Head Mounted Display Market to Expand Significant Growth by 2028

Implementation of HMD in Gaming Application to Create Lucrative Opportunities for Head Mounted Display Market Growth during 2021–2028

According to our latest market study on “Head Mounted Display Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Application, Component, Technology, Design, and Connection,” the 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.

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.

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Based on type, the head mounted display market is segmented into integrated HMD, discrete HMD, and slide-on HMD. Based on application, the market is segmented into training and simulation, sports and leisure, imaging, defense and security, and others. The head mounted display market, by component, is segmented into display screens, controller, sensors, cameras, and others. Based on technology, the market is segmented into Augmented Reality (AR), Virtual Reality (VR), and Mixed Reality (MR). Based on design, the head mounted display market is bifurcated into head mounted displays and wearable glasses. The market, by connection, is segmented into wired, wireless, and hybrid. Based on geography, the global head mounted display market is segmented into five regions—North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.

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Impact of COVID-19 Pandemic on Head Mounted Display Market

During the COVID-19 pandemic, the North American countries faced many challenges during day-to-day operations due to the restrictions imposed by respective governments. The demand for electronic components increased as several companies started operating remotely. Therefore, to operate under automated environment, the deployment of electronic systems has been increased during FY 2020. This has driven the demand for head mounted display across the countries, such as the US, Canada, and Mexico. Moreover, the demand for consumer electronics has also witnessed negative impact in its growth somehow during the first half of 2020 across the US. However, the market in the US was estimated to garner a Y-o-Y growth of nearly 6% during 2020 in the global head mounted display, according to the market research study. This is due to increased consumer time spending on AR/VR technologies for various purposes, such as entertainment and leisure. For instance, nearly 70% customers in the US have spent more time on entertainment in 2020 compared to 2019 figures, according to the market research study.

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Microsoft, Sony, Oculus VR, Lenovo, Magic Leap Inc., BAE Systems, Seiko Epson Corporation, Samsung Electronics, Google LLC, HTC Corporation, and Vuzix are a few major companies operating in the head mounted display market.

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