Head-Mounted Display Market Size & Growth | Report 2021, 28

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.

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Head-mounted displays help enhance the user experience by providing them real time insights and simulation environment along with the processed information regarding the task performed. The display has a small display optic in front of one (monocular HMD) or each eye (binocular HMD). It has many applications across gaming, aviation industry, engineering, medicine, and industrial sectors. Currently, most of the industries are having the advantage of augmented reality (AR) and virtual reality (VR) technologies for upgrading their technical systems to achieve higher operational efficiency for their operations and automate their businesses. Moreover, the gaming and entertainment industry majorly adopts the HMD technology. Similarly, other applications of smart-glasses (AR, VR, and Mixed-Reality) include the engineering, training & simulation, and educational purposes. Before the COVID-19 pandemic, many companies were cautiously interested in AR and VR, but only a few were actually ready to use the technologies. Some researched how to apply this new technology in their businesses. Others tried to calculate the development costs to plan budget resources for the future. Over the past year, the situation has evolved quickly. Today, customers are less hesitant to actively implement AR and VR in education and retail. They also see it as a tool that helps their scattered teams and remote workers do their jobs. Also, the consumers are taking sheer interest in having the experience of AR/VR-based shopping transactions. Furthermore, the businesses worldwide are observing the impact of these technologies on the market, which is expected to be continued with the trend in the coming years.

The List of Key Companies – Head Mounted Display Market

• Microsoft
• Sony
• Oculus VR
• Lenovo
• Magic Leap Inc
• BAE Systems
• Seiko Epson Corporation
• Samsung Electronics
• Google LLC
• HTC Corporation

Users playing PC games use head-mounted displays because they provide a higher enjoyment level than conventional setup. Also, the implementation of HMDs is increasing in gaming application due to the availability of low-cost HMD devices and demand for enhanced gaming experience. Further, the rising launches of VR games have been witnessed over the years and is driving the growth of the head-mounted display market. Moreover, the increasing growth of the gaming industry and the rising development of product propel the demand for HMDs in VR gaming. For instance, in March 2021, Sony launched a new slate of PlayStation VR games, which consists of a VR adaptation of Doom 3, I Expect You To Die 2: The Spy and The Liar, Fracked, After the Fall, Song in the Smoke, and Zenith: The Last City.

Based on type, the head mounted display market is segmented into integrated HMD, discrete HMD, and slide-on HMD. Based on application, the market is segmented into training and simulation, sports and leisure, imaging, defense and security, and others. The head mounted display market, by component, is segmented into display screens, controller, sensors, cameras, and others. Based on technology, the market is segmented into Augmented Reality (AR), Virtual Reality (VR), and Mixed Reality (MR). Based on design, the head mounted display market is bifurcated into head mounted displays and wearable glasses. The market, by connection, is segmented into wired, wireless, and hybrid. Based on geography, the global head mounted display market is segmented into five regions—North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.

Connection Segment Insights

Based on connection, the global head-mounted display market is segmented into wired, wireless, and hybrid. The wireless segment led the market with a market share of 55.4% in 2020, and it is expected to account for 61.3% of the total market in 2028. Wireless HMDs devices do not require any wired connection for receiving any command. Instead, it has components such as diodes, receivers, sensors, and other components that provide wireless commands and proceed with the transmission of signals. The devices are most widely used for gaming applications, sports applications, entertainment, and other leisure facilities. Also, it is the highest growing HMDs in the global head-mounted displays market, according to the market research study.

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The market players focus on new product innovations and developments by integrating advanced technologies and features to compete. In April 2021, the US Army awarded Microsoft a US$ 22 billion deal to manufacture Augmented Reality Gear. Under the terms of the contract, it would begin producing Integrated Augmentation Systems over a ten-year period. In January 2021, Magic Leap entered into a multi-phased, multi-year strategic partnership agreement with Google (US) for Google Cloud to deliver spatial computing solutions to businesses and Google Cloud customers.

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