AR/VR Chip Industry - Regional Synopsis
APAC Market Statistics
Asia Pacific industry is predicted to dominate majority revenue share of 43% by 2037. The market growth in the region is also expected on account of the growing use of virtual reality technology for consumer online learning, medical care, and training. Furthermore, it is noteworthy that countries such as India are poised to implement novel technologies across many industries, implying that the market in the Asia Pacific region will expand at a faster pace during the forecast year. The adoption of contemporary technology by numerous industries, including government, digital logistics, residential and commercial, and transportation, has led to the region's growth.
China's economy is among the fastest-growing in the world. There are a lot of ongoing projects in the nation, particularly VR projects. According to the Ministry of Commerce, People’s Republic of China, in 2022 a strategy was accelerated for the VR industry's growth, to increase its value to more than USD 49.4 billion by 2026. China has been emphasizing more and more the transition of its economy from one centered on manufacturing to one centered on innovation.
The manufacturing industry has been a major source of dependence for South Korea. With significant investments in technology, South Korea is seeing exciting developments in the AR and VR chip industry. It has created an AR supermarket chain that operates on metro platforms. According to the World Economic Forum, Seoul, the dynamic metropolis of South Korea, has introduced the world's first urban metaverse app, marking a groundbreaking move into the digital sphere. With Phase 2 beginning in 2024 and Phase 3 beginning in 2026, the city has committed USD 180 million to building its metaverse infrastructure. Phase 2 will connect local firms with foreign investors, and Phase 3 will incorporate augmented and virtual reality into the city's everyday operations.
North America Market Analysis
North America AR/VR chip market is set to hold revenue share of over 26% by the end of 2037, owing to the increasing demand for consumer electronic devices in the region. Users can use a digital platform to explore the game world with AR and VR. AR/VR chip use in consumer electronics devices is increasing due to the fiercely competitive consumer electronics sector, where manufacturers prioritize updating their products like laptops, cellphones, and digital recorders. Furthermore, to keep up with this trend, big companies like Sony, Apple, Samsung, Panasonic, and Google, among others, implement cutting-edge augmented technologies.
The growing demand for head mounted displays in the military and defense sectors is propelling the market growth of the market in the US. Also, the growing need for lightweight helmets is also fueling the market demand in the region. For instance, in April 2024, a leading provider of smart glasses and Augmented Reality (AR) technology and products, Vuzix Corporation announced it had received new additional orders from two aerospace and defense firms to further develop and deliver waveguide-based display solutions in 2024.
