The Global Virtual Reality Headsets Market Growth, COVID-19 impact and Forecast (2021-2025)
Global virtual reality headset market is segmented based on end device type as high end device, medium range device and low end device; based on product type as standalone product, smartphone enabled and standalone PC connected product; based on applications as gaming, media & entertainment, healthcare, retail, manufacturing, education, telecommunications and others; based on geography as APAC, Europe, North America, and ROW.
Introduction
Virtual reality (VR) headset is a device used to deliver virtual reality experience for three dimensional (3D) simulations, computer games, and other applications such as movies, play stations, etc.
VR headset consists of an Organic Light-Emitting Diode (OLED) or Liquid Crystal Display (LCD) screen, and head motion tracking sensor to provide effective 3D picture. This sensor tracks the head motion and provides 3D image with up to 360 degree field of view as per head movement.
VR headset are increasingly used in the development of training methods, engineering design process, business environments, and audience engagement such as VR gaming, sports, and events. Furthermore, VR headsets are widely used in medical sector to train students for surgery, and other operations.
Table of Contents
Market Overview
The global virtual reality headset market is expected to grow to $27.05 billion by 2025 at a CAGR of 28.2%
The augmented and Virtual Reality Headset Tracker market has faced a temporary setback this year as supply chain disruptions impacted volumes in the early months, and expected product transitions had slowed the market mid-year.
In the forecast, the number of people using VR every month will have increased to 75.7 percent in the US.
Key Trends
The incorporation of Artificial Intelligence (AI) and machine learning into VR is likely to fuel the product demand.
Emerging trends, which have a direct impact on the dynamics of the virtual reality headset industry, include the introduction of attractive, sleek, and convenient VR headsets and the development of artificial intelligence incorporated VR headsets.
Key Market Players
The market is dominated by global vendors like HTC, LG electronics, Microsoft, Razer, Samsung Electronics and Sony Corporation.
Growth Drivers and Challenges
The increasing penetration of smartphones represents a major factor driving the demand of virtual reality headsets as most VR headsets depend upon a smartphone to display content and utilize numerous specially developed applications for the same.
The growing product adoption in the gaming and entertainment industries has boosted the demand for VR Head-Mounted Devices (HMDs).
The quality of visual effects delivered by VR headset is a major concern. If VR system is too sluggish to react with head movement, it causes concussion to user.
In addition, VR headset are capable of stretching single display across a wide field of view causing magnification defect in display quality. Furthermore, the VR headset devices are expensive and time consuming to develop. All these factors are expected to restrain the growth of VR headset market during forecast period.
The outbreak of the COVID-19 pandemic has abruptly generated the requirement of a large number of healthcare facilities to treat an exponentially growing number of infected patients worldwide. Most of the economies of the world at present are focusing on expanding their healthcare facilities.