Authored By: Sarah
11 Jul 2024

 Virtual Reality VR Headset Market Size to grow by USD 25199.01 million between 2024-2028

According to a research report “ Virtual Reality VR Headset Market” by Application (Commercial, Individual) Type (Mid-range device, Low-end device, High-end device) Geography (North America, APAC, Europe, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 25199.01 million, at a CAGR of  45.95% during the forecast period. The global virtual reality (VR) headset market has experienced remarkable growth due to the synergistic relationship between the expanding gaming and entertainment industries and the burgeoning consumer demand for immersive experiences. The fusion of advanced technology and unmet market needs has propelled VR headsets into the mainstream, with the market size expanding substantially in 2021 as a result of the gaming sector's significant growth during the COVID-19 pandemic. VR headsets offer a groundbreaking solution to cater to the evolving needs of gamers, providing them with increasingly realistic and immersive experiences that set a new standard in the entertainment landscape.

Browse market data tables, figures, and in-depth TOC on “Virtual Reality VR Headset Market” by Application (Commercial, Individual) Type (Mid-range device, Low-end device, High-end device) Geography (North America, APAC, Europe, Middle East and Africa, South America) Global Forecast to 2028. Download Free Sample

 

By Application, the Commercial segment is projected to dominate the market size in 2024

Mid-range Virtual Reality (VR) headsets occupy a strategic position in the global market, offering a balance between advanced technology and affordability. These devices, which fall between high-end and low-end models, deliver powerful VR experiences without the premium price tag. Mid-range headsets are known for their ergonomic designs, feature-rich capabilities, and cost-effective pricing. By combining cutting-edge technology with necessary functionality, mid-range VR headsets provide realistic virtual experiences that cater to a wide range of users. These devices offer an optimal blend of performance and affordability, making them an attractive option for consumers seeking a high-quality VR experience without exceeding their budget.

By Type, Mid-range device  segment is expected to hold the largest market size for the year 2024

In the expansive virtual reality (VR) headset market landscape, commercial applications represent a significant segment. Businesses leverage immersive VR technologies to enhance training, augment experiences, and boost productivity. This sector encompasses a diverse range of enterprises, spanning education, entertainment, and enterprise solutions. Notably, VR headsets are increasingly adopted in corporate training and simulation within the enterprise sector. By replicating real-world scenarios, businesses enable employees to perfect their skills in a secure virtual environment. This approach not only amplifies workforce proficiency but also reduces the financial burden of traditional training methods.

North America is forecasted to hold the largest market size by region in 2024

The North American virtual reality (VR) headset market has experienced substantial growth due to escalating consumer demand for advanced and immersive digital experiences. Key industry players, including Oculus, a Meta Platforms (formerly Facebook) subsidiary, HTC, Sony, and Valve, dominate the regional market in 2023. Oculus, in particular, has shaped the consumer VR headset sector with its successful Rift and Quest series. The recent launch of the Quest 3, an all-in-one, wireless VR solution with competitive pricing, has garnered significant attention. Available in 128 GB and 512 GB variants, the Quest 3 has quickly emerged as a prominent product in the market.

The Virtual Reality VR Headset Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Alphabet Inc.
  • Apple Inc.
  • ASUSTeK Computer Inc.
  • ByteDance Ltd.
  • FOVE Inc.
  • Goertek Inc.
  • HP Inc.
  • HTC Corp.
  • LG Electronics Inc.
  • Meta Platforms Inc.
  • Microsoft Corp.
  • NOLO Co. Ltd.
  • Pimax Inc.
  • Samsung Electronics Co. Ltd.
  • Seiko Epson Corp.
  • Sony Group Corp.
  • Valve Corp.
  • Varjo Technologies Oy
  • WorldViz Inc.
  • Xiaomi Communications Co. Ltd.
.

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Research Analysis Overview

The virtual reality VR headset market is experiencing a surge in growth, with retail sectors, military, training, healthcare, and consumers adopting this technology at an unprecedented rate. Virtual reality technology is revolutionizing industries by providing immersive experiences for training, simulation, and education. The market is driven by advancements in processors, sensors, and display technologies. Leading companies like Meta, Apple, Meta Quest, Pico, Microsoft HoloLens, and Google Cardboard are releasing new VR headsets to meet the growing demand. The Meta Quest Pro and Apple Vision Pro are expected to set new standards with advanced features and capabilities. In healthcare, VR headsets are being used by surgeons for training and procedures, while in the military, they are being used for simulation and training. The consumer market is also booming, with the Meta Quest and PlayStation Headset being popular choices. These devices offer immersive gaming experiences and can be used for education, entertainment, and social interaction. The future of virtual reality is bright, and the market is expected to continue growing as more industries discover the benefits of this transformative technology.

Market Research Overview

The Virtual Reality (VR) market is experiencing significant growth, with various industries adopting VR headsets for commercial applications. Real estate and commercial sectors are utilizing AR devices like the Meta virtual stage and Pico for property virtual tours and architectural design. In the medical vertical, low-resolution VR headsets like the Oculus Quest standalone are used for training and patient care systems, while high-resolution displays are preferred by surgeons for planning surgeries with companies like VirtaMed. Large technology companies like Oculus, a division of Facebook, and start-ups are developing compact VR devices, VR projectors, and head-up displays for semi-immersive and non-immersive experiences. VR devices, such as the HTC Vive, PlayStation VR, and Oculus Rift, offer fully immersive experiences for gaming, retail sectors, and training. However, concerns regarding VR sickness, neck pain, and other health issues, including hearing and eyesight, may hinder market growth. Companies are addressing these concerns by improving hardware and software, such as gesture-tracking devices and processors with advanced sensors. The VR market also includes VR simulators, VR glasses, and VR headsets for consumer use, as well as live virtual entertainment experiences like the Foo Fighters' virtual concert. The market is expected to continue growing, with applications in military, classroom training, and healthcare provisions. Meanwhile, companies like Microsoft HoloLens, Quest, and PlayStation are releasing new VR headsets and controllers, such as the PlayStation Headset and Move Motion Controller, to enhance the VR experience. Google Cardboard, a low-cost VR solution, is also gaining popularity among consumers. In summary, the VR market is expanding rapidly, with various industries adopting VR devices for commercial applications. However, concerns regarding health issues and the need for high-resolution displays and compact devices remain challenges for market growth. Companies are addressing these challenges by improving hardware and software and developing new VR solutions for various applications.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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