Virtual Reality Headsets Market is Predicted to reach USD 57.2 Billion at a CAGR of 28.50% by 2030- Report by Market Research Future (MRFR)

New York, USA, May 20, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), Virtual Reality Headsets Market Information by Type, Component, Application, and Region - Forecast till 2030”, Virtual Reality Headsets Market could thrive at a rate of 28.50% between 2023 and 2030. The market size will be reaching around USD 57.2 billion by the end of the year 2030

Virtual Reality Headsets Market Synopsis

Virtual Reality (VR) headsets are devices that enable users to experience immersive computer-generated environments, simulating the physical presence in a virtual world. They consist of a headset with a screen or screens, headphones, and sometimes controllers or hand-held devices that allow users to interact with the virtual environment. VR headsets can be tethered to a computer or gaming console, or they can be standalone devices with built-in processing power and storage. Technology is rapidly evolving, with advancements in display resolution, refresh rates, field of view, and tracking capabilities.

Virtual Reality headsets have a wide range of applications in various industries, including gaming, entertainment, education, healthcare, and military training. In gaming and entertainment, VR headsets provide a highly immersive experience, making users feel as if they are physically present in the game or movie. In education and training, VR headsets can simulate real-world scenarios and provide hands-on experience in a safe and controlled environment. In healthcare, VR headsets can be used for pain management, exposure therapy, and training medical professionals. In the military, VR headsets are used for simulation training and mission planning.

Virtual Reality Headsets Market Competitive Landscape:

The affluent companies in the Virtual Reality Headsets industry include

• Google
• Fove Inc.
• Oculus VR LLC
• Microsoft Corporation
• LG Electronics Inc.
• Avegant Corporation

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August 2021

Facebook (now Meta) announced the release of the Oculus Quest 2 VR headset, the company's latest and most advanced standalone VR device. The Quest 2 features improved display resolution, increased processing power, and a redesigned controller. It is also lighter and more comfortable to wear than its predecessor, the original Oculus Quest. Additionally, Facebook announced plans to focus on VR and AR technologies as part of its rebranding as Meta.

Virtual Reality Headsets Market USP Covered:

Virtual Reality Headsets Market Drivers:

Increasing Demand in Gaming and Entertainment: The gaming and entertainment industry has been the primary driver of the Virtual Reality Headsets Market, with increasing demand for immersive experiences in video games, movies, and other forms of media. As technology improves and becomes more affordable, the Virtual Reality Headsets Market in this industry is expected to grow significantly. Growing Applications in Healthcare and Education: The use of VR headsets in healthcare and education is also expected to drive the market, as technology provides a safe and controlled environment for training and simulations. VR can also be used for pain management, therapy, and rehabilitation. Technological Advancements: The development of new and improved technologies, such as higher display resolution and wider field of view, is expected to drive the market as consumers seek more immersive experiences. Additionally, advancements in tracking and hand-held controllers will enable more precise and intuitive interactions with virtual environments.

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Virtual Reality Headsets Market Restraints:

The high cost of VR headsets and the need for a powerful computer or gaming console to run them can be significant barrier to adoption for many consumers. Additionally, the physical discomfort and potential for motion sickness can limit the duration of use and the overall appeal of the technology. Limited content and the need for developers to create specialized experiences for VR can also slow down the adoption of the technology.

COVID 19 Analysis

The COVID-19 pandemic has had a mixed impact on the virtual reality headsets market. While there has been a surge in demand for VR headsets for gaming and entertainment purposes as people have been spending more time at home, the pandemic has also resulted in production disruptions and supply chain issues for manufacturers. Additionally, the closure of physical stores and cancellation of in-person events has led to a decline in sales for enterprise-focused VR headsets. However, as businesses have adapted to remote work and virtual events, there has been a growing interest in using VR for collaboration and training purposes, which may drive future growth in the market.

Virtual Reality Headsets Market Segmentation

By Type

The Types in the market include Handheld, PC connection, and Smartphone enabled.

By Component

By Component, the segment includes Controller, Head-mounted display

By Application

By Application, the segment includes Automobile, Healthcare, Consumer electronics, and Gaming Industries. 

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Regional Analysis:

North America is currently the largest market for virtual reality headsets, driven by the high adoption of gaming and entertainment applications. The region is also home to major players in the VR industry, such as Facebook-owned Oculus and HTC. Europe is also a significant market, with a growing demand for VR in the education, healthcare, and retail sectors. The Asia Pacific region is expected to witness significant growth in the coming years, driven by the increasing adoption of VR in gaming and entertainment, as well as the emergence of VR applications in education and training. Additionally, the region has a large population base, which presents a significant market opportunity for VR manufacturers.

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