Virtual Reality Headset Industry Overview
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.
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:
Based on the Product Type Insights, the market is segmented into Standalone, Smartphone-enabled, and Standalone PC-connected.
- The standalone product type segment accounted for the largest revenue share of over 43% in 2020 and is anticipated to retain its dominance from 2021 to 2028. A standalone device offers a high-quality experience at an affordable price.
- The smartphone-enabled product type segment is expected to exhibit the second-fastest CAGR of over 30.7% during the forecast period. The segment growth can be attributed to the rising penetration of advanced VR-enabled smartphones with the amalgamation of 3D technology and Artificial Intelligence.
- The standalone PC-connected product type segment is expected to witness a sluggish demand from 2021 to 2028. The positioning of standalone PC-connected products in the gaming sector is expected to uphold the segment progress owing to its ability to offer a high-quality immersive experience.
Based on the End-device Insights, the market is segmented into Low-end Device, Mid-range Device, and High-end Device.
- The high-end device segment accounted for the largest revenue share of more than 58% in 2020 and is expected to retain its dominance over the forecast period.
- The advanced features of these devices, including high-quality visual effects, self-tracking, and elevated performance, are expected to drive the segment growth.
- The low-end device segment is anticipated to exhibit the highest CAGR of around 35.0% from 2021 to 2028. This growth can be attributed to the benefits of these devices, such as lower costs, considerable immersive experience, and high propulsion.
Based on the Application Insights, the market is segmented into Gaming, Healthcare, Media & Entertainment, Manufacturing, Retail, Education, Telecommunications, and Others.
- The gaming segment accounted for the largest revenue share of over 30.0% in 2020 and is anticipated to dominate the global VR headset market over the forecast period.
- The retail segment is also expected to observe substantial growth as retailers are integrating these devices into their stores to improve the buying experience.
- The education segment is anticipated to register the fastest CAGR from 2021 to 2028. This can be attributed to the increased product deployment in educational institutions and medical schools.
- Moreover, the advancements in the healthcare sector due to Virtual Reality technology, along with favorable government regulations for facility enrichment, are promoting the segment growth.
VR Headset Regional Outlook
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
Leading companies are constantly investing in R&D for the development of cost-effective devices that offer high quality and can be utilized by various end-use industries. Unceasing investments in the research & development of VR technology by industry participants are expected to boost the market growth over the forecast period.
Some prominent players in the global VR headset market include:
- Carl Zeiss AG
- Facebook Technologies, LLC (Oculus)
- Google LLC
- HTC Corporation
- LG Electronics
- Microsoft
- Razer Inc.
- Samsung Electronics Co., Ltd.
- Sony Corporation
Order a free sample PDF of the VR Headset Market Intelligence Study, published by Grand View Research.
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