Press Release

Global Head Mounted Display Market to be more than USD69 billion Opportunity by 2030

The Global Head Mounted Display Market size was estimated to be around USD 12.02 billion in 2024. The market is projected to grow at a CAGR of 33.81% during the forecast period of 2024-30 to exceed the market size of USD 69 billion by 2030, cites MarkNtel Advisors in the recent research report. The astronomical growth in the global head mounted display can be attributed to growing demand from the gaming industry, and the modernization of defense forces by the countries such as the US, Canada, EU, the UK, China, Russia, India, etc. The continuous research and development in display technology, processors minimizing latency, sensors, etc., have increasingly improved product quality for end users across industries. 

Moreover, the rising penetration of the 5G network is anticipated to boost the adoption of AR and VR-related solutions from digital factories in North America, Europe, and China. In addition, the online gaming, entertainment, and real estate industries are expected to witness an increased demand for head mounted displays as the 5G network expands across emerging economies in Asia, the Middle East, and Latin America. The head mounted display has emerged as one of the major vibrant markets for venture capitalists. During 2019-24, more than USD 1.2 billion was raised by around 150 companies offering a diverse range of AR and VR headsets for various applications, further states the research report, “Global Head Mounted Display Market Analysis, 2024.”

Global Head Mounted Display Market Segmentation Analysis

Consumer Segment Driven By Video Games Dominated the Market

Based on the End Users, the market is further bifurcated into, Consumers (Video Games, Life Events, Video Entertainment), Enterprises (Aerospace and Defense, Healthcare, Construction, Automotive, Energy, Retail, Education, Others)

The consumer segment dominated the market in 2024 cornering more than 50% of the market share of the global head mounted display market. According to Newzoo, there were around 3.07 billion active video gamers across the globe in 2023. This mobile gaming market is also expected to exceed USD350 billion by 2030. Therefore, explosive growth in the gaming industry is forecast to drive the sales head mounted displays across the globe. However, the spending from the defense industry on head mounted displays is also rising as the countries' defense infrastructure is undergoing a complete overhaul with the integration of the latest technologies.  The countries like US, China, EU, India, and Russia are working on advanced 5^th and 6^th generation aircraft. Head mounted displays are at the core of their pilot operations for simulator based training and battlefield operations.

The other upcoming areas such as education, healthcare, etc., are witnessing gradual adoption, but are in the stage of infancy in 2024.

North America and Asia Pacific to Register Robust Growth

Based on the Regions segment, the market is further bifurcated into, North America, South America, Europe, Middle East & Africa, and Asia Pacific.

North America and Asia Pacific are anticipated to remain the most vibrant regions for the companies offering head mounted displays. Asia Pacific has the highest population of gamers in the world, with the total count exceeding 1 billion in 2024. These gamers are increasingly opting best in best-in-class technology to improve their gaming experience. Moreover, countries like India, China, and Japan are continuously upgrading their defense forces with the most sophisticated technologies to boost their war preparedness. All these countries are working with several head mounted display providers to reduce their expenses on training, simultaneously improving competitiveness.

On the other hand, the North American market is purely driven by the US in 2024. The country cornered more than 85% market of the regional head mounted display market in 2024. The country’s defense forces have been working with companies such as Vuzix, Microsoft, Lockheed Martin, Elbit, etc., under various contracts. During 2019-24, the US defense forces have signed contracts worth more than USD25 billion for AR and VR head mounted displays, scheduled to be delivered before 2031.   

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Meta, Sony Corporation, Microsoft, Google LLC, Samsung, BAE Systems, Magic Leap, Seiko Epson, HTC, Collins Aerospace, Kopin, Thales, Elbit Systems Ltd, Beyeonics Ltd, Lockheed Martin, and Others are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the country?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping across various regions?
6. How have the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?