New York, USA, Oct. 25, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “AR and VR Hardware Market Research Report – Information by Hardware Type, by Application, by Vertical Industry and Region – Forecast to 2030, the market is anticipated to acquire a valuation of approximately USD 389 066.4 million by the end of 2030. The reports predict that the market will thrive at a robust CAGR of over 37.8% over the evaluation period.

AR and VR hardware market leaders

The eminent players profiled in the Global Virtual and Augmented Reality Hardware Market report include:

• Oculus VR
• Samsung Electronics Co., Ltd
• world to know
• NXP Semiconductors
• Bosch Group
• Inertia Laboratories
• sony corporation
• valve corporation
• HTC Corporation
• DPVR
• vuzix
• Qualcom Technologies Inc.
• Seiko Epson Corporation
• Penumbra, Inc.
• limited ARM
• LEKE VR
• Google LLC.

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Scope of the report:

Explore in-depth market research report (110 Pages) on Virtual and Augmented Reality Hardware Market:

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drivers

Technology upgrades to drive market growth

Various technology upgrades in head-mounted displays based on immersive technology will drive the growth of the market during the forecast period.

Opportunities

Increased use of tablets and smartphones for AR and VR to deliver strong opportunities

The increase in the use of tablets and smartphones for AR and VR will offer lucrative opportunities for this market in the forecast period. Users still download VR and AR content for their mobile phones from Oculus, Google Play and other retailers, particularly for AR-capable mobile devices. 5G, as well as mobile apps, will have a huge impact on both AR and VR, particularly AR. AR and VR, particularly VR, have inherent requirements for the production, processing, and high data transfer of virtual images. This will improve when more internet and mobile devices support 5G connectivity.

Constraints and challenges

Limited storage, memory and processing capacity in mobile phones to act as market restraints

The components necessary for the proper application of the immersive display technology are still in the works. The two key issues impeding market growth are limited battery life and image latency issues. Due to image lag difficulties, such as decreasing the interpupillary distance to prevent image blur, existing AR VR-based displays face a major hurdle. Similarly, commercially available display devices have limited battery life.

Segmentation of the virtual and augmented reality hardware market

The global market for virtual and augmented reality hardware has been bifurcated based on vertical industry, application, and hardware type.

By hardware type, sensors will lead the market in the forecast period.

By application, the head-mounted display will dominate the market during the forecast period.

By industry vertical, gaming and entertainment will lead the market during the forecast period.

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COVID-19 analysis

COVID-19 has had a significant influence and has disrupted supply chain hubs around the world. China, one of the key manufacturing hubs, has seen a 14% decline in production capacity and a 40% decline in shipments of electronic components worldwide. COVID-19 has infected the center of the global value chain, with China playing a key role in the supply of raw materials, product assembly and final delivery. Textile raw materials, textile and clothing accessories, mechanical and electrical products, automatic data processing systems, central processing units, electrical equipment, and vehicles have experienced significant declines in exports. Additionally, according to a survey conducted by the National Association of Manufacturers to assess the economic effect of COVID-19 on manufacturers, 78% predict a financial hit, approximately 51% anticipate a change in operations, and nearly 35% anticipate disruptions. in the supply chain.

Despite the growing uncertainty, semiconductor manufacturers, particularly chipmakers, are trying to keep operations running and devise a long-term strategy. To maintain the ongoing stability of the business, many semiconductor manufacturers interact with their partners and specific markets. Semiconductor manufacturers, for example, continually work on research, designs, and manufacturing methods, with the health and safety of their employees in mind. The semiconductor industry has felt compelled to maintain operations for its end users, including medical and healthcare technology such as artificial intelligence, Industry 4.0 and 5G, which are helping in the fight against the COVID-19 pandemic.

Regional Analysis

North America will lead the market for virtual and augmented reality hardware

The North American market for augmented reality and virtual reality hardware is separated into two countries: the United States and Canada. The increasing development of AR and VR technology, combined with a large number of AR and VR technology players in North America, is expected to generate a high CAGR during the projection period. Several educational institutions, for example, plan to launch digital twin campuses to give students access to learning options in the metaverse, according to VictoryXR, a provider of virtual and augmented reality (AR/VR) content for schools and educational institutions, which has announced the launch of ten “Metaversities” in the US this fall. In addition, increased demand for consumer electronics-based virtual reality applications and end-user awareness of immersive reality systems has led companies operating in the region to constantly reinvent and rebrand legacy products to improve the level of quality and unique design. For example, Meta (formerly Facebook) intends to produce four new virtual reality (VR) and mixed reality (MR) headsets by 2024. Later this year, the company expects to introduce a web version of Horizon, allowing consumers access metaverse experiences from a variety of devices, even those without headsets.

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APAC will see admirable growth in the virtual and augmented reality hardware market

The Asia-Pacific AR/VR market is being driven by increased spending on augmented reality and virtual reality (AR/VR) technology, as well as increased wireless-first adoption among corporations, industries, and industry organizations public. Vendors will enhance VR headsets, AR for phones, and smart glasses, and disrupt augmented audio technologies, creating good growth prospects for the consumer market. The need for companies for a new immersive experience in the way they conduct business and interact with customers and employees is driving the spectacular growth of the market for AR/VR technologies. However, providers must also respond to consumer AR/VR applications if they are to capitalize on the high-growth prospects in future years. The highest spending sectors during the projection period will be professional services, healthcare, discrete manufacturing, education, and healthcare.

Related reports:

Virtual Reality Market Research Report: By Component, By Device Type, By Technology, By Vertical: Forecast to 2030

Augmented Reality and Virtual Reality Market: By Technology, By Component, By Device Type and Virtual Reality Devices

AR/VR in the aviation market Research Report: Insights by Technology, Feature, Product, Component, Application, Vertical, and Region: Forecast to 2030

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