New York, US, Oct. 25, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “AR and VR Hardware Market Research Report: Information By hardware type, By application, By industry vertical and Region - Forecast Till 2030, the market is anticipated to acquire a valuation of approximately USD 3,89,066.4 million by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 37.8% during the assessment timeframe.
AR and VR Hardware Market Leaders
Eminent players profiled in the global augmented and virtual reality hardware market report include-
- Oculus VR
- Samsung Electronics Co., Ltd
- world viz
- NXP Semiconductors
- Bosch Group
- Inertial Labs
- Sony Corporation
- Valve Corporation
- HTC Corporation
- DPVR
- Vuzix
- Qualcom Technologies Inc.
- Seiko Epson Corporation
- Penumbra, Inc
- ARM Limited
- LEKE VR
- Google LLC.
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Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 3,89,066.4 Million |
| Growth Rate | CAGR of 37.8% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | Growing Use of Smartphones and Tablets for Ar & Vr |
| Key Market Drivers | Consumer and Commercial Rising Interest |
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Drivers
Technology Upgrades to Boost Market Growth
Various upgrades in technology in the immersive technology-based head mounted displays will boost market growth over the forecast period.
Opportunities
Surge in Usage of Tablets and Smartphones for AR & VR to offer Robust Opportunities
The surge in the usage of tablets and smartphones for AR & VR will offer lucrative opportunities for this market in the forecast period. Users are still downloading VR & AR content for their cellphones from Oculus, Google Play, and other retailers, particularly for AR-capable mobile devices. 5G, as well as mobile apps, will have a huge impact on both AR and VR, particularly AR. AR and VR, particularly VR, have inherent requirements for virtual image production, processing, and high data transfer. This will improve when more mobile and Internet devices support 5G connectivity.
Restraints and Challenges
Limited Storage, Memory, and Processing Power in Mobile Phones to act as Market Restraints
The components required for the proper application of immersive display technology are still in the works. The two key problems impeding market growth are limited battery life and picture latency difficulties. Due to image delay difficulties, such as decreased interpupillary distance to prevent generating blurry images, existing AR VR-based displays confront a significant hurdle. Similarly, the commercially available display devices have a limited battery life.
Augmented and Virtual Reality Hardware Market Segmentation
The global augmented and virtual reality hardware market has been bifurcated based on industry vertical, application, and hardware type.
By hardware type, sensors will lead the market in the forecast period.
By application, head mounted display will dominate the market over the forecast period.
By industry vertical, gaming and entertainment will spearhead the market over the forecast period.
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COVID-19 Analysis
COVID-19 has had a significant influence on and disrupted supply chain hubs all over the world. China, one of the key manufacturing hubs, has seen a 14% decrease in production capacity and a 40% decrease in worldwide electronic component shipments. COVID-19 has infected the Global Value Chain hub, with China playing a key role in raw material supply, product assembly, and final delivery. Textile raw materials, textiles and apparel accessories, mechanical and electrical products, automatic data processing systems, central processing units, electrical equipment, and vehicles have all experienced major declines in export. Furthermore, as per a survey conducted by the National Association of Manufacturers to assess the economic effect of COVID-19 on manufacturers, 78% predict a financial hit, roughly 51% anticipate a change in operations, and nearly 35% anticipate supply chain disruptions.
Despite the mounting uncertainty, semiconductor manufacturers, particularly chipmakers, are attempting to keep operations running and devise long-term strategy. To sustain consistent company stability, many semiconductor manufacturers engage with their partners and specific markets. Semiconductor makers, for example, are continually working on research, designs, and manufacturing methods while keeping their employees' health and safety in mind. The semiconductor sector has felt compelled to maintain operations for their end users, including medical and healthcare technology such as artificial intelligence, Industry 4.0, and 5G, which are assisting in the fight against the COVID-19 pandemic.
Regional Analysis
North America to Head Augmented and Virtual Reality Hardware Market
The North American augmented reality & virtual reality hardware market is separated into two countries: the United States and Canada. Growing AR and VR technology development, combined with a large number of AR and VR technology players in North America, is predicted to generate a high CAGR during the projection period. Several educational institutions, for example, plan to launch digital twin campuses to give students access to learning options in the metaverse, according to VictoryXR, a provider of augmented and virtual reality (AR/VR) content for schools and educational institutions, which has announced the launch of ten "Metaversities" in the US this fall. Furthermore, the increased demand for consumer-electronics-based VR applications and end-user awareness of immersive reality systems has prompted enterprises operating in the region to constantly reinvent and rebrand old goods in order to enhance the level of quality and unique design. For example, Meta (formerly Facebook) intends to produce four new virtual reality (VR) and mixed reality (MR) devices by 2024. Later this year, the business hopes to introduce a web version of Horizon, allowing consumers to access metaverse experiences from a variety of devices, even those without a headset.
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APAC to Have Admirable Growth in Augmented and Virtual Reality Hardware Market
The Asia-Pacific AR/VR market is being driven by rising spending on augmented reality & virtual reality (AR/VR) technology, as well as increased adoption of the wireless-first strategy among corporations, industries, and public sector organizations. Vendors will enhance VR headsets, AR for smart glasses and phones, and disrupt augmented audio technologies, creating good growth possibilities for the consumer market. Businesses' need for a new immersive experience in how they conduct business and interact with customers and employees is driving the spectacular market growth for AR/VR technologies. However, vendors must respond to consumer AR/VR applications as well if they want to capitalize on prospects with high growth in the future years. Professional services, healthcare, discrete manufacturing, education, and healthcare will be the largest spending sectors over the projection period.
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