Augmented Virtual Reality Hardware Market

By Region, the study segments the market into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Asia Pacific dominated the AR/VR Hardware Market with a share of 40.9% 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. 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. Vendors must, however, respond to consumer AR/VR applications as well if they want to take advantage of opportunities with rapid growth over the coming few years. The highest expenditure sectors over the projection period will be professional services, discrete manufacturing, healthcare, education, and healthcare.

The North American market for augmented reality and virtual reality hardware is divided into countries namely US and Canada. 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.

For instance, In order to give students access to learning options in the metaverse, several educational institutions plan to launch digital twin campuses, according to VictoryXR, a provider of augmented and virtual reality (AR/VR) content for schools and educational institutions, which has announced the launch of ten "Metaversities" in the US this fall. Growing adoption of immersive technologies in this region owing to its benefits is a major factor expected to drive the growth of the market. 

Moreover, on-going demand of immersive technologies especially integrate hardware devices in healthcare industry is further expected to garner significant revenue in the coming 10 years. For instance, May 25, 2022, LONDON At a special event for the XR community, ARuVR, the virtual and augmented reality learning company, will announce a partnership with a prominent XR and EdTech supporter to revolutionize medical education. Professor Manish Chand, of the UCL Hospital NHS Foundation Trust, will test out ARuVR's technology to instruct medical students as part of the agreement.

The invitation-only event will be held at the grade II-listed BT Tower, which is home to BT, which joins Coca-Cola, Rio Tinto, PwC, and NEOM on the long list of international clients for ARuVR.

Further, the countries considered in the scope of the AR/VR Hardware market are the US, Canada, Mexico, UK, Germany, France, Italy, Spain, Switzerland, Austria, Belgium, Denmark, Finland, Greece, Hungary, Italy, Luxembourg, Netherlands, Norway, Poland, Portugal, Slovakia, Sweden, Romania, Ireland, China, Japan, Singapore, Malaysia, Indonesia, Philippines, South Korea, Hong Kong, Macau, Singapore, Brunei, India, Australia & New Zealand, South Africa, Egypt, Nigeria, Saudi Arabia, Qatar, United Arab Emirates, Bahrain, Kuwait, and Oman, Brazil, Argentina, Chile, and others.

AR/VR HARDWARE MARKET SIZE (USD MILLION) by region (2018-2030)

Source: Secondary Research, Primary Research, Market Research Future Database, and Analyst Review

Major market players are spending a lot of money on R&D to increase their product lines, which will help the AR/VR Hardware market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the AR/VR Hardware industry must offer cost-effective services and solutions to expand and survive in an increasingly competitive and rising market environment.

Various AR/VR Hardwares market leaders are introducing new technologies for various industries in order to improve security and eliminate communication gaps between employees and businesses. Oculus VR launched Rift S headset with additional features such as hand gesture controls, the company launched the new VR headset for a price of USD 399, the new VR headset is primarily designed for gaming. NXP Semiconductors is developing accessories and hardware for the gaming markets including AR/VR headsets and wireless gamepads to keep up with the rising market demand and market innovation.