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Virtual Reality Headsets Market Booms as COVID-19 Accelerates Online Interactions | VR Headsets Market Size, Share, Opportunities and Competitive Landscape

Jul 17, 2020 4:29 PM ET

iCrowd Newswire – Jul 17, 2020

Virtual Reality Headsets Market Research Report- Forecast till 2022

Market Highlights

Market Research Future (MRFR) confirms that the virtual reality headsets market 2020 could potentially advance at a tremendous rate of over 35% between 2016 and 2022 (review period). We will provide COVID-19 impact analysis with the report, along with all the key developments since the coronavirus disease outbreak.

Top Drivers and Main Challenges

The aftermath of the SARS-CoV-2, virtual reality’s ability to facilitate people-to-people, day-to-day interactions has led to a high demand for this technology among people. Since the lockdown was imposed since the outbreak of the novel coronavirus, the use of smartphones went through the roof, with the demand for enhanced internet connectivity growing among the masses that took up the work from home model. Despite the COVID-19 impact on the global economy and the drastic effects of the lockdown and travel bans, the need to continue with business has spiked the consumption of new-age, advanced technologies like VR and its different forms like MR/mixed reality and XR/extended reality. This can be a huge plus point for the VR reality headsets market.

Virtual reality headsets are being increasingly being used as a marketing tool, given their cost-effectiveness in the travel and tourism industry. Although the pandemic has led to slowdown of the tourism industry, the application scope of VR headsets will only witness growth as soon as a COVID-19 breakthrough is achieved and the travel bans are lifted. Virtual reality is a great option for those stuck at home during the SARS-CoV-2 era since it gives an option to experience any holiday destination, which helps them make a sound decision beforehand. Despite the access to internet at home, the experience of envisage the destination can make the consumer more willing to travel to that destination.

Apart from the extensive applications across workplaces, online events and shopping, virtual reality has also been a prominent influencer in the education sector. During these uncertain times and the growing chaos due to COVID-19, colleges and schools are increasingly adopting advanced tools that can help the students grasp more with an immersive experience. Out of a variety of tools, virtual reality headsets are in great demand among students. Also, in a bid to leverage the opportunity post the COVID-outbreak, many players are stepping up their game by developing and launching new and more advanced VR headsets in the market.

For instance, in July 2020, Facebook built the world’s thinnest virtual reality headset, which features the latest form of near-eye displays along with holographic components. These components make use of a refraction technique that compresses light till the size of the device is reduced sufficiently. This VR headset has the ability to make three-dimensional, vividly colored images far enhanced graphics generated by LEDs in various devices.

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Segmentation:

Virtual reality headsets market has been considered for type, component and application in the MRFR report.

The key types of VR headsets are smartphone enabled, PC-connected, Handheld, and more.

The market categories, depending on component, include stereo sound system, Head-mounted display, controllers, display screen and head motion tracking sensor, among others.

The primary applications are healthcare, consumer electronics, automobile, education, games & entertainment, and more.

Regional Insight

Europe, APAC or Asia Pacific, North America, and Rest of the World or RoW are the key regions where the virtual reality headsets market size is expected to expand from 201 to 2022.

North America is presently the leading market for virtual reality headsets, as a result of the high spending on the latest technologies and the high consumption of VR headsets in education system, and films to enhance the visual experience. The deployment of VR headsets is also quite high in industries such as advertising, automotive as well as military and law enforcement, especially in the United States/US. The massive pool of smart phone users and the high awareness level regarding the next-generate technologies like AR and VR work in the market’s favor in the region.

The APAC market can observe a smooth run in the near future at the highest rate, on account of the surge in technological innovations and the rising use of smart devices like VR headsets in diverse applications such as military, films and education to facilitate a better visual experience. Many countries in the region are coping up with the aftereffects of the COVID-19 outbreak, with a number of players trying to leverage the opportunities that have emerged due to the pandemic. To cite a point, in July 2020, SK Telecom (South Korea) launched Jump Studio, with expertise in the development of mixed reality/MR content. This MR content combines the capabilities of both VR and AR technologies. The customers are able to wear the MR headset to experience a 3D view of the content. This way, the mobile company has managed to turn the pandemic into a lucrative opportunity by benefitting from the capabilities of VR to draw in more customers.

Leading Market Contenders

The leading market contenders are Avegant Corporation (U.S.), Fove, Inc. (U.S.), Microsoft Corporation (U.S.), Oculus VR, LLC (U.S.), LG Electronics, Inc. (South Korea), Google (U.S.), Samsung Electronics Ltd. (South Korea), Sony Corporation (Japan), HTC Corporation (Taiwan), Facebook (U.S.), to list a few.

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Global Virtual Reality (VR) Headsets Market, by Type (Handheld, PC connection, Smartphone enabled), by Component (Controller, Head mounted display), by Application (Automobile, Healthcare, Consumer electronics, Gaming Industry) – Forecast 2022

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