According to our latest market study on "Head Mounted Display Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type, Application, Component, Technology, Design, and Connection," the market is expected to grow from US$ 7,840.66 million in 2021 to US$ 55,333.07 million by 2028; it is estimated to grow at a CAGR of 32.2% from 2021 to 2028.
Major players are investing heavily in the development of head-mounted displays (HMDs) to reduce weight, improve user experience, and keep costs low. Companies such as Meta Platforms, Intel, Qualcomm, Alphabet, Comcast Ventures, and Samsung are investing in cutting-edge technologies for HMDs. Research institutes are also exploring AR applications for various products and applications. The Google Cloud platform has entered into a strategic partnership with Magic Leap to offer spatial computing solutions to businesses. The introduction of lightweight wearable technology has led to innovations in HMDs, positioning them as consumer products and expanding the head mounted display market. Upgrades will offer features such as increased smart capabilities, compactness, high mobility, reduced latency, and high flexibility, leading to rising investment from major players and a lucrative market growth opportunity.
North America is a key region for the adoption of head-mounted displays, driven by factors such as the acceptance of new technologies and the presence of major companies. A survey by US technology company Metova in 2019 found that approximately 90% of US customers reported owning at least one smart home device and 70% reported having a voice-controlled system, such as Google Home or Amazon Alexa, highlighting the high level of technology adoption in the country. Further, the growth of the entertainment segment is boosted by the increasing demand for interactive gaming and the flourishing gaming industry. Furthermore, the growing popularity of virtual and augmented reality in the entertainment and gaming sector is expected to drive the head mounted display market soon. The technology offers significant potential for the media and entertainment industry to provide real-time experiences. For example, in November 2019, Samsung Electronics introduced the Samsung TV True Fit with an augmented reality mobile app. The rising use of artificial intelligence (AI) in consumer electronics and increased R&D in the healthcare, unmanned aerial vehicles, and autonomous vehicle sectors is also fueling the demand for AI in the region, driving head mounted display market growth. Additionally, high military spending and increased adoption of head-mounted displays in military applications will also contribute to head mounted display market growth in North America.
Key Findings of Study:
The head mounted display market is segmented based on type into integrated HMD, discrete HMD, and slide-on HMD. Based on application, it is divided into training and simulation, sports and leisure, imaging, defense and security, and others. The head mounted display market, based on components, is further divided into display screens, controllers, sensors, cameras, and other components. In terms of technology, it is segmented into Augmented Reality (AR), Virtual Reality (VR), and Mixed Reality (MR). According to design, the head mounted display market is divided into head-mounted displays and wearable glasses, and based on connection, it is classified into wired, wireless, and hybrid. Geographically, the global head mounted display market is segmented into five regions: North America, Europe, Asia-Pacific, the Middle East and Africa, and South America
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