Head Mounted Display Market Industry Insights, Growth and Development Forecast by 2027

Head Mounted Display Market

The global head mounted display market is expected to witness a CAGR of 46.2% during the forecast period 2020-2027. The key factors contributing to the growth of the global head-mounted display market are the increase in investments by the industry players, increasing prominence of VR and AR technologies as a result of COVID-19, low-cost HMDs, rise in digitalization, and technological development in the head-mounted display.

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Nevertheless, the increase in funds in head-mounted displays will offer potential opportunities for market growth. The rise in demand for mobile-based AR applications, the introduction of lightweight wearable technology, and lightweight display manufacturers are positioning head-mounted display as a consumer product, thus contributing to the growth of the global head-mounted display market.

Microsoft has won a USD 22 billion contract for manufacturing Augmented Reality Gear from the US Army. It would start manufacturing Integrated Augmentation Systems under the contract, which is for over a timeline of 10 years.

The COVID-19 pandemic has negatively impacted the global head-mounted display market as the manufacturing units of the key players are temporarily shut down due to stringent lockdown and limited supply of raw material and a lack of skilled labor. Due to the pandemic, many scheduled product launches and related developments have been postponed. However, during the forecast period, the impact of COVID19 is expected to decrease.

Virtual reality technology held the largest share of the head-mounted display market in 2020

Based on technology, the head-mounted display market is bifurcated into AR technology and VR technology.  There is an increase in the number of new entrants who are offering HMD at less cost, this there is widespread adoption of VR HMDs in consumer applications. The main reason for the growth of the VR HMD is the adoption of HMD in gaming.

Asia Pacific Head Mounted Display Market is anticipated to emerge as a lucrative region during the forecast period

The Asia-pacific is anticipated to create promising new opportunities in the region as  China, Japan, Australia, and India are high adopting AR and VR technologies, which is one of the major reasons for the growth of the Head-Mounted Display (HMD) market in the APAC region. Also, there is low production cost, low maintenance cost, and easy availability of cheap and skilled labor in the region. The rapidly growing consumer electronics market in the Asia-Pacific region is expected to create numerous opportunities for Head-Mounted Displays (HMDs) in the region.

Some of the key players operating in the head-mounted display market are Sony Group Corporation, Google, Microsoft, HTC Corporation, Facebook Technologies, LLC, BAE Systems, Samsung, Seiko Epson Corporation, Magic Leap, Inc., and Lenovo.

Source: VynZ Research