Global Virtual Reality Headset Market to Grow at 20.3% During 2024-2032, Impelled by Continual Technological Advancements in Video Games

October 27, 2021 | Technology & Media

According to the latest report by IMARC Group, titled "Virtual Reality Headset Market Report by Product (PC Based, Console Based, Smartphone Based, Standalone), Material (Plastic, Paper, Others), End-User (Consumer Electronics, Healthcare, Games and Entertainment, Automobile, Education, Real Estate, Military), and Region 2024-2032," the global virtual reality headset market reached a value of US$ 11.6 Billion in 2023. A virtual reality headset refers to a head-mounted device that is generally used while playing video games. It involves the use of advanced technologies in order to create simulated surroundings that offer an immersive 3D and first-person perspective (FTP) experience, along with a digitized landscape to the wearer. It is usually equipped with a stereoscopic head-mounted display, accelerators, gyroscopic sensors, and magnetometers or structured light systems that enable individuals to interact with the virtual space that is created in the software. Apart from this, it is also widely adopted in medical, defense and military applications and industrial prototype training.

Global Virtual Reality Headset Market Trends:

The global market is primarily driven by continual technological advancements in gaming technology. This is supported by the widespread integration of machine learning and artificial intelligence (AI) technologies with VR headsets in order to offer realistic sounds, images, and sensations to the wearer, which is creating a positive outlook for the market. Also, the increasing deployment of advanced functions in the VR headsets that includes a field of view and frame rate, position and head tracking, and spatial audio and sound effects is also gaining prominence among the masses, especially young adults. Apart from this, the rising product adoption in the healthcare sector for teaching trauma medical professionals about medical procedures and delivering enhanced care to patients is propelling the market growth. Some of the other factors contributing to the market growth include rapid digitization and the increasing investments by leading players in extensive research and development (R&D) activities to improve the existing virtual reality (VR) headset technology. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 20.3% during 2024-2032.

Market Summary:

  • On the basis of the product, the market has been classified into personal computer-based, console-based, and smartphone-based, and standalone.
  • Based on the material, the market has been segmented into plastics, paper, and others.
  • On the basis of the end-user, the market has been segregated into consumer electronics, healthcare, games and entertainment, automobile, education, real estate and military.
  • Based on the region, the market has been divided into North America, Europe, Asia Pacific, Middle East and Africa and Lattin America.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of the key players include Fove Inc., Google LLC (Alphabet Inc.), HTC Corporation, LG Electronics Inc., Merge Labs Inc., Meta Platforms Inc., Samsung Electronics Co. Ltd. and Sony Interactive Entertainment LLC (Sony Group Corporation).

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Product, Material, End-User, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered Fove Inc., Google LLC (Alphabet Inc.), HTC Corporation, LG Electronics Inc., Merge Labs Inc., Meta Platforms Inc., Samsung Electronics Co. Ltd. and Sony Interactive Entertainment LLC (Sony Group Corporation)
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

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Global Virtual Reality Headset Market to Grow at 20.3% During 2024-2032, Impelled by Continual Technological Advancements in Video Games
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