Virtual Reality Headset Market Growth On The Basis Of Type, Application, Region & Forecast To 2030: Grand View Research Inc.

 

San Francisco, 20 June 2024: The Report Virtual Reality Headset Market Size, Share & Trends Analysis Report By End-device (Low-end, Mid-range, High-end), By Product Type (Standalone, Smartphone-enabled), By Application, By Region, And Segments Forecasts, 2023 - 2030

The global virtual reality headset market size is expected to reach USD 59.63 billion by 2030, registering a CAGR of 30.6% from 2023 to 2030, according to a new report by Grand View Research, Inc. The rapid penetration of smartphones along with the continuous advancements in virtual reality (VR) technology 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 along with feature updates in devices for different applications across industries, especially during and after the period of the Covid-19 pandemic, is also driving the market growth. For instance, in January 2023, Facebook Technologies, LLC (Oculus) introduced new feature for heart rate tracking in Health Connect by Android integration on Meta Quest. This feature will help an individual to keep track of their daily fitness statistics. The deployment of these devices increased as temporary lockdowns imposed by the government impelled people to shift to virtual platforms for various services. For instance, the demand for head-mounted displays witnessed a surge in demand during the pandemic.

Moreover, innovations in the 3D technology and integration of Artificial Intelligence (AI) with virtual reality headset 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 an 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, which is expected to drive the market growth during the forecast period.

The extensive application of virtual reality technology in the retail and manufacturing sectors is driving market growth. Moreover, the growing demand for gaming consoles is another factor driving the growth of industry. Virtual reality technology has a vast potential to be used in a broad range of applications, such as medical training, industrial prototyping, and education. The growing consumer investments in this technology along with enterprises are expected to fuel the product demand over the forecast period. The emerging trends in virtual reality technology have a direct impact on the developments in the virtual reality headset industry.

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Furthermore, the integration of machine learning and Artificial Intelligence (AI) into virtual reality is likely to augment the product demand. The prominent players in the market are constantly investing in R&D for the development of state-of-the-art devices. In addition, during the Covid-19 pandemic, a large number of companies moved to online platforms to continue their business processes. The rising implementation of virtual reality technology in virtual events, which helps organizations to reach their target customers in their comfort zones by offering a life-like experience of their products and services, is further driving the growth of the market.

Virtual Reality Headset Market Report Highlights

• Based on end-device, the low-end device segment is anticipated to exhibit the highest CAGR of 35.3% from 2023 to 2030. This growth is attributed to the benefits of these devices, such as lower costs and considerable immersive experience
• Based on product type segment, the smartphone-enabled product type segment is anticipated to grow significantly with the CAGR of 33.1% during the forecast period. This growth is attributed to the rising penetration of advanced VR-enabled smartphones with the amalgamation of 3D technology and AI
• Based on application segment, the education segment is expected to exhibit the highest CAGR of 33.6% from 2023 to 2030. This is attributed to the increased product deployment in educational institutions and medical schools
• Asia Pacific accounted for the largest revenue share in 2022, owing to the increased digitalization and VR technology developments, particularly in the gaming and entertainment sector

The growth in product adoption in the entertainment and gaming industries is enhancing the demand for VR-enabled Head-Mounted Devices (HMDs). Companies are constantly offering innovative devices to give unparalleled immersive experiences across VR entertainment. For instance, in November 2022, Facebook Technologies, LLC (Oculus) launched the XTADIUM application in their Meta Quest, giving an immersive sports experience in 180-degree VR footage of up to 8K quality. The key players in the market are focusing on integration of latest technological advancements to gain a competitive edge and improve their product offerings.

The growing trend of the virtual reality domain is becoming increasingly social and collaborative, along with the rapid penetration of smartphones is anticipated to offer various growth opportunities to the market. The benefits offered by the VR devices, such as the creation of a realistic world, immersive experience, profound visualization, and accessibility to experience different environments, are boosting the market growth. These devices have witnessed a high demand from various industrial sectors, especially for teaching and learning activities, during the Covid-19 pandemic. For instance, the U.K. government, with the help of VR headsets, trained its trauma medical professionals for the medical procedure. Likewise, the National Aeronautics and Space Administration (NASA) deployed VR technology to provide a Virtual Space Station (VSS), a suite of interactive computer-delivered treatment programs, and interactive behavioral health training.

Virtual Reality Headset Market Report Scope 

Report Attribute	Details
Market size value in 2023	USD 9,201.6 million
Revenue forecast in 2030	USD 59.63 billion
Growth rate	CAGR of 30.6% from 2023 to 2030
Base year for estimation	2022
Historical data	2018 - 2021
Forecast period	2023 - 2030

The practical application of virtual reality technology in industries, such as healthcare, real estate, education, automotive, and retail, among others, is helping users in attaining efficient results, which is expected to fuel the market growth during the forecast period. In addition, key automotive industry companies, such as Jaguar Land Rover (JLR) and BMW, have been using virtual reality and its application for years. These companies use the technology to enhance and improve early engineering, and design reviews to check their vehicles' object obscuration and visual design.

List of Key Players in the Virtual Reality Headset Market

• Carl Zeiss AG
• Facebook Technologies, LLC (Oculus)
• Google LLC
• HTC Corporation
• LG Electronics, Inc.
• Microsoft Corporation
• Razer Inc.
• FOVE, Inc.
• Valve Corporation
• HP Inc.