According to the market research report on the "Head-Mounted Display Market by Technology (AR, VR), Application (Consumer, Commercial, Enterprise & Industry, Engineering & Design, Military, Medical), Product (Head Mounted, Eyewear), Component, Connectivity, and Geography – Global Forecast to 2025", the market was valued is expected to reach USD 32.0 billion by 2025, at a CAGR of 36% between 2017 and 2025. The increasing adoption of AR and VR technologies and availability of low-cost HMDs are the major drivers for the HMD market.
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Opportunity: Technological advancements in HMDs
Earlier, HMDs used to be bulky and limited to few applications; however, with the development of technology, they have gone through several transition phases. Traditionally, HMDs were used only in defense to make tactical operations. Technological innovations in HMDs provide users an enhanced experience by offering a wide field of view, good-quality projected image, compatibility, and ease of use. Nowadays, HMDs are lightweight, smart, flexible, and easy to access, and have low latency. Technological advancements make HMDs suitable for consumer use. A large number of lightweight HMDs are available in the market, which results in their high penetration in various application areas, such as consumer; enterprise and industry; commercial; medical; engineering and design. Also, AR smart glass manufacturers are continuously working on reducing the weight of smart glasses to fulfill the demands of users, particularly from enterprise and industry which in turn provides opportunity for the market.
Challenges: Low awareness about HMDs
Many of the users are not aware of augmented or virtual HMDs and how they are used. There is a strong lack of awareness about HMDs or VR headsets and smart glasses in the least developed or developing countries. People are not aware how HMDs can be used in various application areas, such as medical; industry and enterprise; consumer; and commercial. It is important to create awareness about the benefits of these products to observe acceptance among people or users. Hence, making people aware about the emergence of new technologies is one of the prime tasks of companies
“APAC expected to hold major share of HMD market between 2017 and 2025”
APAC is expected to hold the largest share of the HMD market during the forecast period. Government support and initiatives to grow AR-VR industry, growing number of start-up HMD players and increasing presence of international players in APAC, rising adoption of low cost HMDs are some of the factors that drive the growth of market. The Chinese VR market has seen huge investments, partnerships, and new ventures—wherein both local and international players have capabilities for low-cost and mass-scale manufacturing. APAC is home to many leading companies such as HTC Corporation (Taiwan), Sony Corporation (Japan), Lenovo Group Ltd. (China), Acer Inc. (Taiwan), Xiaomi, Inc. (China), and LG Electronics Inc. (South Korea).
Major players in the HMD market are Samsung Electronics Co., Ltd. (South Korea), Sony Corporation (Japan), HTC Corporation (Taiwan), Oculus VR, LLC (US), Microsoft Corporation (US), BAE Systems, Inc. (US), Seiko Epson Corporation (Japan), Google Inc. (US), Kopin Corporation (US), Osterhout Design Group (US), Recon Instruments, Inc. (Canada), Rockwell Collins, Inc. (US), Sensics, Inc. (US), Thales Visionix, Inc. (US), and Vuzix Corporation (US). It also includes start-up companies such as Avegant Corporation (US), Beijing ANTVR Technology Co., Ltd. (China), FOVE, Inc. (US), Magic Leap, Inc. (US), and Shoogee GmbH & Co. KG (Germany).
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