The head-mounted display 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.

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.

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Head-Mounted Display Market: Strategic Insights

Head-Mounted Display Market

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  CAGR (2021 - 2028)

  32.2%
• Market Size 2021
  US$ 7.84 Billion
• Market Size 2028
  US$ 55.33 Billion

Market Dynamics

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FUTURE TRENDS

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OPPORTUNITIES

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Key Players

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

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Type

• Integrated HMD
• Discrete HMD
• Slide-On HMD

Application

• Training & Simulation
• Sports & Leisure
• Imaging
• Defense & Security
• Others

Component

• Display Screens
• Controllers
• Sensors
• Cameras
• Others

Technology

• Augmented Reality
• Virtual Reality
• Mixed Reality

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Impact of COVID-19 Pandemic on Head-mounted Display Market

During the COVID-19 pandemic, the semiconductor industry has already faced many challenges to fulfil the demand worldwide. Various challenges such as requirement & fulfilment of raw materials, restrictions on transportation, and disruption of cross border operations have declined the head-mounted display market growth during the first two quarters of 2020. However, the market has regained its growth during the Q3 & Q4 of 2020. The market has already recovered the losses bared during the pandemic in the same year. This had led to a positive impact on the market during the FY 2020. For instance, the investments in 2020 and global spending on AR and VR technologies, software and services, including purchases by consumers, rose up to 40–50% from 2019.

Market Insights

Implementation of HMD in Gaming Application

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.

Technology Segment Insights

Based on technology, the head-mounted display market is segmented into Augmented Reality (AR), Virtual Reality (VR), and Mixed Reality (MR). The Virtual Reality (VR) segment led the market with a market share of 40.8% in 2020.The growing adoption of VR headsets for gaming applications along with the deployment of multimedia modules across different commercial buildings, such as scientific research institutes, educational facilities, gaming applications, entertainment applications, and others, has created ample opportunities for virtual reality (VR) market accros the globe.

Design Segment Insights

Based on design, the global head-mounted display market is bifurcated into head-mounted displays and wearable glasses. The head-mounted displays (HMD) segment led the market with a market share of 54.7% in 2020. Further, it is expected to hold 41.1% share by 2028. Head-mounted displays allow the user to experience different variations of videos or information along with accessibility to control the same. Most of the AR/VR headset devices are designed in the form of head-mounted displays, which is also a semi-open helmet-shaped device.

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.

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.

Head-Mounted Display Market Report Scope

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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.

Microsoft, Sony, Oculus VR, Lenovo, Magic Leap Inc., BAE Systems, Seiko Epson Corporation, Samsung Electronics, Google LLC, HTC Corporation, and Vuzix are a few major companies operating in the head-mounted display market.