The head mounted display market is expected to grow from US$ 7,840.66 million in 2021 to US$ 55,333.07 million by 2028; it is estimated to grow at a CAGR of 32.2% from 2021 to 2028.
Head mounted displays help enhance the user experience by providing them real time insights and simulation environment along with the processed information regarding the task performed. The display has a small display optic in front of one (monocular HMD) or each eye (binocular HMD). It has many applications across gaming, aviation industry, engineering, medicine, and industrial sectors. Currently, most of the industries are having the advantage of augmented reality (AR) and virtual reality (VR) technologies for upgrading their technical systems to achieve higher operational efficiency for their operations and automate their businesses.
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Leading Head Mounted Display Market Players:
- Oculus VR
- Magic Leap Inc
- BAE Systems
- Seiko Epson Corporation
- Samsung Electronics
- Google LLC
- HTC Corporation
Implementation of HMD in Gaming Application
Users playing PC games use head-mounted displays because they provide a higher enjoyment level than conventional setup. Also, the implementation of HMDs is increasing in gaming application due to the availability of low-cost HMD devices and demand for enhanced gaming experience. Further, the rising launches of VR games have been witnessed over the years and is driving the growth of the head-mounted display market. Moreover, the increasing growth of the gaming industry and the rising development of product propel the demand for HMDs in VR gaming. For instance, in March 2021, Sony launched a new slate of PlayStation VR games, which consists of a VR adaptation of Doom 3, I Expect You To Die 2: The Spy and The Liar, Fracked, After the Fall, Song in the Smoke, and Zenith: The Last City.
Technology Segment Insights
Based on technology, the head mounted display market is segmented into Augmented Reality (AR), Virtual Reality (VR), and Mixed Reality (MR). The Virtual Reality (VR) segment led the market with a market share of 40.8% in 2020.The growing adoption of VR headsets for gaming applications along with the deployment of multimedia modules across different commercial buildings, such as scientific research institutes, educational facilities, gaming applications, entertainment applications, and others, has created ample opportunities for virtual reality (VR) market accros the globe.
The COVID-19 IMPACT outbreak pandemic is adversely affecting economies and industries in various countries due to government-imposed lockdowns and travel bans, and business shutdowns. The consumer goods is one of the major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns. The shutdown of various plants and factories in North America, Europe, Asia Pacific, South America, and the Middle East and Africa has restricted the global supply chain and negatively impacted the manufacturing activities, delivery schedules, and product sales. Furthermore, various companies have already predicted possible delays in product deliveries and slump in future sales of their products
Major Key Points of Head Mounted Display Market
- Head Mounted Display Market Overview
- Head Mounted Display Market Competition
- Head Mounted Display Market, Revenue and Price Trend
- Head Mounted Display Market Analysis by Application
- Company Profiles and Key Figures in Head Mounted Display Market
- Market Dynamics
- Methodology and Data Source
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