Head-Mounted Display Market Size Worth $141.18 Billion
Key factors driving growth include increased investments in head-mounted display development, higher acceptance of AR and VR technologies, availability of low-cost HMDs, and tech developments.
August 3, 2021
Verified Market Research recently published a report, “Head-Mounted Display Market” By Product Type (Head-mounted and Eyewear), By Component (Processors and Memory, Displays, Lenses, Sensors, Controllers, Cameras), By Connectivity (Wired and Wireless) and By Geography. According to Verified Market Research, the Global Head-Mounted Display (HMD) Market size was valued at USD$12.11 billion in 2020 and is projected to reach USD$141.18 billion by 2028, growing at a compound annual growth rate of 38.78% from 2021 to 2028.
Global Head-Mounted Display Market Overview
Huge investments have been made in the HMD industry, and investors are investing in firms that have proven usefulness of their innovations and products in recent years. Facebook Corporation, Intel Corporation, Qualcomm, Inc., Alphabet, Inc., Comcast Ventures and Samsung Group are all investing in the HMD industry. Several research institutes are also researching the AR application market for various products and applications.
Private companies and venture investors, as well as governments, sponsor research institutes. Because of the benefits of AR, industries such as consumer electronics, aerospace and defense, healthcare, retail, and advertising are adopting it. Mobile HMDs accounted for 78% of global HMD sales in 2016.
In 2016, 5 million virtual reality headsets were sold worldwide. This figure is expected to climb to 68 million units by 2020. The HMD market is being driven by several factors, including the lowered process of microdisplays and the rising demand for helmet-mounted displays in a variety of applications.
The growing demand for mobile-based AR applications is a major driver driving the growth of the HMD market. The introduction of lightweight wearable technology has resulted in innovations in HMDs. After the debut of lightweight displays, leading manufacturers began positioning them as consumer products, which contributed to the expansion of the HMD market.
Key Developments in Head-Mounted Display Market
- In April 2021, The U.S. Army awarded Microsoft a USD$22 billion contract for the production of AR gear. Under terms of the contract, it would begin producing integrated augmentation systems over 10 years.
- In March 2021, Sony revealed its new VR controllers. Sony has also indicated that the controllers would include adjustable triggers, haptic feedback and finger contact recognition.
Major players in the market are Sony (Japan), Google (US), Microsoft (US), Oculus (US), HTC (Taiwan), Seiko Epson (Japan), Samsung (South Korea), Lenovo (China), Magic Leap (US), Vuzix (US).
Sources: Press materials received from the company and additional information gleaned from the company’s website.
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