Head Mounted Display Market to Grow at CAGR of 59.4% Through 2020
Growing need of high-tech products in the applications such as defence, aviation, and military is expected to drive the growth of the global head mounted display market. Advanced microdisplay technologies, demand for improved video gaming and entertainment experience, and developments in virtual and augmented reality are some of the trends driving the global head mounted display market in the near future.
The global head mounted display market is segmented on the basis of product, application, components, and region. By product type, the global head mounted display market is segmented into helmet mounted display and eye wear display. Helmet mounted display segment accounted for more than 55% of the global head mounted display market share in 2014; however, this is expected to decrease by 690 BPS by 2020.
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By application type, the global head mounted display market is segmented into defence, aviation, military, augmented and virtual reality, industrial, video gaming and entertainment, research and development, and training and simulation. Among all the applications, defence, aviation, and military applications all together dominated the global head mounted display market in 2014, accounting for over 40% of overall market share. Industrial along with augmented and virtual reality applications are expected to witness a significant growth rate over the next five years. However, the video gaming and entertainment segment is anticipated to exhibit the fastest CAGR of more than 66% during the forecast period, followed by the augmented and virtual reality.
In terms of components, the global head mounted display market is segmented into microdisplay, goggle, head tracker, camera, connectivity, combined mirror, control unit, Helmet, battery, and accessories. Among these, the microdisplay segment accounted for overone third market share of the total HMD component market in 2014, followed by head tracker, controller, and goggle.
Region wise, the global HMD market is expected to witness high growth across the North America, Europe and Japan. Moreover, developing countries such as the India, china and Brazil are increasingly expanding their defence expenditure to export HMD enabled military and defence equipments. Therefore, the North America dominated the global head mounted display market with over one-third market share of the overall HMD market in 2014. On other hand, Asia pacific is expected to expand at a considerable CAGR of over 65% during the forecast period, followed by Japan. Latin America and Middle East and Africa regions accounted for lowest market share in overall global head mounted display market as compared to other regions such as North America, APAC, and Europe in 2014.
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Major participants in the global head mounted display market strongly focus on product development and innovation to provide advanced featured products. Additionally, major participants such as Google Corporation, Sony Corporation, Recon Instruments, and Rockwell Collins, Inc. have been focusing on mergers and acquisitions to expand their geographical presence and enhance customer base.
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