Chicago, May 28, 2023 (GLOBE NEWSWIRE) -- According to a research report China Augmented Reality and Virtual Reality Market by Technology Type (AR: Markerless, Marker-base; VR: Non-Immersive, Semi-immersive and Fully Immersive Technology), Device Type, Offering, Application, Enterprise, and Geography - Global Forecast to 2027", published by MarketsandMarkets, China Augmented Reality and Virtual Reality Market to Grow at a CAGR 32.0% from 2022 to 2027.
The huge number of local players producing AR and VR devices to drive market growth in China
China is one of the fastest-growing economies in the world. Many projects, especially VR projects, are underway in the country. China has been increasingly focusing on switching from a manufacturing-driven to an innovation-driven economy. The Chinese industrial sector has started investing in R&D activities pertaining to rapidly evolving technologies such as AR, VR, and MR.
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According to the Chinese Ministry of Industry and Information Technology, the gaming industry is growing at a high rate, which leads to a higher demand for HMDs in the country. Currently, the demand for these HMDs in consumer gaming, sports & entertainment applications is higher; however, in the near future, the demand for VR and AR HMDs will also be witnessed in education, real estate, manufacturing, design, and healthcare applications. The Chinese industrial sector has started using AR and VR technologies for employee training, simulation projects, etc., which require HMD products. The education industry has started using HMDs in classrooms to enhance students' experience via headsets. The rising use of HMD products in healthcare applications, including surgical procedures and medical simulations, is a strong driver for the growth of the Chinese market.
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China is among the growing economies in the world; also, Asia Pacific is a prospective region for the consumer electronics industry. Various startups based in China have helped the country evolve as a major player in the market. Further, Landmark Entertainment Group’s (US) VR and AR theme park in China comprises a digital art gallery, interactive museum, virtual zoo and aquarium, an immersive movie theater, and a themed experience. With a huge consumer base that gets attracted to such emerging technologies, expos and conferences are expected to help the AR and VR market in the country to grow. Creative agencies and media companies have been using AR and VR solutions for branding and marketing campaigns, which would further drive the market growth in this country.
Many retail stores in most Chinese malls offer a virtual experience of reality using VR headsets. In China, consumers can also experience virtual reality in amusement parks or cyber cafes instead of buying a headset. Also, in the Taobao Mall (China), consumers can shop at R.H. Macy & Co., Target store, Chemist Warehouse, and other virtual stores by wearing VR headsets. Such developments are expected to spur the growth of the AR and VR market in China in the coming years.
Top Key Market Players in Augmented Reality and Virtual Reality companies
- Google (US), Microsoft (US),
- Sony Corporation (Japan),
- Samsung Electronics (South Korea),
- HTC (Taiwan),
- Apple Inc., (US),
- PTC Inc., (US),
- Seiko Epson (Japan),
- Oculus VR (by Facebook (US)),
- Lenovo (China).among others
See Also :
UK Augmented Reality and Virtual Reality Market
France Augmented Reality and Virtual Reality Market
Germany Augmented Reality and Virtual Reality Market
South Korea Augmented Reality and Virtual Reality Market
Japan Augmented Reality and Virtual Reality Market
