Head Mounted Devices Market Trends

Growth Drivers

• 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.

Challenges

• 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 Head-mounted Display (HMD) Market growth in the coming years.