PUNE, India, June 20, 2017 /PRNewswire/ --
According to the market research report "Head-Mounted Display Market by Technology (AR, VR), Application (Consumer, Commercial, Enterprise & Industry, Engineering & Design, Military, Medical), Product (Head Mounted, Eyewear), Component, Connectivity, and Geography - Global Forecast to 2022", published by MarketsandMarkets™ , the head-mounted display (HMD) market was valued at USD 3.25 Billion in 2016 and is expected to reach USD 25.01 Billion by 2022, at a CAGR of 38.8% between 2017 and 2022. The increasing adoption of AR and VR technologies and availability of low-cost HMDs are the major drivers for the HMD market.
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"Consumer application expected to hold major share of HMD market during forecast period"
The consumer application led the HMD market in 2016. The use of VR headsets has been increasing in the gaming application as they are lightweight. Head-worn display devices are available for playing 3D games and are suitable for entertainment applications. The consumer application is expected to continue to lead the market for VR headsets.
"HMD market for augmented reality technology expected to grow at high CAGR between 2017 and 2022"
Increasing importance of AR HMDs or smart glasses in the enterprise and industry application is expected to drive the market. Many AR HMD or smart glass manufacturers are expected to target the enterprise and industry segment in the coming years. Optinvent S.A. (France) is focusing on enterprise solutions, targeting the logistics and manufacturing industries with its Ora-2 Professional Smart Glasses. These developments are expected to help the AR HMD market grow in the enterprise segment.
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"APAC expected to hold major share of HMD market between 2017 and 2022"
APAC is expected to hold the largest share of the HMD market during the forecast period. Increasing adoption of VR headsets in the consumer and entertainment application is one of the reasons for the growth of the HMD market in APAC. Continuous developments in the consumer application would enable the region to adopt AR and VR HMDs. APAC is home to many leading companies such as HTC Corporation (Taiwan), Sony Corporation (Japan), Lenovo Group Ltd. (China), Acer Inc. (Taiwan), Xiaomi, Inc. (China), and LG Electronics Inc. (South Korea).
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Major players in the HMD market are Samsung Electronics Co., Ltd. (South Korea), Sony Corporation (Japan), HTC Corporation (Taiwan), Oculus VR, LLC (US), Microsoft Corporation (US), BAE Systems, Inc. (US), Seiko Epson Corporation (Japan), Google Inc. (US), Kopin Corporation (US), Osterhout Design Group (US), Recon Instruments, Inc. (Canada), Rockwell Collins, Inc. (US), Sensics, Inc. (US), Thales Visionix, Inc. (US), and Vuzix Corporation (US). It also includes start-up companies such as Avegant Corporation (US), Beijing ANTVR Technology Co., Ltd. (China), FOVE, Inc. (US), Magic Leap, Inc. (US), and Shoogee GmbH & Co. KG (Germany).
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