Head Mounted Display Market Forecasts from 2023 to 2028

The head mounted display market is predicted to grow at a CAGR of 16.31% from US$3, 392.256 million in 2021 to US$9, 766.994 million by 2028.

The head mounted display is a projection technology that is mounted on eyeglasses. Customers can now take advantage of greater comfort and improved ergonomics due to the development of such technology and to enhance the user VR/AR experience companies are developing cutting-edge HMD systems.

Further, innovative developments in the field of wearable technology and smart glasses propelled the head mounted display market, thereby augmenting the overall market growth. For instance, in February 2020, Google, a technology business that focuses on search engine optimization and technology announced the release of Google Glass AR, a headset that includes additional information for any object moving in front of it.

Increasing adoption of HMD in gaming applications

The availability of affordable HMD devices and the need for a better gaming experience will lead to a rise in the use of head-mounted displays in gaming applications. The helmet-mounted display encourages improving user experience by enhancing game playability. As a result, the number of VR game releases has increased over time and is what is causing the head-mounted display (HMD) industry to rise.

Affordable HMDs can be utilized for 3D gaming and other leisure pursuits. By coupling modern video and DSLR cameras to a variety of video glasses, a cutting-edge monitor can be created. Filmmakers and photographers can view presentations of their live photos in enhanced clarity due to the glasses' ability to filter out ambient light. For instance, Sony announced a new generation of PlayStation VR for its PlayStation 5 platform in February 2021. This headset is claimed to be available with upgrades such as a higher-resolution screen, a new head-mounted display, a new controller, a single wire in place of the original cable box, and more. Further, these advancements have increased the revenue for the online gaming industry. For instance, as per the FICCI, the revenue of online gaming in India increased from INR 101 billion in 2021 to INR 119 billion in 2022.

The United States is anticipated to be the fastest-growing country in the North American region

The increasing adoption of augmented reality and virtual reality (AR/VR) is expanding the head mounted display market in the country. Further, the increased demand for these displays in the healthcare sector for surgeries and treatments is providing an edge for head-mounted display market growth. Critical patient data can such as MRI, and CT scans can be easily visible through the head-mounted display.

Head-mounted displays are very useful for defense and military purposes as well. Many companies are launching products keeping this very feature in mind. For instance, in October 2022, Honeywell launched the Honeywell 360 Display a head-mounted display designed to offer improved situational awareness to operators of military vehicles, particularly in challenging and low-visibility conditions. This advanced display system replicates natural vision, providing a high-resolution, real-time view of the vehicle's surroundings with minimal delay. The increasing use of head-mounted displays can be attributed to the increasing gaming industry in the United States. According to the Entertainment Software Association (ESA), the number of people who play video games increased to 226.6 million in 2021 compared to 214.4 million in 2020. The rising penetration of video games in the people of the United States is aiding the head mounted display marketto propel in the projected period.

Segmentation:

By Technology

• Virtual Reality
• Augmented Reality

By Connectivity

• Head-Mounted
• Eyewear

By Display

• Slide-On HMDs
• Discrete HMDs
• Integrated HMDs

By Industry Vertical

• Aviation and Defense
• Media and Entertainment
• Manufacturing
• Healthcare
• Education
• Others

By Geography

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• United Kingdom
• Germany
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Others
• Asia Pacific
• Japan
• China
• India
• South Korea
• Taiwan
• Thailand
• Indonesia
• Others