Virtual Reality (VR) Market is Set to Experience a Significant Growth of 48.7% CAGR from 2022 To 2031

Market Overview

The Virtual Reality (VR) market was valued at USD 11.52 billion in 2022 and is expected to reach USD 87.97 billion by 2031, at a CAGR of 48.7% over the forecast period. VR technology has gained widespread recognition and adoption over the past few years. Recent technological advancements in this field have revealed new enterprises. Numerous players are emerging in this market with the hopes to navigate it toward mainstream adoption.

The launch of commercial virtual reality headsets is expected to accelerate the growth of the market. Technological advancements in VR are expected to generate a plethora of VR solutions with diverse capabilities, which allow consumers to experience the utmost immersion. Making the VR experience more real serves as a key driver for market adoption and penetration.
Virtual reality has often found its application compelling, with interactive video games or even movie and television series. Virtual reality serves as a platform to project things that are otherwise too dangerous, expensive, or impractical to do.
Investments by the technology vendors are creating an advancement in the field of display technology, which is likely to change the vision of the traditional methodology. With technology giants, like Google, investing considerable amounts in the tech startups for the development of VR devices, along with other prominent players investing in their R&D over this segment, the future of the market is expected to be more competitive.

Scope of the Report

Virtual reality blurs the line between digital and physical worlds, thereby, generating a sense of being present in the virtual environment for consumers. Several multinational corporations, such as Sony and HTC, are venturing into this market space.

Key Market Trends

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Mobile Hardware expected to Hold Major Share

Mobile virtual reality (VR) is the most affordable experience for consumers who want to explore VR without spending a substantial amount of money. Additionally, the portability and massive install base of smartphone users, across the world, lead to its wide-scale adoption. VR headsets rely on the smartphone to display content and use numerous specially developed apps for the same.

For instance, Matterport VR Showcase is a virtual reality app compatible with Samsung Galaxy series (Android KitKat 4.4+), for which the Oculus Gear VR app needs to be installed on the device.

In 2016, approximately 87% of the virtual reality headsets sold worldwide were mobile phone-based, meaning a user’s smartphone mounted on the headset and operated as the screen. Popular mobile phone VR headsets include the Google Daydream View and Samsung Gear VR.

While VR for mobile is currently a less immersive experience than console and PC-based VR, its adoption is expected to increase over the forecast period, due to a host of technological advancements in the mobile VR space. Also, with the growth of smartphones, there is massive potential for the VR market, over the forecast period.

Asia-Pacific Region expected to Witness Significant Growth

Asia-Pacific is expected to hold the major share, owing to the presence of large and several emerging economies, along with the rising acceptance of virtual reality devices in the region. This is, in turn, expected to encourage industry players to invest in the region. China is expected to account for a prominent share in the region, owing to the rising adoption of VR technology in the country. VR took the center stage in China’s tech scenario in 2016. Many startups related to virtual reality are also growing in the country. For instance, Palapple is developing its own VR products. The company also created a project called VResidence, which offers a number of virtual reality real estate products, including an online platform for second-hand property.

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