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Virtual Reality Headset Market Opportunities To Reach $55.69 Billion By 2028 | Grand View Research, Inc.

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Virtual Reality Headset Market Opportunities To Reach $55.69 Billion By 2028 | Grand View Research, Inc.

January 28
06:08 2022
Virtual Reality Headset Market Opportunities To Reach $55.69 Billion By 2028 | Grand View Research, Inc.
“Grand View Research, Inc. – Market Research And Consulting.”
According to a new report published by Grand View Research, the extensive application of virtual reality (VR) technology in the military and automotive sectors is driving market growth. Moreover, the surge in demand for gaming consoles is another factor propelling the growth of the industry.

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.

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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

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Virtual Reality Headset Market Segmentation

Grand View Research has segmented the global virtual reality headset market on the basis of end-device, product type, application, and region:

VR Headset End-device Outlook (Revenue, USD Billion, 2016 – 2028)

  • Low-end Device
  • Mid-range Device
  • High-end Device

VR Headset Product Type Outlook (Revenue, USD Billion, 2016 – 2028)

  • Standalone
  • Smartphone-enabled
  • Standalone PC-connected

VR Headset Application Outlook (Revenue, USD Billion, 2016 – 2028)

  • Gaming
  • Healthcare
  • Media & Entertainment
  • Manufacturing
  • Retail
  • Education
  • Telecommunications
  • Others

VR Headset Regional Outlook (Revenue, USD Billion, 2016 – 2028)

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • U.K.
    • Germany
    • France
  • Asia Pacific
    • China
    • Japan
    • India
  • South America
    • Brazil
  • Middle East & Africa

List of Key Players of Virtual Reality (VR) Headset Market

  • Carl Zeiss AG
  • Facebook Technologies, LLC (Oculus)
  • Google LLC
  • HTC Corporation
  • LG Electronics
  • Microsoft
  • Razer Inc.
  • Samsung Electronics Co., Ltd.
  • Sony Corporation

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Media Contact
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Phone: 1888202951
Address:Grand View Research, Inc. 201 Spear Street 1100 San Francisco, CA 94105, United States
City: San Francisco
State: California
Country: United States