Head-Mounted Display Market Growth Report 2021 to 2031
The head-mounted display market size is projected to reach US$ 85.68 billion by 2031 from US$ 8.62 billion in 2023. The market is expected to register a CAGR of 33.3% during 2023–2031. The implementation of HMD in gaming applications and the growing adoption of AR/VR headsets across the military sector are likely to be the key drivers and trends of the market.
Head-Mounted Display Market Analysis
The head-mounted display market is experiencing significant growth globally. This growth is attributed to factors such as the implementation of HMD in gaming applications and the growing adoption of AR/VR headsets across the military sector. Moreover, the increasing investment by major players in the development of HMDs and implementation of HMD in sports applications is anticipated to hold several opportunities for the market in the coming years.
Head-Mounted Display Market Overview
A head-mounted display (HMD) is a type of computer display device or monitor that, as the name implies, is worn on the head or is built in as part of a helmet. This type of display is meant for a total immersion of the user in whatever experience the display is meant for, as it ensures that the display moves with the movement of the user.
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Head-Mounted Display Market: Strategic Insights
Market Size Value in US$ 7,840.66 million in 2021 Market Size Value by US$ 55,333.07 million by 2028 Growth rate CAGR of 32.2% from 2021 to 2028. Forecast Period 2021-2028 Base Year 2021
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Head-Mounted Display Market: Strategic Insights
| Market Size Value in | US$ 7,840.66 million in 2021 |
| Market Size Value by | US$ 55,333.07 million by 2028 |
| Growth rate | CAGR of 32.2% from 2021 to 2028. |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Head-Mounted Display Market Drivers and Opportunities
Increasing implementation of HMD Gaming Application to Favor Market
AR / VR / MR is experienced through the use of special devices called HMD. Most of the HMDs are based on the stereoscopic 3D display technique. It takes advantage of a depth cue referred to as stereopsis, which is nothing, but the depth human eyes perceive because each of our two eyes sees a scene from a slightly different perspective. Gaming applications leveraging HMDs offer a highly immersive experience by creating a virtual environment that surrounds the player. This level of immersion is a major selling point and can attract both casual and hardcore gamers. Moreover, continuous improvements in HMD technology, such as better resolution, wider field of view, reduced latency, and enhanced tracking, make gaming experiences more realistic and enjoyable, encouraging more users to adopt these devices.
Increasing Investment and Launches by Various Major Players in the Market.
The increasing number of product launches by the major players in the market is anticipated to hold several opportunities for the market. New product launches often come with advanced features, improved technology, and better performance. Various product launches, such as Sony and Siemens, announced that they will launch virtual reality headsets for the latter’s industrial metaverse focus by December 2024. The product is currently integrated with Siemens’ engineering design platform NX and will be expanded to other products. Thus, a surging number of investments and launches by various major players is anticipated to drive market growth.
Head-Mounted Display Market Report Segmentation Analysis
Key segments that contributed to the derivation of the head-mounted display market analysis are type, application, component, technology, design, and connection.
- Based on type, the head-mounted display market is divided into integrated HMD, discrete HMD, and slide-on HMD. The integrated HMD segment is anticipated to hold a significant market share in the forecast period.
- Based on application, the head-mounted display market is divided into training & simulation, sports & leisure, imaging, defense & security, and others. The radiation hardening by design (RHBD) segment is anticipated to hold a significant market share in the forecast period.
- By component, the market is segmented into display screens, controllers, sensors, cameras, and others. The display screens segment is anticipated to hold a significant market share in the forecast period.
- By technology, the market is segmented into augmented reality, virtual reality, and mixed reality. The display screens segment is anticipated to hold a significant market share in the forecast period.
- By design, the market is segmented into head-mounted displays and wearable glasses. The display screens segment is anticipated to hold a significant market share in the forecast period.
- By connection, the market is segmented into wired, wireless, and hybrid. The wired segment is anticipated to hold a significant market share in the forecast period.
Head-Mounted Display Market Share Analysis by Geography
The geographic scope of the head-mounted display market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the head-mounted display market. High technology adoption trends in various industries in the North American region have fuelled the growth of the head-mounted display market. Factors such as increased adoption of digital tools and high technological spending by government agencies are expected to drive the North American head-mounted display market growth. Moreover, a strong emphasis on research and development in the developed economies of the US and Canada is forcing the North American players to bring technologically advanced solutions into the market. In addition, the US has many head-mounted display market players who have been increasingly focusing on developing innovative solutions. All these factors contribute to the region's growth of the head-mounted display market.
Head-Mounted Display Market Report Scope
Head-Mounted Display Market News and Recent Developments
The head-mounted display market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the head-mounted display market are listed below:
- Sony and Siemens will launch a virtual reality headset for the latter’s industrial metaverse focus by December 2024. The product is currently integrated with Siemens’ engineering design platform NX and will be expanded to other products. (Source: Sony Company Website, May 2024)
- Sony Corporation announced the development of a spatial content creation system equipped with a high-quality XR head-mounted display and controllers dedicated to interaction with 3D Objects. (Source: Sony Corporation Company Website, January 2024)
Head-Mounted Display Market Report Coverage and Deliverables
The “Head-Mounted Display Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Head-mounted display market size and forecast at global, regional, and country levels for all the key market segments covered under the scope.
- Head-mounted display market trends as well as market dynamics such as drivers, restraints, and key opportunities.
- Detailed PEST/Porter’s Five Forces and SWOT analysis.
- Head-mounted display market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the head-mounted display market
- Detailed company profiles.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Application, Component, Technology, Design and Connection
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Netherlands, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The global head-mounted display market is expected to reach US$ 85.68 billion by 2031.
The key players holding majority shares in the global head-mounted display market are Microsoft, Sony, Oculus VR, Lenovo, Magic Leap Inc, BAE Systems, Seiko Epson Corporation, Samsung Electronics, Google LLC, and HTC Corporation.
The increasing implementation of HMD in sports applications is anticipated to drive the market in the forecast period.
The implementation of HMD in gaming applications and the growing adoption of AR/VR headsets across the military sector are some of the factors driving the head-mounted display market.
North America is anticipated to dominate the head-mounted display market in 2023.
The expected CAGR of the head-mounted display market is 33.3%.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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