Northbrook, IL 60062 -- (SBWIRE) -- 03/03/2023 -- The AR and VR display market is projected to grow from USD 1.8 billion in 2023 to USD 8.2 billion by 2028; it is expected to grow at a CAGR of 35.6% from 2023 to 2028 according to a new report by MarketsandMarkets™.
The key factors fueling the growth of this market include growing adoption of AR and VR HMDs in different industries, adoption of AR and VR devices in gaming industry, growing adoption of AR and VR devices in various applications, increasing demand for OLED displays in AR and VR devices, and growing popularity of Metaverse.
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VR technology to hold a major share of AR and VR display market during the forecast period
VR involves artificially created images and sounds through a computer, thereby providing a virtual experience to a user. The most adopted VR devices are head-mounted displays (HMDs), in which displays and imaging optics are mounted on a headset to provide virtual images in front of a users eyes. Most companies are focused on developing immersive video games for users. VR headsets allow users to interact with the virtual world. The increasing demand for semi-immersive and fully immersive VR devices stems from enhancements in computing and electronic networking systems. Also, innovations such as fully immersive VR technology-enabled HMDs that provide a 360° field of view and high resolution to a user are expected to drive the growth of this market. Moreover, the high adoption of VR HMDs is the major driver for the larger market share of VR technology in the AR and VR display market.
Consumer applications to hold a major share of AR and VR display market during the forecast period
Virtual reality technology is used mainly for consumer applications such as gaming and entertainment. VR is used in various games such as PC gaming, gaming consoles (PlayStation, Xbox, and others), internet games, and smartphone and tablet games. In all these game types, virtual reality is used to enhance a users gaming experience. For immersive virtual gaming, VR devices such as HMDs, gesture control devices, and controllers are available in the market. These virtual reality devices help users navigate and interact with the virtual world. The virtual reality gaming market is well established, and in the coming years, it is expected to grow rapidly owing to the increasing demand for VR in gaming, the availability of advanced virtual reality devices, and the declining prices of virtual reality devices. Moreover, The demand for AR displays for consumer applications mainly stems from the gaming industry. AR technology has garnered considerable interest from the gaming industry, in particular, as it can be used to enhance the gaming experience. AR devices can also be used for other purposes, such as navigation and notifications, such as e-mails, weather information, Facebook updates, and alerts.
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AR and VR display market to have a large market share in North America in 2022.
North America contributes significantly to the AR and VR display market, and the market is expected to witness high growth in the region during the forecast period. North America is home to major AR and VR display manufacturers and technology providers such as Kopin, eMagin, Syndiant, and UDC. Moreover, Google, Oculus, Magic Leap, and Vuzix are among the leading AR and VR device manufacturers based in the region; thus, the region has a huge market for AR and VR displays. The majority of AR and VR startups operating in North America cater mainly to the domestic market. High adoption of AR and VR devices in autonomous vehicles is anticipated to provide potential growth opportunities for AR and VR display vendors in the region. Broad consumer base and high industrial virility in the region act as catalysts for the growth of the AR and VR display market.
Samsung Electronics (South Korea), Sony (Japan), LG Display (South Korea), eMagin Corporation (US), Kopin Corporation (US), AU Optronics (Taiwan), Japan Display (Japan), Barco (Belgium), BOE Technology (China), and Syndiant (US) are the key players in the AR and VR display market. These players are increasingly undertaking strategies such as product launches and development, expansions, partnerships, contracts, and acquisitions to increase their market share.