Head Mounted Display Market Outlook 2031
The global head-mounted display market size was valued at USD 8.03 Billion in 2022 and is expected to reach USD 242.04 Billion by 2031 projected to expand at a CAGR of 46% during the forecast period, 2023-2031. The growth of the market is attributed to increasing demand for light weight wearable computing devices. Moreover, the reduction in price of micro displays is stimulating the market growth.
Head mounted displays (HMDs) are wearable display devices that give a real-time three-dimensional (3D) display. It has a simple design with high luminous efficiency. They are small displays or projection technology integrated into eyeglasses or mounted on helmet or hat. It does not block the user’s vision, but superimposes the image on the user’s view of the real world.
Latest technology are penetrating in the heads-up display market, which adds colors to the image directly. The user does not have to use big screens and can rely on modified eyeglasses that mirror the image back into the eye. Heads-up displays can also be projected on a surface of the car or plane windshield.
Head Mounted Display Market Trends, Drivers, Restraints and Opportunities
- The 3D video displays with exclusive augmented video capabilities are some of the predominant drivers for the demand of head mounted displays across the globe.
- Falling prices of electronic components such as micro-displays and sensors in the global market is fueling the penetration of head mounted displays around the world.
- Increasing technology advancements and rising investments by major technology companies are driving the growth of the market.
- Low battery life of the wireless head mount display can hamper the growth of the head mount display market.
- Earlier HMDs used to be bulky and limited to few applications; however, with the deployment of latest technologies, the market is anticipated to boost during the forecast period.
Scope of Head Mounted Display Market Report:
The report on the global body shaping implants market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Head Mounted Display Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Products (Helmet Mounted Displays and Wearable Glass), End-uses (Defense and Consumers), Applications (Imaging, Security, Tracking, and Training & Simulation)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered
BAE Systems, Google Inc., Imagine Corporation, Seiko, Rockwell Collins, Epson, Vuzix, and Sony Corporation
Global Head-Mounted Display Market Segment Insights
Wearable market segment to account for a large market share
On the basis of products, the market is divided into helmet mounted and wearable glasses. The wearable glasses segment is anticipated to expand at CAGR during the forecast period. Wearable glasses offers driving directions, e-mails, and other notifications for consumer applications. Recently, various improvements took place in eyewear or wearable glass displays such as weight reduction and appealing aesthetic appearance.
Consumer electronics segment is growing at a rapid pace
Based on end-uses, the market is segmented into defense and consumers. Increasing demand for HMDs in the consumer electronics owing to the growing penetration of these products in gaming and entertainment purposes. On the other hand, the defense segment is anticipated to exhibit a high CAGR owing to the increasing spent of government on military applications.
Training & simulation segment to account for majority revenue share
In terms of applications, the head mounted display market is segmented into imaging, security, tracking, and training & simulation. The training & simulation segment is expected to account for major revenue share and is expected to dominate during the forecast period. The use of AR headsets is increasing in training, logistics and warehouse, manufacturing, assembling, and education, which in turn, is boosting the growth of training & simulation segment.
Asia Pacific to hold a considerable amount of revenue share
Based on the regions, the market is segregated into North America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific is expected to dominate the head mounted display market during the forecast period. The key factor in the growth of the market in the Asia Pacific is rising disposable income in the emerging economies such as India and China. Moreover, rising spent of government on the defense sector in the afore-mentioned economies is anticipated to propel the growth of the market in this region.
The global head mounted display market has been segmented on the basis of
- Training & Simulation
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- BAE Systems
- Google Inc.
- Imagine Corporation
- Rockwell Collins
- Sony Corporation
The key players of the market are BAE Systems, Google Inc., Imagine Corporation, Seiko, Rockwell Collins, Epson, Vuzix, and Sony Corporation.
Companies are engaging in product launches and partnerships to expand their market share. For instance, BAE Systems is working on the development of high performing AR glasses. The company is striving to combine revolutionary display capability and personal equipment technologies to create a high- performance system, within a low- profile design.