CHICAGO, Dec. 8, 2023 /PRNewswire/ — The Head-mounted Display (HMD) market is projected to reach USD 26.4 billion by 2029 from USD 7.5 billion in 2024 at a CAGR of 28.8% during the forecast period according to a new report by MarketsandMarkets™. Growing investments by significant key players in the development of HMD, availability of low-cost HMDs, growing demand for AR and VR, and Affordable microdisplay prices are some of the major factors contributing to the growth of Head-mounted Display (HMD) market. Moreover, Industry collaborations, involving HMD manufacturers, content developers, and key players, fuel market expansion, driving innovation and advancing the overall immersive technology ecosystem.
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Head Mounted Display (HMD) Market Report Scope:
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Report Coverage |
Details |
|
Market Revenue in 2024 |
$ 7.5 billion |
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Estimated Value by 2029 |
$ 26.4 billion |
|
Growth Rate |
Poised to grow at a CAGR of 28.8% |
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Market Size Available for |
2019–2029 |
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Forecast Period |
2024–2029 |
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Forecast Units |
Value (USD Million/Billion) |
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Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Segments Covered |
By Type, Technology, Application, Product Type, Component, Connectivity and Region |
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Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
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Key Market Challenge |
Lack of awareness |
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Key Market Opportunities |
Growing demand for lightweight HMDs and portable devices |
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Key Market Drivers |
Growing investments by significant key players in the development of HMD |
VR HMD to dominate the Head-mounted Display (HMD) market from 2024 to 2029.
The VR HMD market is anticipated to experience significant growth due to several factors. The rising popularity of VR headsets in the gaming industry, fueled by recent product launches like Meta Quest 3, PlayStation VR2, Pico Neo 4, and Vive XR Elite, is a key driver. Moreover, VR adoption is expanding in the enterprise sector for training, simulation, and collaboration, with products like HTC Vive Pro 2, Varjo XR-3, Microsoft HoloLens 2, and Pico Neo 3 Pro gaining traction. Additionally, VR applications are expanding beyond gaming and enterprise, with Immerse VR, STRIVR, Surgical Theater, and Vertebrae finding applications in healthcare, education, and retail. Further contributing to the VR HMD market’s growth is the decreasing cost of VR headsets, improving performance, and increasing availability of VR content. As a result, the VR HMD market is poised for continued growth and accounts for the larger share of HMD market.
Processors and Memory to register highest CAGR in the Head-mounted Display (HMD) market during forecast period.
The increasing demand for immersive experiences in gaming, healthcare, education, and enterprise applications has propelled the Head-Mounted Display (HMD) market. Processors and memory components are registering the highest Compound Annual Growth Rate (CAGR) due to ongoing technological advancements, the need for realistic graphics and spatial tracking, and the rising adoption of HMDs in enterprise settings. The healthcare industry relies on powerful processors for medical training and simulations, while the education sector integrates HMDs for virtual classrooms and interactive learning. The miniaturization of HMDs and the emphasis on portability also drive innovation in processors and memory technologies.
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Americas accounted for the largest share of the market in 2023.
The Americas, encompassing North and South America, dominate the Head-Mounted Display (HMD) industry, with North America leading in growth. The region’s strong position is driven by increased investments and adoption of AR smart glasses in the US and Canada, particularly for enterprise applications. The use of AR and VR devices for productivity improvement across sectors like aerospace, healthcare, and consumer electronics propels North America’s market expansion.
Key Players
Collaborations between key HMD players and North American industries, along with the presence of major global companies like PTC (US), Magic Leap (US), Microsoft (US), and Google (US) are some of the market players, contribute to the region’s leadership in the global Head-Mounted Display (HMD) companies.
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