Virtual Reality (VR) Headset Market Synopsis
Globally, the virtual Reality Headsets Market is expected to reach USD 57.65 Billion by the end of 2030, growing with 28.50% CAGR during the forecast period 2022-2030
Rigorous research conducted by the data analysts at Market Research Future Reports (MRFR), states that the global virtual reality headsets market is projected to thrive at a promising CAGR of more than 28.50%% during the assessment period from 2022 to 2030. As per the evaluation, the global virtual reality headsets market 2020 is being majorly driven by the increasing adoption of VR headsets in gaming, advertising, and the automotive industry. The increasing number of smartphones is estimated to be another pivotal factor leading to market growth during the assessment period. In addition, the burgeoning technological development is projected to be another factor leading to market expansion. Moreover, the VR headsets are majorly being used by scientific and military applications for efficient mental and health training programs. Besides, VR is extensively used in several organizations, including the IT companies, and software and hardware providers.
However, the pandemic COVID-19 has severely affected the global virtual reality headsets market. The economy has been affected due to the disturbance caused in the cycle of production and demand. The lockdown imposed across various countries is likely to bring a massive disturbance in the market. The market will start recovering as the lockdown is lifted in a phased manner. We will provide COVID-19 impact analysis with the report.
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Virtual Reality (VR) Headset Market Regional Analysis
The global virtual reality headsets market is estimated to expand significantly during the review period. A thorough analysis of North America, Asia-Pacific, Europe, and the Rest of the World (RoW) has been carried out. According to the research, the market is likely to be dominated by North America by acquiring the largest market share. The region is prospering due to the growing investment in technology and the increased demand by education system, and the military to establish an efficient virtual experience. The region is likely to generate the highest revenue by the end of 2022. On the other hand, the Asia-Pacific region is likely to thrive at the maximum CAGR during the assessment period. The region consists of the developing economies, which is estimated to play an important role in regional expansion.
However, the regions have been affected significantly due to the outbreak of coronavirus. Several markets have been shut temporarily due to the lockdown imposed to contain the spread of coronavirus. It may time some time to recover from the losses incurred during the lockdown. The global economy has been impacted severely due to the spread of coronavirus.
COVID-19 Impact on the Global Virtual Reality Headsets Market
Implementation of many regulations by the governments of multiple countries to cope with the COVID-19 pandemic, such as a complete shutdown of manufacturing facilities, restricted production, and reduced demand for end products, is anticipated to affect the development of the global virtual reality headsets market.
Virtual Reality (VR) Headset Market Segmentation
The worldwide virtual reality headsets market can be segregated on the basis of component, type, application, and geography.
- On the basis of component, the worldwide virtual reality headsets market can be distinguished into head motion tracking sensor, stereo sound system, Head-mounted display, controllers, and display screen, among others.
- On the basis of type, the worldwide virtual reality headsets market can be distinguished into smartphone-enabled, a Handheld, and PC-connected among others
- On the basis of application, the virtual reality headsets market can be distinguished into healthcare, automobile, consumer electronics, games & entertainment, and education, among others.
- On the basis of geography, the global virtual reality headsets market can be distinguished into North America, Asia-Pacific, Europe, and the Rest of the World (RoW).
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Virtual Reality (VR) Headset Market Key Players
The established players of the global virtual reality headsets market are Avegant Corporation (U.S.) Samsung electronics ltd. (South Korea), Sony Corporation (Japan), HTC Corporation (Taiwan), Google (U.S.), Facebook (U.S.), Microsoft Corporation (U.S.), Oculus VR, LLC (U.S.), Fove, Inc. (U.S.), LG Electronics, Inc. (South Korea), and a few others.
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