Head-Mounted Display Market Size 2023, Fast-Growing Industry with Share, Recent Demand, Trends, Developments, Revenue and Forecast to 2026
The Head-mounted Display Market Report Share is estimated to be USD 5.5 billion in 2021 and expected to reach USD 36.5 billion by 2026, at a CAGR of 46.0% from 2021 to 2026.
Surge in investments by major players in development of HMDs, increased adoption of AR and VR technologies due to COVID-19, availability of low-cost HMDs, and technological advancements and growing digitalization—are the key factors driving the head-mounted display market.
Key Players
Major players in the head-mounted display market include Sony (Japan), Oculus VR (Facebook) (US), Microsoft (US), HTC (Taiwan), Google (US), and so on.
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Surge in investments by major players in development of HMDs
There has been a significant increase in the investments toward the development of HMDs, and in the use of such devices in various applications worldwide. The investments in the HMD market have been huge, and investors have been keen to invest in companies that have proved the worth of their technologies and products in the last few years.
Companies such as Facebook Corporation, Intel Corporation, Qualcomm, Inc., Alphabet, Inc., Comcast Ventures, and Samsung Group are investing heavily in the HMD market. Also, several research institutes are carrying out research in the AR application market for various products and applications. Research institutes are being funded by private firms and venture capitalists or governments. Industries such as consumer electronics, aerospace & defense, healthcare, retail, and advertising are embracing AR due to its benefits.
Growing use of HMDs for video games
HMDs have a high penetration rate in video games, as they enhance the gaming experience. PlayStation (PS) PlayStation has made HMDs more popular. HMDs project digital images, allowing a 3D view to enhance the user experience by projecting images and game screens like real-world images, which increases the quality of gaming. The spending on the video game industry has witnessed a huge surge due to the COVID-19 pandemic. Top-tier gaming companies are launching many AR and VR games. The gaming industry has undergone a technological evolution with the emergence of VR and 3D technologies. Therefore, the growing gaming sector would drive the market for HMDs.
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Augmented reality technology to grow at the fastest rate during the forecast period
The use of mobile phones for 3D navigation with a real-time overlay of computer graphics has numerous applications in the gaming sector and other industries; this is expected to drive the growth of the AR segment. Increasing importance of AR HMDs or smart glasses in the enterprise and industry application is also expected to drive this segment. AR headsets can provide employees with a host of tools, such as training videos, visualized data, and access to multiple desktop screens for performing various activities.
Americas is leading the market for head-mounted display in 2020
In the Americas, North America is the leading region for HMDs. Investments made by the major players in the US have led the market growth in this region. Adoption of new technologies and presence of major companies are also among the drivers for the North American market’s growth. In North America, many companies are investing in HMDs. The spread of COVID-19 in the Americas has led to fatalities and loss of lives and livelihood. Countries in the region faced serious disruptions in automotive, transportation, retail, agriculture, and construction sectors, leading to a complete or partial shutdown of manufacturing units, except for essential commodities. The HMD market in North America has also been affected by the pandemic, resulting in a significant loss for the HMD market.
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