head mounted display Market

The global head mounted display 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.

The military sector is becoming increasingly complex, with a variety of goals driving the development of AR systems. One example is India's Ministry of Defence announcement in 2021 to procure 556 AR head-mounted displays. Military HMDs usually provide information and tracking for a vehicle's heads-up display, rather than videos or media. AR/VR headsets offer cost-effective training simulations, contributing to their growing adoption in the military sector. The growth of the global head mounted display market is mainly driven by the increased use of HMDs in defense and military applications. The U.S. Army, for instance, invited Microsoft engineers to a North Carolina military base in 2019 to sign a contract for AR/VR headset delivery to enhance soldiers' situational awareness and capabilities. These developments in AR/VR technology in the military sector will drive the growth of the head mounted display market in the coming years.

The Asia Pacific is a key region in the head mounted display market growth. The rapid advancements in technology and economic digitization, coupled with the rising disposable income of the middle class, are driving growth in the region. This is helping to support the growth of micro, small, and medium-sized enterprises. The presence of a large customer base, an increasing number of smartphone users, and a growing number of AR and VR technology startups are major factors contributing to the region's growing market share. The use of augmented reality and virtual reality technology, particularly in video games, is also on the rise in Asia Pacific. Companies like Sony, Nintendo, and Sega in the region are leading the VR/AR revolution and producing products that will bring AR/VR to new audiences worldwide.

The growing demand for VR and AR technology in the gaming industry, coupled with the increasing interest of big technology companies, is driving the growth of the virtual reality market. The launch of new VR products by various companies worldwide is further boosting the head mounted display market. For example, in May 2020, HP Development Company, LP, in collaboration with Microsoft and Valve, launched its new VR headset, the HP Reverb G2. The product features advanced technology such as spatial 3D audio, inside-out tracking, cutting-edge optics, and easy setup for Windows. The launch of the HP Reverb G2 expanded the company's product portfolio.

Key players in the head mounted display market include Microsoft, Sony, Oculus VR, Lenovo, Magic Leap, BAE Systems, Seiko Epson, Samsung, Google, HTC, and Vuzix. The report also covers secondary research on other prominent companies that have a significant market presence.

The head mounted display market size has been calculated using primary and secondary information sources. The research process started with extensive secondary research to gather qualitative and quantitative data on the market. This research also provided an overview and forecast of the head mounted display market across all its segments and regions. In addition, multiple primary interviews were conducted with industry professionals, such as executives, business development managers, market intelligence managers, national sales managers, external consultants, research analysts, valuation experts, and key opinion leaders who specialize in the head mounted display market. These interviews were used to validate the data and gain deeper insights into the head mounted display market.