Global AR/VR Hardware Market is projected to grow at a CAGR of 37.5% during the forecast period: MRFR

Market Research Future (MRFR) has published a cooked research report on the “Augmented and Virtual Reality (ARVR) Hardware Market” that contains the information from 2023 to 2030.

Augmented and Virtual Reality (ARVR) Hardware Market:

The AR/VR Hardware Market is predicted to reach USD 389,066.4 million by 2030, registering a 37.5% CAGR during the forecast period, 2023–2030. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the market in the next few years. High demand for AR and VR hardware in industries such as gaming, entertainment & media, aerospace & military, retail, and manufacturing and demand for AR/VR Hardware from critical industries are some of the factors driving the growth of the AR/VR Hardware market.

Major firms that provide cutting-edge solutions, such as Google, Facebook, DAQRI, and others, are continuously rebranding and reinventing immersive technologies especially through hardware is a major factor driving the growth of the market. Additionally, application area's businesses have witnessed to invest in simulation technologies such as AR, and VR. on-going evolution of silicon technologies in developing advance electronics such as immersive systems are among major factors that further boost the growth of the market. However, limited processing power, storage and memory in mobile phones might hamper the growth of the market to a certain extent. Thought in the near future storage related concerns are expected to decline due to digital storage solutions. Furthermore, increasing use of smartphones and tablets for AR& VR application such as online shopping, games and others as well as rising usage of VR beyond gaming especially in healthcare are opportunistic factors of the market.

Growing spending on augmented reality and virtual reality (AR/VR) technologies coupled with rise in penetration of the wireless-first strategy amongst enterprises, industries, and public sector organizations drives the AR/VR market. Vendors will advance VR headsets, AR for smart glasses and phones, and disrupt augmented audio technologies, providing the consumer market with excellent growth prospects. The demand from businesses for a new immersive experience in how they conduct business and connect with customers and workers is what's fueling the phenomenal market growth for AR/VR technologies.

Segmental Analysis

The scope of the global AR/VR Hardware market has been segmented based on Hardware Type, Application, and Industry Vertical.

Based on Hardware Type, the global AR/VR Hardware market is segmented into Sensors, Processors, Controllers, Cameras, Headphones, Display Monitors, and Others. The sensor segment captured the biggest market share by solution in 2021 and is likely to maintain its dominance in the future years.

Based on Application, the global AR/VR Hardware market is segmented into Head Mounted Display, Head Up Display, and Handheld Devices. The Head Mounted Display segment captured the biggest market share by solution in 2022 and is likely to maintain its dominance in the future years.

Based on Industry Vertical, the global AR/VR Hardware market is segmented into Aerospace & Defense, Gaming & Entertainment, Education & Training, Healthcare, Automotive, and Others. The Gaming & Entertainment segment captured the biggest market share by solution in 2022 and is likely to maintain its dominance in the future years.

Regional Analysis

Geographically, the global AR/VR Hardware market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.

Asia Pacific dominated the global AR/VR Hardware market with a share of 39.94% of the total market in 2022. Growing spending on augmented reality and virtual reality (AR/VR) technologies coupled with rise in penetration of the wireless-first strategy amongst enterprises, industries, and public sector organizations drives the AR/VR market in the Asia-Pacific region. The China dominates the AR/VR Hardware market in Asia-Pacific followed by Japan and India with market shares of 25.66%, 22.53%, and 16.48%, respectively. Local companies' development of VR technology in nations like China and India has helped to lower the price of these gadgets and increase consumer adoption. Additionally, more business potential arise as a result of the development of fully immersive technologies, 5G integration, and VR..

North America is the second-highest growing region in the global AR/VR Hardware market. Growing development in AR and VR technologies coupled with large number of AR and VR technologies players in North America is expected o garner high CAGR during the forecast period.

The market for AR/VR Hardware in Europe is expected to witness a significant growth during the forecast period registering a CAGR of 38.8%. Growing adoption of immersive technologies in this region owing to its benefits is a major factor expected to drive the growth of the market.

Key Players

Some of the prime market players profiled by MRFR that are operating in the global AR/VR Hardware market are Oculus VR (Meta), Google LLC, HTC Corporation, Samsung Electronics, Sony Corporation, Worldviz, NXP Semiconductor N.V, Bosch Sensortec GMBH (Bosch Group), Inertial Labs, Valve Corporation, TCL Technologyc, DPVR, Vuzix, Qualcomm Technologies Inc., Sieko Epson Corporation, Penumbra, Inc., Arm Limited, Leke VR, and others. The players in the global AR/VR Hardware market are undertaking various strategic initiatives such as increased investments for business expansion, carrying out mergers and acquisitions and others in order to sustain the competition in the global AR/VR Hardware market.