Virtual Reality Shopping Global Market Report 2024

The virtual reality shopping market size has grown exponentially in recent years. It will grow from $57.53 billion in 2023 to $74.56 billion in 2024 at a compound annual growth rate (CAGR) of 29.6%. The growth observed in the historical period can be attributed to several factors, including an improved shopping experience, integration of e-commerce, a rise in consumer adoption of virtual reality (VR), increased brand engagement, and the attainment of a competitive edge in the market.

The virtual reality shopping market size is expected to see exponential growth in the next few years. It will grow to $205.03 billion in 2028 at a compound annual growth rate (CAGR) of 28.8%. The anticipated growth in the forecast period can be attributed to various factors, including mobile virtual reality (VR) experiences, the emergence of social VR shopping, AI-powered personalization, the introduction of virtual fitting rooms, integration with augmented reality, and a focus on environmental and sustainable shopping practices. Key trends expected in the forecast period encompass advancements in technology, the rise of social VR shopping experiences, personalization through AI-driven recommendations, the incorporation of virtual fitting rooms, and seamless integration with e-commerce platforms.

The anticipated growth of the virtual reality shopping market is driven by the expanding e-commerce industry. E-commerce involves the online buying and selling of goods and services, encompassing a broad spectrum of digital transactions and online retail. Virtual reality shopping enhances the e-commerce experience by immersing consumers in virtual stores, enabling them to explore products and make informed decisions from the comfort of their homes. For example, in August 2023, the U.S. Department of Commerce reported that unadjusted U.S. retail e-commerce sales for Q2 2023 reached $269.5 billion, marking a 6.6% increase from the previous quarter and a 7.7% rise compared to Q2 2022. Consequently, the burgeoning e-commerce industry is a key driver for the growth of the virtual reality shopping market.

The upward trajectory of the virtual reality shopping market is fueled by the increasing adoption of VR technology. Virtual reality (VR) technology involves a computer-generated simulation of a three-dimensional environment, offering users an immersive and interactive shopping experience. This technology allows customers to virtually explore products, try them out, and make informed purchasing decisions from their homes. As of February 2023, an estimated 57.4 million people in the United States owned a VR headset in 2020, with projections indicating an increase to 37.7 million in 2022. Hence, the growing adoption of VR technology is a significant driver for the expansion of the virtual reality shopping market.

The high cost associated with VR technology is anticipated to impede the growth of the virtual reality shopping market. The elevated expenses related to the purchase and utilization of virtual reality hardware and software make VR technology less accessible and affordable for businesses and consumers alike. For instance, in April 2023, DesignRush reported that developing a simple VR application in the US can cost between $3,000 and $9,000, while more complex applications, such as virtual try-on experiences for e-commerce, may range from $10,000 to $30,000. Consequently, the prohibitive costs of VR technology pose a constraint on the expansion of the virtual reality shopping market.

Leading companies in the virtual reality shopping market are adopting a strategic partnership approach to enhance their capabilities and competitiveness. Strategic partnerships involve companies leveraging each other's strengths and resources for mutual benefits and success. For example, in February 2023, Alo LLC collaborated with Obsess Inc. to launch a virtual reality shopping experience, providing an experiential e-commerce platform accessible via desktop, mobile, or Meta Quest 2 VR headset. The immersive digital shopping experience allows users to explore and shop Alo's collections, engage with various content, and create custom outfits.

In July 2021, Snap Inc. acquired Vertebrae Inc. to expand its services for retail clients. This acquisition allows Snap to offer a platform for retail clients to create and manage 3D versions of their products, accessible to shoppers within Snapchat. Vertebrae Inc. operates a 3D and augmented reality platform, contributing to the evolution of virtual reality in shopping.

Major companies operating in the virtual reality shopping market report are Amazon Inc., Alphabet Inc., Samsung Electronics Co. Ltd., Microsoft Corporation, JD.com Inc., Alibaba Group Holding Limited, Meta Platforms Inc., Target Corporation, Lowe's Companies Inc., Best Buy Co. Inc., IKEA Group, Macy's Inc., Adobe Inc., Wayfair Inc., eBay Inc., Pinterest Inc., PTC Inc., Unity Technologies Inc., Barco NV, HTC Corporation, EON Reality Inc., Ultraleap Ltd., Threekit Inc., Cappasity Inc., Newegg Inc., InContext Solutions Inc., Sixense Enterprises Inc., WorldViz Inc., Obsess VR Inc., Marxent Labs LLC.

Asia-Pacific was the largest region in the virtual reality shopping market in 2023. The regions covered in the virtual reality shopping market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the virtual reality shopping market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Virtual reality shopping represents a technology-driven retail experience that enables users to explore and purchase products within a simulated, immersive environment, thereby enhancing the online shopping encounter. The primary goal of virtual reality shopping is to provide distinctive product visualization and facilitate customers in virtually trying out products before making a purchase.

Key devices employed in virtual reality shopping include gesture-tracking devices (GTD), head-mounted displays (HMD), projectors, and display walls (PDW). A gesture-tracking device (GTD) is a technological tool that captures and interprets human gestures for various applications, such as controlling electronic devices or interacting with virtual environments. The technologies involved encompass semi- and fully immersive, as well as non-immersive technologies, utilizing various components including both hardware and software. These technologies find applications across diverse sectors such as aerospace and defense, commercial ventures, healthcare, enterprises, and other domains.

The virtual reality shopping market research report is one of a series of new reports that provides virtual reality shopping market statistics, including virtual reality shopping industry global market size, regional shares, competitors with virtual reality shopping market share, detailed virtual reality shopping market segments, market trends, and opportunities, and any further data you may need to thrive in the virtual reality shopping industry. This virtual reality shopping market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The virtual reality shopping market consists of revenues earned by entities by providing services such as product customization and personalization, product visualization, store layout testing, and more. The market value includes the value of related goods sold by the service provider or included within the service offering. The virtual reality shopping market also includes sales of VR headsets, helmets, gloves, and controllers that are used in providing services. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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