Market Research Future (MRFR) expects the global virtual reality headsets market to reach USD 5 billion, with a CAGR of 5% from 2016 to 2022 (forecast period).
Virtual reality headset is a device that offers 3D experience when playing games, listening to music, and watching movies. Virtual reality headsets are being hyped by numerous organizations, including hardware and software providers and other IT companies. The main focus of VR headsets is on games as they provide a 3D environment for players and make them more realistic than before.
Rising smartphone penetration, combined with the compatibility of virtual reality with smartphones, is projected to increase the VR Headset market size.
Virtual reality has an immense potential to be incorporated into a wide variety of applications, including healthcare, education, and industrial prototyping. This widespread adoption is predicted to boost the VR Headset market size.
Growing RD activities are anticipated to propel the growth of the market size of the VR Headset. Augmented reality, virtual reality, and wearable devices merge rapidly, with changing technology application trends, allowing users to have immersive and interactive material. In addition, technical advancements and improvements in networking and connectivity are expected to propel VR headset demand in the coming years.
The adoption of VR headsets in the retail sector is projected to increase the Virtual Reality Headsets Market size during the assessment period. VR technology can alter the consumer shopping experience in the areas of retail accessibility, consumer interaction, and better sharing of product information. Continuous research is being performed to develop low-cost, wearable VR solutions for the mass market.
COVID-19 Impact on the Global Virtual Reality Headsets Market
Implementation of many regulations by the governments of multiple countries to cope with the COVID-19 pandemic, such as a complete shutdown of manufacturing facilities, restricted production, and reduced demand for end products, is anticipated to affect the development of the global virtual reality headsets market.
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The global virtual reality headsets market has been segmented into types, components, and applications.
By types, the global virtual reality headsets market has been segmented into handheld, smartphone-enabled, and PC-connected, among others.
By component, the global virtual reality headsets market has been segmented into head-mounted display, controllers, stereo sound system, head motion tracking sensor, and display screen, among others.
By application, the global virtual reality headsets market has been segmented into consumer electronics, healthcare, games entertainment, automobile, and education, among others.
Region-wise, the global virtual reality headsets market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
North America to lead the global market
North America dominates the global virtual reality headsets market with the largest market share in the region owing to the increasing investment in technologies and high demand for film, education system, and military to develop and enhance the visual experience and is thus projected to grow with the highest revenue by 2022. The market for virtual reality headsets in the Asia Pacific is projected to grow at the highest CAGR level due to the growing technological advancement in the region.
Some of the major players in the global virtual reality headsets market include Sony Corporation (Japan), Facebook (U.S.), Samsung electronics ltd. (South Korea), HTC Corporation (Taiwan), Google (U.S.), Microsoft Corporation (U.S.), Fove, Inc. (U.S.), LG Electronics, Inc. (South Korea), Oculus VR, LLC (U.S.), and Avegant Corporation (U.S.) among others.
The global virtual reality headsets market is anticipated to reach USD 5 billion, with a CAGR of 5% from 2016 to 2022 (forecast period). The key driver of the virtual reality headsets market's growth is the rising adoption of VR headsets in advertising, gaming, the automotive industry, the growing smartphone market, and increasing technological expertise between vendors and consumers. The virtual reality headsets are used by the military as well as other scientific applications to enhance mental and health training programs
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