USD 3.65 billion
Report ID: SQMIG45J2041 | Region: Global | Published Date: November, 2022 | Pages: 157 | Tables: 95 | Figures: 69
Global Head Mounted Displays Market was valued at USD 3.65 billion in 2021 and it is expected to reach at USD 77.7 billion by 2028, with CAGR of 46% over the forecast period (2022-2028).
Over the next seven years, the head-mounted display industry is anticipated to develop due to decreased microdisplay prices and strong demand for helmet-mounted displays across all application sectors. A promising growth potential for the mobile industry is anticipated to result from increasing demand for mobile-based AR apps for 3D scene assembly.
The development of portable wearable technology has stimulated an increase in innovation within the head-mounted display (HMD) market. With the development of lightweight screens, producers all around the world have begun to position HMD as a consumer good. By analyzing the precise placements of various components and communicating customisation to designers, people can take part in virtual car designing, giving purveyors a significant chance. The market is still in its formative stages.
For a few years, the expansion of the industry has been constrained by a lack of understanding of the various medical applications for stereoscopic imaging, especially in poor countries. Additionally, the development of the industry for defense-based applications is being hampered by a lack of knowledge regarding the potential dangers caused by obstructing line of sight, which is a result of huge wearable displays. Industry expansion is being hampered by a lack of standardization in components like orientation sensors. It is necessary to design standardized evaluation procedures for both whole systems and individual parts. In order to improve the market, simulator sickness related to general discomfort, eyestrain, perceptual constancy, dark focus, and effect of darkness needs to be addressed.
The global adoption of head mounted displays is a result of the rising popularity of augmented reality and virtual reality technology in consumer and corporate solutions. In the next few years, it is predicted that this aspect will fuel the expansion of the worldwide head mounted display market. In order to eliminate the requirement that a user be physically present in every area, advanced technologies like virtual reality and augmented reality are being adopted more frequently.
Global Market Size
USD 3.65 billion
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The global head mounted displays market is segmented on the basis of type, technology, application, and region. Based on the type, the market is segmented as slide-on head mounted displays, discrete head mounted displays, and integrated head mounted displays. Based on technology, the market is segmented as AR and VR. Based on the application, the market is segmented as consumer, commercial, enterprise and industry, engineering & design, aerospace & design, healthcare, education, and others. Based on region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Technology
In 2021, VR technology segment of the market is projected to hold the most significant share in the market. The use of computer technology to create a simulated environment is known as virtual reality. Unlike traditional user interfaces, virtual reality immerses users in an experience, allowing them to interact with the 3D world rather than viewing a monitor screen in front of them. Technology has changed the world by simulating as many senses as possible, including vision, touch, hearing, and even smell; thus, this drives the segmental growth of the market
Analysis by Application
In 2021, consumer segment of the market is projected to hold the most significant share in the market. Consumers majorly use these head mounted displays for gaming and entertainment purposes, which drives the segmental growth. The number of AR and VR gamers has increased dramatically around the world. The global user base of AR and VR games is predicted to grow to 216 million players by 2025, according to NewGenApps, a provider of Artificial Intelligence, Machine Learning, Big Data Analytics, and AR/VR solutions. Similarly, according to numbers given by the Entertainment Software Association in March of 2020, 29% of gamers in the United States had a VR system installed. The group also said that advancements in virtual and augmented reality are a major driver of the gaming industry's growth in the United States. Hence, this drives the growth of the market
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Based on the geographical viewpoint, the global Head-Mounted Displays market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2021, North American region is projected to hold the most substantial share of 28% in the market and grow at a fastest CAGR during the forecast period. The regional growth of the market is attributed to the heavy investments done by the market players in the region. The rapid adoption of new technologies by the consumers in the regions is another factor that contributes to the market growth.
During the forecast period, Asia Pacific is expected to capture a significant market share of the head-mounted display market. The increased adoption of AR and VR technologies in emerging markets such as India and China is driving market growth. Furthermore, the growing demand for a head-mounted display in the medical field for treatment and surgery is propelling the market forward. The increasing adoption of HMD technology in the educational sector in Europe is expected to boost the market. During the forecast period, the Rest of the World HMD market expands significantly. The increasing demand for HMD technology in South America, the Middle East, and Africa is driving market growth.
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The market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers and acquisitions, collaborations and partnerships, intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions.
Top Players in the Global Head Mounted Displays Market
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, growing importance of augmented reality and virtual reality technologies in consumer and business solutions has resulted in widespread use of head-mounted displays around the world. This factor is expected to drive growth in the global head mounted display market in the coming years. The primary reason for the increased adoption of advanced technologies such as virtual reality and augmented reality is to eliminate the need for a user to be physically present at all times.
|Market size value in 2021||USD 3.65 billion|
|Market size value in 2028||USD 77.7 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Head Mounted Displays Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Head Mounted Displays Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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