Virtual Reality (VR) Headset Market Projected to Hit USD 57.65 Billion at a 28.50% CAGR by 2030 - Report by Market Research Future (MRFR)
VR Headset Market to Witness Increasing demand within the gaming automotive and advertising market
New York, US, Sept. 13, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “VR Headset Market, by Type, by Component, by Application - Forecast 2030”, the market anticipated to grow at a CAGR of 28.50%, to reach USD 57.65 Billion during the forecast period 2022-2030.
VR Headset Market Overview:
Virtual reality headsets are reasonably favorable for a broad group of people to experience 3D games. Furthermore, it is also desired for listening to films and watching great movies. Several IT firms have now given the idea of utilizing virtual reality headsets. The hardware and software suppliers have also leveraged its utilization of it. Since the demand rate is optimum for virtual reality headsets, firms have now joined the Virtual Reality (VR) market to witness tremendous business results. As the prime area of demand for VR headsets is in the gaming field, firms are implementing technological beliefs to enhance gaming quality. The utilization of VR Headsets is supposed to offer a more realistic feel to the performers who love to enjoy interactive games.
|Market Size by 2030||USD 57.65 Billion|
|Key Market Opportunities||High scope of opportunity within the gaming and entertainment sector|
|Key Market Drivers||Rising demand within the gaming automotive and advertising market,|
The rapid up-rise in its use upon deriving technical expertise
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The games with brilliant graphics are massively valued, but with the time of 3D, the gaming market is now flourishing, and so is the virtual reality headset market. With the latest music, movie creation, and games, the playing, watching, and the listening experience will be improved. Harmonizing the 3D environment and deployment in the gaming and media industry, the manufacturing count up for virtual reality headsets has also raised.
Virtual Reality Headset USP Covered
The global VR headset market has recorded massive growth in recent years owing to the factors such as rising demand within the gaming, advertising, & automotive market and use in the growing smartphone sector.
VR headset market Restraints
On the other hand, the pricing of virtual reality entertainment and headsets is projected to impede the market's growth.
The global COVID-19 pandemic has had a significant impact on the majority of the market areas across the globe. Given the fast spread of the disease worldwide, governments started implementing partial or complete lockdowns. Like any other market sectors, the virtual reality headset market also faced several unexpected challenges in terms of employee health and financial losses. The global health crisis also impacted the market sectors majorly in a financial manner. Given the significant outbreak of COVID-19, several virtual reality movie hubs and game stations were shut down. But the personal headsets were, anyway, being sold on a massive scale as users wanted to experience enjoyment and fun while they were in a lockdown situation.
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According to the MRFR analysis reports, the COVID-19 pandemic has affected the average level because the revenue that was likely to be returned from the movie hubs and game stations was halted and possibly a higher source of revenue production for the global VR headset market. A new influence the market witnessed was the low production of VR games. The movie maker businesses and VR games were also down, for which no latest material was out for the customers. Thus, the sales rates in some way fell because of that aspect as well.
The significant leaders and the governments made considerable efforts to continue the game stations and movie hubs to encourage the related market to retain the revenue production aspects once again. With the pandemic fading, the VR headset market will likely record substantial growth over the review timeframe.
Virtual Reality Headset Market Segment Analysis
Among all the end-use sectors, the high-end device segment is anticipated to account for the most significant global VR headset market share across the net over the assessment timeframe. The significant advantages offered by these devices, such as high performance, self-tracking, and high-quality visual effects, are anticipated to boost the segment's growth. These devices are primely utilized across big firms to offer better-quality service to the employees and customers. The devices are mainly attached with the latest & advanced technologies providing high resolution and improved involvement to the viewers. Continuous and heavy funds in high-end devices by significant leaders such as Google LLC, Samsung, Facebook, Inc., and Sony Corp. are projected to boost the demand over the review timeframe. On the other hand, the low-end device segment is likely to record the highest CAGR over the assessment timeframe. The segment's growth is credited to the factors such as the benefits of these devices, easy accessibility, and affordability.
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Among all the products, the standalone product type segment is anticipated to dominate the global market for virtual reality headsets over the review timeframe. The segment's growth is credited to the factors such as affordable prices, integration of various mechanisms, and application-oriented devices with different features. On the other hand, the smartphone-enabled product type segment is likely to grow at the maximum pace over the assessment timeframe.
Based on the application areas, the gaming segment will likely lead the global virtual reality headsets market over the review timeframe. The segment's growth is attributed mainly to the new online shopping trends.
Virtual Reality Headset Regional Analysis
The global market for virtual reality headsets is analyzed across five major regions: the Middle East & Africa, Asia-Pacific, Europe, North America, and Latin America.
According to the analysis reports by MRFR, the North American region is anticipated to dominate the global market for virtual reality headsets over the review timeframe. The market's growth is credited to factors like high investment amount in the technologies and larger demand across education, film, and military sectors.
The virtual reality headsets market for the Asia-Pacific region is projected to record substantial growth over the review timeframe, given the factors such as increased digitalization and VR technology developments, the advent of 5G, and government support initiatives.
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VR Headset Competitive Analysis
The list of leading players across the global VR headset market includes companies such as:
- Microsoft Corporation
- Avegant Corporation
- Sony Corporation
- LG Electronics, Inc.
- Samsung Electronics Ltd.
- HTC Corporation
- Oculus VR
- Fove Inc.
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