According to the report by Expert Market Research (EMR), the global AR and VR display market size is projected to grow at a CAGR of 36% between 2023 and 2028. Aided by the increasing demand for immersive technology in various sectors and the escalating use of AR and VR displays in different industries, the market is expected to grow significantly by 2028.
AR (Augmented Reality) and VR (Virtual Reality) displays are key components of immersive technologies that enhance user experiences by integrating virtual elements with the real world (AR) or by creating entirely virtual environments (VR). They play a significant role in various applications, such as gaming, training and simulation, medical procedures, and education. Beyond their immersive properties, AR and VR displays also offer benefits in terms of enhanced interactivity, realistic simulation, and real-time data visualisation, making them invaluable in various industrial applications.
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The consumers’ increasing interest in immersive technology is fuelling the global AR and VR display market expansion. There has been a noticeable shift towards AR and VR-based products and services as awareness of the potential of these technologies to improve user experiences has grown. The booming gaming industry has also contributed to the rise in popularity of AR and VR displays since they provide players an immersive and engaging gaming experience.
The expanding applications of AR and VR displays in various industries also play a significant role in accelerating the global AR and VR display market development. In the healthcare sector, these technologies are used for surgery simulation, phobia treatment, and robot-assisted surgery. The education sector utilises AR and VR for enhanced learning experiences. Moreover, AR and VR displays’ capabilities for product visualisation make them essential in the retail and real estate industries.
Additionally, there is a greater emphasis on AR and VR as a crucial part of future technologies as a result of the consumer electronics sector’s expanding demand for smart gadgets. Due to the development of the Internet of Things (IoT) and rising customer expectations for interactive and personalised experiences, AR and VR displays have become essential parts of the upcoming generation of consumer electronics, driving the growth of the AR and VR display market.
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AR and VR Display Market Segmentation
The market can be divided based on type, technology, application, and region.
Market Breakup by Type
• HMD
• HUD
• Projector
Market Breakup by Technology
• Augmented Reality (AR)
• Virtual Reality (VR)
Market Breakup by Application
• Commercial
• Automotive
• Healthcare
• Aerospace and Defence
• Others
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global AR and VR display companies. Some of the major key players explored in the report by Expert Market Research are as follows:
• Samsung Electronics Co. Ltd.
• Oculus VR (Facebook Technologies, LLC)
• Sony Corporation
• LG Electronics Inc.
• HTC Corporation
• Others
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