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

Head-Mounted Display Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Integrated HMD, Discrete HMD, and Slide-On HMD), Application (Training & Simulation, Sports & Leisure, Imaging, Defense & Security, and Others), Component (Display Screens, Controllers, Sensors, Cameras, and Others), Technology (Augmented Reality, Virtual Reality, and Mixed Reality), Design (Head Mounted Display and Wearable Glasses), and Connection (Wired, Wireless, and Hybrid)

Publication Month : Dec 2021

  • Report Code : TIPTE100000312
  • Category : Electronics and Semiconductor
  • Status : Published
  • No. of Pages : 230
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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
Market Size Value inUS$ 7,840.66 million in 2021
Market Size Value byUS$ 55,333.07 million by 2028
Growth rateCAGR of 32.2% from 2021 to 2028.
Forecast Period2021-2028
Base Year2021
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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.

Lucrative Regions for Head-mounted Display Market

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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.

Head-mounted Display Market, by Technology (% Share)

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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.

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.

Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Type, Application, Component, Technology, Design and Connection

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Netherlands, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions


What are key driving factors behind head mounted display market growth?

The head mounted display have been in use for several years worldwide, however, the technology has been experiencing immense demand in recent years. The noteworthy implementation of HMD in gaming application is supporting the growth of head mounted display market. Moreover, the growing adoption of AR/VR headsets across military sector is also the crucial growth parameters for the head mounted display market.

What are key market opportunities for head mounted display market?

There has been a significant increase in the investments toward the development of HMDs, and in the use of such devices in various applications worldwide. Head mounted display market players are extensively investing in cutting-edge technologies which could reduce the weight of the devices, enhance the user as experience, and all at comparatively low costs. Companies such as Facebook Corporation, Intel Corporation, Qualcomm, Inc., Alphabet, Inc., Comcast Ventures, and Samsung Group are investing heavily in the HMD market and will provide growth opportunities to the market players during the forecast period.

Which type dominated the market in 2020?

The global head mounted display market was dominated by the discrete HMD segment in 2020. The extensive use of discrete HMDs in gaming and entertainment has been the biggest driver for their growth.

Which region has dominated the head mounted display market in 2020?

In 2020, APAC led the market with a substantial revenue share, followed by North America and Europe. Asia Pacific is a prospective market for head mounted display market players.

Which are the major companies operating in the head mounted display market?

The major companies in head mounted display includes Microsoft, Sony, Oculus VR, Lenovo, and Magic Leap Inc. The ranking has been derived analysing multiple parameters such as annual revenue earned from head mounted display portfolio, client base, geographic locations, R&D expenditure, brand image, and number of employees, among others. These companies are actively participating in developing head mounted display for various applications.

Which country holds a dominating share in APAC region?

China led the head mounted display market globally with a highest market share in the year 2020. China is fast emerging as the world’s most important head mounted display market, due to rapid adoption of extended reality in various applications. Moreover, the Chinese government has taken a leading role in both defining the scope and providing resources for the domestic VR industry will also drive the market growth.

The List of Companies - Head Mounted Display Market

  1. Microsoft
  2. Sony
  3. Oculus VR
  4. Lenovo
  5. Magic Leap Inc
  6. BAE Systems
  7. Seiko Epson Corporation
  8. Samsung Electronics
  9. Google LLC
  10. HTC Corporation

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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