Virtual Reality Consumer Market Analysis

Global Virtual Reality For Consumer Market Overview:

Virtual Reality for Consumer Market Size was valued at USD 1.30 Billion in 2023. The Virtual Reality For Consumer market industry is projected to grow from USD 1.547 Billion in 2024 to USD 5.26 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 16.53% during the forecast period (2024 - 2032). Advancements in VR technology, gaming and entertainment content, falling hardware costs, industry competition, virtual social interaction, training and education, healthcare and therapy applications, travel and tourism, media and entertainment, cross-platform integration, are the key market drivers enhancing the market growth.

• March 2023, The Omni One VR treadmill's consumer debut is being planned by Virtuix. VR gamers in Omni One move around a circular platform while wearing special shoes. Sensors record the foot movement and transmit it to virtual reality. This gives the appearance that people are moving physically across virtual environments. The required safety is provided by a number of straps connected to a moving arm. The Omni One is an improvement on the Omni Pro home arcade treadmill. It is lighter and more portable, and when not in use, it can be folded and stowed. Additionally, the player has more freedom of movement: as seen in the video, they may leap, crouch, kneel, walk backwards, and more.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Virtual Reality for Consumer Market Trends

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  Gaming and entertainment content is driving the market growth

  
  

Gaming and entertainment content has played a significant role in the development and widespread consumer market adoption of virtual reality (VR) technology. The immersive experience that VR and gaming have combined to create has captured the attention of millions of gamers and fans across the world.

The development of virtual reality has offered game creators a new field to explore. The gaming business has always been at the forefront of technological improvement. Games that use virtual reality (VR) offer an unparalleled level of immersion, allowing players to enter the game's virtual world and entirely immerse themselves there. Whether it's for exploring fantastical worlds, engaging in fierce combat, or solving difficult puzzles, VR gaming delivers a level of immersion and presence that traditional gaming platforms cannot compare.

More individuals are being enticed to purchase VR equipment as the variety of VR games increases. Gamers are always looking for new and innovative experiences, and VR gaming delivers. Technology appeals to gamers because it gives them the opportunity to take part in the action and exercise agency in a virtual environment.

Both established and emerging gaming firms have made large investments in response to the growing popularity of VR gaming. This increase in investment has sped up the production of VR gaming content by creating a positive feedback loop of more games, more gamers, and more investment in the VR industry. In addition to gaming, VR has totally altered the entertainment sector by offering new immersive content forms. Thanks to VR, it is now possible to experience virtual concerts, live events, and tourism. Attending a concert in virtual reality allows music fans to virtually see their favorite performers play in front of a live, attentive audience while unwinding at home.

VR has changed how people see and communicate stories in ways that go beyond gaming and entertainment. Virtual reality (VR) storytelling challenges expectations and encourages participants rather than passive viewers. In VR movies and experiences, the spectator is brought into the story and given the freedom to explore and engage with the plot points. This degree of agency and presence strengthens the emotional impact of narrative, making it a powerful tool for filmmakers and content creators to more fully engage their audiences.

VR entertainment content appeals to a wider audience than only die-hard gamers, such as casual gamers, tech enthusiasts, and people looking for novel experiences. Due to the diversification and expansion of the VR content market, more consumers may now access VR. This in turn drives up demand for VR hardware and encourages companies to invest more money in developing cutting-edge VR experiences. Media outlets already in existence are gradually embracing VR content. For instance, by posting 360-degree videos and VR experiences on social networking sites, users can interact with VR content without the need for specialized VR equipment. Through this integration, customers who may not have previously utilized VR are introduced to it and made more aware of it, which motivates them to learn more about the technology. Thus, driving the Virtual Reality For Consumer market revenue.

Virtual Reality for Consumer Market Segment Insights:

Virtual Reality for Consumer Component Insights

The Virtual Reality for Consumer Market segmentation, based on Component, includes Hardware, Software and Solutions. The hardware segment dominated the market in 2022. The price of VR hardware may have decreased as the VR market continues to develop, making it more affordable and available to a wider consumer base. Increased sales and market dominance for the hardware sector may be fueled by competitive pricing.

Figure 1: Virtual Reality for Consumer Market, by Component, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Virtual Reality for Consumer Technology Insights

The Virtual Reality for Consumer Market segmentation, based on Technology, includes 3D Audio, 3D Depth Sensors, 4K & 8K Video, Computer Vision. The 3D audio category generated the most income in 2022. In recent years, the gaming industry which includes VR gaming has grown substantially. As VR gaming becomes more popular and game quality improves, the demand for better audio experiences, provided by 3D Audio, could have led to growing income generating.

• February 2023, Gran Turismo 7 has received a virtual reality update from Sony and Polyphony Digital. After installing the update, PS5 customers who purchase the latest VR headset can experience all races & racing modes in virtual reality (with the exception of "2P Split Screen" option). Included are dynamic 3D audio and HDR tone mapping that have been particularly optimized to improve the experience. Foveated rendering has also been supported by the game's creator Polyphony Digital (Opens in the new window). It detects the user's gaze using the PlayStation VR2's eye tracking capability, and then displays that region of the screen and in high definition.

Virtual Reality for Consumer Stimulations Insights

The Virtual Reality for Consumer Market segmentation, based on Stimulations, includes Gesture Control, Hand Tracking and Optical Tracking. The gesture control category generated the most income in 2022. Users may interact with VR material in a very natural and intuitive way with gesture control. Many customers prefer it because it reduces the need for physical controllers and heightens the sense of immersion.

• June 2023, At AWE 2023, Ultraleap revealed the Leap Motion Controller 2 hand tracking module. This will make it simple to integrate Ultraleap's cutting-edge hand tracking into mobile VR, AR, and mixed reality headsets. It is claimed that the replacement for the original Leap Motion Controller offers enhancements in a number of areas, including better resolution cameras, an increased field of vision, and 25 percent less power consumption in a device that is 30 percent smaller than the outgoing model.

Virtual Reality for Consumer Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Virtual Reality For Consumer Market dominated this market in 2022 (45.80%). The North American gaming market is enormous, and VR gaming has been a major factor in the growth of VR. Gamers were early users of virtual reality technology, and the availability of top-notch VR experiences and games has drawn in a sizable customer base. Further, the U.S. Virtual Reality for Consumer market held the largest market share, and the Canada Virtual Reality for Consumer market was the fastest growing market in the North America region.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Virtual Reality for Consumer Market SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Virtual Reality for Consumer market accounts for the second-largest market share. VR has been used to create immersive experiences in museums, historical sites, and cultural displays since Europe has a rich cultural and historical legacy. Customers interested in history and art have been drawn to the use of VR to preserve and present cultural assets. Further, the German Virtual Reality for Consumer market held the largest market share, and the UK Virtual Reality for Consumer market was the fastest growing market in the European region.

The Asia-Pacific Virtual Reality for Consumer Market is expected to grow at the fastest CAGR from 2023 to 2032. VR arcades and entertainment venues are growing in popularity in countries like China and Japan. These places offer customers the option to experience VR without needing to buy expensive equipment. Moreover, China’s Virtual Reality for Consumer market held the largest market share, and the Indian Virtual Reality for Consumer market was the fastest growing market in the Asia-Pacific region.

Virtual Reality for Consumer Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Virtual Reality for Consumer market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Virtual Reality for Consumer industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Virtual Reality for Consumer industry to benefit clients and increase the market sector. In recent years, the Virtual Reality for Consumer industry has offered some of the most significant advantages to medicine. Major players in the Virtual Reality for Consumer market, including Alibaba Group Holding Limited (China), Nvidia Corporation (U.S.) com, Inc. (U.S.), Bitmovin (Austria), Google LLC (U.S.) Leap Motion, Inc. (U.S.) nDreams, Ltd. (U.S.), Sony Corporation (Japan), Microsoft Corporation (U.S), Facebook, Inc. (U.S.), Binary VR Inc. (U.S.), Leap Motion, Inc. (U.S.) and others, are attempting to increase market demand by investing in research and development operations.

Alibaba Group Holding Ltd. (Alibaba Group) provides e-commerce and technology infrastructure services. The company provides the essential technology foundation retailers, brands, merchants, and companies need to market, sell, and run their enterprises online. Its firms are made up of core commerce, digital media and entertainment, cloud computing, and other innovative initiatives. Alibaba Group provides services through its subsidiaries, including Taobao, Tmall, Freshippo, Aliexpress, Lazada, Alibaba.com, 1688.com, ele.me, Youku, DingTalk, Alimama, Alibaba Cloud, and Cai Niao. The Koubei and Cainiao Network is also used to help logistics. The corporation does business in a number of nations, including Hong Kong, China, Taiwan, the US, the UK, Singapore, Korea, Italy, France, Germany, the Netherlands, Japan, Australia, and New Zealand. The Alibaba Group's corporate headquarters are in Hangzhou, Zhejiang, China.

Microsoft Corp. (Microsoft) offers a variety of software-related services, including development, licensing, and support. The company offers a wide range of server applications, desktop and server administration tools, video games, cross-device productivity tools, business solution tools, and operating systems. It also offers training and certification services. It also develops, manufactures, and sells hardware products like PCs, tablets, game consoles, and other cutting-edge technology. Among the many services the business provides are consulting, cloud-based solutions, and solution support. Microsoft markets, distributes, and sells its goods through original equipment manufacturers, distributors, resellers, online marketplaces, Microsoft stores, and other partner channels. The business has operations in the Americas, Europe, Asia-Pacific, Middle East, and Africa. Microsoft's headquarters are in Redmond, Washington, a city in the US.

Key Companies in the Virtual Reality for Consumer market include

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  Alibaba Group Holding Limited (China)

  
  


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  Nvidia Corporation (U.S.)

  
  


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  com, Inc. (U.S.)

  
  


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  Bitmovin (Austria)

  
  


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  Google LLC (U.S.)

  
  


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  Leap Motion, Inc. (U.S.)

  
  


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  nDreams, Ltd. (U.S.)

  
  


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  Sony Corporation (Japan)

  
  


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  Microsoft Corporation (U.S)

  
  


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  Facebook, Inc. (U.S.)

  
  


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  Binary VR Inc. (U.S.)

  
  


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  Leap Motion, Inc. (U.S.)

  
  

Virtual Reality for Consumer Industry Developments

March 2022: HTC partnered with Holoride, a supplier of in-car VR entertainment, to expand its line-up of AR and VR hardware devices. Users will be able to experience in-car VR for the first time with the HTC Vive Flow glasses designed specifically for the backseats of Audi sedans and SUVs.

January 2022: Sony says it designed the PSVR headset for a better virtual reality experience in PlayStation since it will be directly connected to the PlayStation 5 platform.

Virtual Reality for Consumer Market Segmentation:

Virtual Reality for Consumer Component Outlook

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  Hardware

  
  


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  Software

  
  


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  Solutions

  
  

Virtual Reality for Consumer Technology Outlook

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  3D Audio

  
  


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  3D Depth Sensors

  
  


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  4K & 8K Video

  
  


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  Computer Vision

  
  

Virtual Reality for Consumer Stimulations Outlook

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  Gesture Control

  
  


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  Hand Tracking

  
  


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  Optical Tracking

  
  

Virtual Reality for Consumer Regional Outlook

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  North America

  
  
  
  
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    U.S.

    
    
  
  
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    Canada

    
    
  
  
  
  


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  Europe

  
  
  
  
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    Germany

    
    
  
  
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    France

    
    
  
  
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    UK

    
    
  
  
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    Italy

    
    
  
  
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    Spain

    
    
  
  
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    Rest of Europe

    
    
  
  
  
  


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  Asia-Pacific

  
  
  
  
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    China

    
    
  
  
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    Japan

    
    
  
  
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    India

    
    
  
  
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    Australia

    
    
  
  
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    South Korea

    
    
  
  
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    Australia

    
    
  
  
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    Rest of Asia-Pacific

    
    
  
  
  
  


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  Rest of the World

  
  
  
  
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    Middle East

    
    
  
  
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    Africa

    
    
  
  
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    Latin America