is expected to drive demand, particularly from small corporate organisations.

Based on the Product Type, the market is segmented into Standalone, Smartphone-enabled, and Standalone PC-connected. Standalone segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2022-2021. A standalone device can provide a high-quality experience at a low cost. The integration of numerous mechanisms, including processing control and hardware, is driving the growth of the segment. The major companies offer a wide range of application-oriented devices with varying features and price points. In December 2019, for example, Facebook, Inc. added a hand-tracking feature to the Oculus Quest VR standalone headset.

Based on the Application, the market is segmented into Gaming, Media & Entertainment, Healthcare, Retail, Manufacturing, Education, Telecommunications, and Others. Gaming segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2022-2029. Gaming segment held the largest market share of 30% in 2021. When compared to non-gamers, gamers spend more money on converting their gaming consoles or desktops. As a result, companies have been urged to profit on VR headset games in a cost-effective manner for gamers. Furthermore, as merchants integrate these devices into their storefronts to improve the purchase experience, the retail segment is expected to see significant growth. The growth of the market is being driven by new online shopping trends implemented by retail and e-commerce organisations, which include offering potential customers with real-life shopping experiences to assist them make better purchasing decisions.
Virtual Reality Headset Market Regional Insights:
Asia Pacific region is expected to dominate the Virtual Reality Headset market during the forecast period 2022-2029. Asia Pacific region held the largest market share of 58.1% in 2022 and is expected to continue its dominance by 2029. The gaming and entertainment sector has become increasingly digitalized and VR has developed rapidly. China captured the largest share of the regional market. Due to the advent of 5G and the government's support of VR progress in China, this has occurred. The major companies in the region use VR technology widely, contributing to the growth of the regional market. The Enhance VR brain training application was developed by Virtuleap and HTC Corporation in January 2022 and provides mini-games designed primarily to train and assess these skills, including problem-solving, speed, spatial orientation, motor skills, memory, flexibility, and spatial audio awareness.

North America is expected to grow rapidly at a CAGR of xx% during the forecast period 2022-2029. In the region, VR technology is widely adopted due to high levels of disposable income and declining prices of VR headsets with processors and screens. Because of the presence of major tech companies, such as Google LLC, Microsoft, and Facebook LLC, and their large-scale investments in VR technology, the U.S. contributes the most to the regional market growth.

Europe region is expected to grow rapidly at a CAGR of xx% during the forecast period 2022-2029. A significant increase in the market is expected in Europe as a result of the integration of smart devices, such as VR headsets deployed in various industries, such as Defense, entertainment, and education, to enhance and develop the visual experience. Gaming arcades, cafes, amusement parks, and exhibitions are adopting VR technology at an increasing rate, which is positively impacting regional market growth.

The objective of the report is to present a comprehensive analysis of the Global Virtual Reality Headset Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Global Virtual Reality Headset Market dynamic, structure by analyzing the market segments and project the Global Virtual Reality Headset Market size. Clear representation of competitive analysis of key players by Type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Virtual Reality Headset Market make the report investor’s guide.
Virtual Reality Headset Market Scope: Inquire before buying



Global Virtual Reality Headset Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2022-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 12.83 Bn.


Forecast Period 2023 to 2029 CAGR:
28.2%
Market Size in 2029:
US $ 73.03 Bn.


 Segments Covered:
by End Device
Low-end Device
Mid-range Device
High-end Device


by Product Type
Standalone
Smartphone-enabled
Standalone PC-connected


by Application
Gaming
Media & Entertainment
Healthcare
Retail
Manufacturing
Education
Telecommunications
Others



Virtual Reality Headset Market, by Region
North America
Europe
Asia Pacific
South America
Middle East and Africa
Virtual Reality Headset Market Key Players
1. Sony Corporation
2. Qualcomm
3. Samsung electronics ltd.
4. HTC Corporation
5. Facebook
6. Google
7. Microsoft Corporation
8. Fove, Inc.
9. Oculus VR, LLC
10.LG Electronics, Inc.
11.Avegant Corporation
12.Carl Zeiss AG
13.Razer Inc.

Frequently Asked Questions:

1] Which region is expected to hold the highest share in the Virtual Reality Headset Market?
Ans. Asia Pacific region is expected to hold the highest share in the Virtual Reality Headset Market.

2] Who are the top key players in the Virtual Reality Headset Market?
Ans. Sony Corporation, Qualcomm, Samsung electronics ltd., HTC Corporation, Facebook, and Google are the top key players in the Virtual Reality Headset Market.

3] Which segment holds the largest market share in the Virtual Reality Headset market by 2029?
Ans. High End Device segment hold the largest market share in the Virtual Reality Headset market by 2029.

4] What is the market size of the Virtual Reality Headset market by 2029?
Ans. The market size of the Virtual Reality Headset market is expected to reach US $ 73.03Bn. by 2029.

5] What was the market size of the Virtual Reality Headset market in 2022?
Ans. The market size of the Virtual Reality Headset market was worth US $ 12.83 Bn. in 2022.