In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Meta Platforms, Inc. to launch new Meta portal productivity tools to facilitate support for the Duet Display app. This app is utilized by users to turn Meta Portal Go and Meta Portal Plus (Gen 2) into a second display for juggling hardcore tasks on multiple apps and screens.
· Sony Corporation collaborates with Niantic Inc., an augmented reality (AR) mobile game developer, to develop auditory AR for headphones. Sony corporation is on its way to introducing technology for headphones that allow users to hear sound from the real world while receiving sound from the virtual world.
Head mounted devices are goggles that are technologically advanced and portable. It plays a critical role in Augmented Reality/Virtual Reality technology as it associates the users and the set-up. As it is a portable HMD display is adopted by defense services, and used in gaming for virtual reality, and in the medical sector. The invention of head mounted provided better comfort and enhancement in ergonomics to the users which in turn improved the experience of Augmented Reality/Virtual Reality technology.
Base Year |
2022 |
Forecast Year |
2023-2035 |
CAGR |
~45% |
Base Year Market Size (2023) |
~ USD 5.3 Billion |
Forecast Year Market Size (2035) |
~ USD 460 Billion |
Regional Scope |
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The global head mounted devices market is estimated to garner a revenue of USD 460 Billion by the end of 2035 by growing at a CAGR of ~45% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of USD 5.3 Billion in the year 2023. The growth of the market can primarily be attributed to the skyrocketing adoption of AR and VR across the globe. For instance, more than 150 million people were observed to be using VR globally in 2018, while in 2020, approximately 50 million VR and 80 million AR users were stated to be living solely in the USA. Along with this, less cost of microdisplays, increasing demand for lightweight helmet mounted displays, and their portable nature drives the market growth.
Get more information on this report:Furthermore, the global head mounted devices market is further projected to grow on the back of the rising inclination of people toward the virtual world over the forecast period. Additionally, ongoing development in the gaming industry has spurred the demand for head mounted devices. Head mounted devices are basically small displays & devices that are mounted on a hat or helmet and integrated into eyewear. Such devices do not block the vision of the user but project a virtual image in the real world to be witnessed. For instance, the unit sale of VR head-mounted devices was estimated for mobile at about 70% and for PCs, it was projected to be around 22% in 2020.
Increasing Online Gaming Audience to Boost the Growth of the Market - As of 2020, approximately 900 million adults were projected to be involved in online gaming. Online gaming requires the most enhanced setup of the latest devices to provide a magnificent experience to gamers. Mobile or PC games generally take place in a pre-designed virtual world and gamers use VR devices such as VR headsets and displays to interact with the gaming world. These devices are mounted on the head giving an overall lifelike experience to the users.
Rising Adoption in the Defense and Aerospace Sector to Provide Night Vision – A corporation named Ebilit sold enhanced night vision goggles to the army in 2020 with a deal of USD 420 million which also supplies night vision technology to the marine sector.
Growing Number of AR Users Across the Globe- It is predicted that by 2024, approximately 1.5 billion individuals will be using mobile augmented reality devices.
Higher Inclination of Global Population toward VR Head-Mounted Displays- The VR head-mounted display shipment was projected to increase by nearly 20%, summing up to around 35 million units from 2018 to 2019.
Significant Utilization of HMDs for Video Games- In 2021, approximately 50% of males and 40% of females in the USA were observed to be playing video games.
Requirement for More Advanced Technology
Need for Higher Initial Investment
Lack of Standardization for Designing Procedure- The lack of standardization leads to compatibility problems between products bought from sellers, as different products have different quality that affects the user experience. VR, AR, and HMDs need universal standards to increase consumer adoption and widespread enterprise. It becomes difficult to create mobile VR apps as each has different operating systems and screen standards which inhibits market growth in the coming years.
The global head mounted devices market is segmented and analyzed for demand and supply by connectivity type into wired and wireless, out of which, the wireless segment is expected to hold the largest market share over the forecast period. Escalating adoption of WLAN and other devices such as smartphones, remote control, TV, GPS system, and radios are anticipated to hike the growth of the segment during the forecast period. For instance, more than 20 billion devices were anticipated to be connected via a wireless local area network (WLAN) in 2021.
The North America region head mounted devices market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035. The growth of the market in the region is ascribed to the presence of a huge online gaming audience. As of 2020, approximately 150 million adults in North America are involved in online gaming making it up to around 65% of the entire population. Furthermore, the presence of major key players and the increasing adoption of the latest technology is also anticipated to hike the growth of the market in the region over the forecast period. Moreover, the Asia Pacific region is further projected to hold the second largest share in the global head-mounted devices market over the forecast period on the back of the rising investment by major companies to develop the requisite technology.
Our in-depth analysis of the global head mounted devices market includes the following segments:
By HMD Type |
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By Product Type |
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BY Technology |
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By Connectivity Type |
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By Application |
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Ans: Rising adoption of AR and VR across the globe and ongoing development in the gaming industry is estimated to majorly boost the market growth.
Ans: The market is anticipated to attain a CAGR of ~45% over the forecast period, i.e., 2023 – 2035.
Ans: The requirement for more advanced technology and the need for higher initial investment is estimated to challenge the market growth.
Ans: The market in the North America region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Ans: The major players in the market are Magic Leap, Inc., Microsoft Corporation, Lenovo Group Limited, Meta Platforms, Inc., Google LLC, HTC Corporation, Seiko Epson Corporation, Thales Defense & Security, Inc., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by HMD type, product type, technology, connectivity type, application, and by region.
Ans: The wireless segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
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