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Head Mount Display Market 2024 - By Size, Share, Price, Growth, Analysis, Outlook And Forecast Report 2033
Head Mount Display Market
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According to The Business Research Company's, The head mount display market size has grown exponentially in recent years. It will grow from $15.37 billion in 2023 to $18.47 billion in 2024 at a compound annual growth rate (CAGR) of 20.2%. The growth in the historic period can be attributed to gaming industry demand, military and defense applications, healthcare and medical training, industrial and enterprise use, consumer electronics growth, and entertainment and media.
The head mount display market size is expected to see exponential growth in the next few years. It will grow to $38.7 billion in 2028 at a compound annual growth rate (CAGR) of 20.3%. The growth in the forecast period can be attributed to growing adoption in the automotive industry, consumer demand for in-vehicle connectivity, regulatory support for safety enhancements, and growing use in education and training. Major trends in the forecast period include technological advancements, enhanced safety features, integration with Advanced Driver Assistance Systems (ADAS), advancements in AR and VR technologies, expansion in enterprise and industrial applications, cost reduction, and increased affordability.
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Market Drivers and Trends:
The growing gaming industry is expected to propel the growth of the head mount display market going forward. The gaming industry encompasses developing, marketing, and monetizing video games across various platforms, including consoles, PCs, and mobile devices. The gaming industry is rising due to increasing technological advancements, broader accessibility of gaming platforms, and growing demand for immersive entertainment experiences. Head-mounted displays enhance gaming experiences by providing immersive virtual reality environments that transport players into the game world. For instance, in February 2024, according to data published by the Entertainment Software Association, a US-based trade association of the video game industry, total video game sales surged to $57.2 billion in 2023, marking an increase from the $56.6 billion recorded in 2022. The rise was primarily fueled by a boost in video game content spending, which rose to $48.0 billion in 2023 from $47.5 billion in 2022. Therefore, the growing gaming industry is driving the growth of the head mount display market.
Major companies in the head-mounted display market are focusing on developing innovative products like mixed-reality head-mounted displays (HMDs) to maintain their position in the market. A mixed-reality head-mounted display (HMD) combines elements of both augmented reality (AR) and virtual reality (VR) technologies, allowing users to interact with both digital and real-world environments simultaneously. For example, in December 2023, Vrgineers Inc., a US-based computer hardware manufacturing company, introduced its latest mixed reality head-mounted display (HMD), the XTAL 3 CAVU. This new HMD is designed to enhance performance by removing parts of the image processing pipeline, reducing latency, and improving image quality. It features 24 Mpix image sensors connected to Xilinx FPGA PCIe16x cards via optical cables and a direct connection to the latest NVIDIA Ada Generation graphics card, bypassing the CPU to reduce overall latency.
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Major Key Players of the Market:
Apple Inc., Google LLC, Microsoft Corporation, Samsung Electronics Co. Ltd., Sony Corporation, RTX Corporation, Lenovo Group Limited, Lockheed Martin Corporation, LG Electronics Inc., Panasonic Holdings Corporation, Hewlett-Packard Company, BAE Systems, Seiko Epson Corporation, Razer Inc., Japan Display Inc., Magic Leap Inc., Oculus VR, HTC Corporation, Pimax Technology Co. Ltd., Varjo Technologies, Kopin Corporation, eMagin Corporation, Recon Instruments, Thales Visionix Inc., Vuzix Corporation, Avegant Corporation, DAQRI
Head Mount Display Market 2024 Key Insights:
• The head mount display market size is expected to see exponential growth in the next few years. It will grow to $38.7 billion in 2028 at a compound annual growth rate (CAGR) of 20.3%.
• Explosive Growth In Gaming Industry Fuels Surge In Head-Mount Display Market
• Innovative Developments In Mixed Reality Head-Mount Display (HMD) Technology
• North America was the largest region in the head mount display market in 2023
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