Virtual Reality Headset Market Size, Share & Trends Analysis Report By End-device (Low-end, Mid-range, High-end), By Product Type (Standalone, Smartphone-enabled), By Application, By Region, And Segments Forecasts, 2023 - 2030

Virtual Reality Headset Market Size, Share & Trends Analysis Report By End-device (Low-end, Mid-range, High-end), By Product Type (Standalone, Smartphone-enabled), By Application, By Region, And Segments Forecasts, 2023 - 2030

Virtual Reality Headset Market Growth & Trends

The global virtual reality headset market size is expected to reach USD 59.63 billion by 2030, registering a CAGR of 30.6% from 2023 to 2030, according to a new report by Grand View Research, Inc. The rapid penetration of smartphones along with the continuous advancements in virtual reality (VR) technology are expected to drive market growth. The rising product adoption in the education and healthcare sectors, mainly for teaching & training purposes, is further contributing to the growth of the market.

The increasing product usage along with feature updates in devices for different applications across industries, especially during and after the period of the Covid-19 pandemic, is also driving the market growth. For instance, in January 2023, Facebook Technologies, LLC (Oculus) introduced new feature for heart rate tracking in Health Connect by Android integration on Meta Quest. This feature will help an individual to keep track of their daily fitness statistics. The deployment of these devices increased as temporary lockdowns imposed by the government impelled people to shift to virtual platforms for various services. For instance, the demand for head-mounted displays witnessed a surge in demand during the pandemic.

Moreover, innovations in the 3D technology and integration of Artificial Intelligence (AI) with virtual reality headset are providing growth opportunities to the market, particularly in the manufacturing and automation industries. Virtual reality technology enhances the efficiency of product development while helping in minimizing faults in the system. The product usage for training purposes on the production line and for remotely conducting maintenance and repair tasks provides an effective control over the production cost. Businesses are embracing state-of-the-art devices with the latest features, such as sensors for motion tracking, eye tracking, gesture input, spatial sound, and voice support, which is expected to drive the market growth during the forecast period.

Virtual Reality Headset Market Report Highlights

• Based on end-device, the low-end device segment is anticipated to exhibit the highest CAGR of 35.3% from 2023 to 2030. This growth is attributed to the benefits of these devices, such as lower costs and considerable immersive experience
• Based on product type segment, the smartphone-enabled product type segment is anticipated to grow significantly with the CAGR of 33.1% during the forecast period. This growth is attributed to the rising penetration of advanced VR-enabled smartphones with the amalgamation of 3D technology and AI
• Based on application segment, the education segment is expected to exhibit the highest CAGR of 33.6% from 2023 to 2030. This is attributed to the increased product deployment in educational institutions and medical schools
• Asia Pacific accounted for the largest revenue share in 2022, owing to the increased digitalization and VR technology developments, particularly in the gaming and entertainment sector

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