At what pace is the augmented reality (ar) and virtual reality (vr) hardware market growing, and what is its estimated value?
The augmented reality (AR) and virtual reality (VR) hardware market size has grown exponentially in recent years. It will grow from $62.52 billion in 2024 to $84.12 billion in 2025 at a compound annual growth rate (CAGR) of 34.5%. The growth in the historic period can be attributed to increasing adoption of the internet of things (IOT), growing use of smartphones, increasing emphasis on product visualization, growing demand for electronic devices, and growing adoption of smart devices.
The augmented reality (AR) and virtual reality (VR) hardware market size is expected to see exponential growth in the next few years. It will grow to $272.85 billion in 2029 at a compound annual growth rate (CAGR) of 34.2%. The growth in the forecast period can be attributed to the growth of immersive gaming, the rise of 5G technology, the growth of 3D visualization, the rise of cloud computing, and the rising demand for data analytics. Major trends in the forecast period include cloud computing and artificial intelligence integration, integration with smart homes and the Internet of Things, advances in 3D scanning technology, advancements in gaming technology, and gaming peripherals innovations.
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What are the top drivers to the rising demand in the augmented reality (ar) and virtual reality (vr) hardware market?
The rise of cloud gaming is expected to propel growth of the augmented reality (AR) and virtual reality (VR) hardware market going forward. Cloud gaming refers to playing video games streamed from remote servers rather than running locally on a player’s device, eliminating the need for powerful hardware. The rise of cloud gaming is driven by faster internet, reduced hardware costs, and the convenience of instant, cross-device access through subscription services. Augmented Reality (AR) and Virtual Reality (VR) hardware enhance cloud gaming by providing immersive, interactive experiences that seamlessly integrate with cloud-based platforms, delivering high-quality, real-time graphics and responsive gameplay. For instance, in August 2024, according to a report published by Uswitch Limited, a UK-based online and telephone comparison and switching service, the number of online gamers in the UK is projected to increase by 6.64%, rising from 10.84 million in 2023 to 11.56 million by 2027. Moreover, in 2023, according to the Interactive Games and Entertainment Association, an Australia-based trade association, in 2021, 67% of Australians (17 million) played video games. This figure increased to 81% (21 million) in 2023. Therefore, the rise of cloud gaming is driving the growth of the augmented reality (AR) and virtual reality (VR) hardware market.
How is the augmented reality (ar) and virtual reality (vr) hardware market segmented?
The augmented reality (AR) and virtual reality (VR) hardware market covered in this report is segmented –
1) By Hardware Type: Cameras, Controllers, Display Monitors, Headphones, Processors, Sensors, Other Hardware Types
2) By Application: Handheld Devices, Head Mounted Display, Head Up Display
3) By Industry Vertical: Aerospace And Defense, Automotive, Education And Training, Gaming And Entertainment, Healthcare, Other Industry Verticals
Subsegments:
1) By Cameras: Depth Cameras, RGB Cameras, Stereoscopic Cameras
2) By Controllers: Motion Controllers, Handheld Controllers, Wearable Controllers
3) By Display Monitors: AR Glasses, VR Headsets, Smart Glasses, Projection Displays
4) By Headphones: Stereo Headphones, 3D Audio Headphones, Noise Cancelling Headphones
5) By Processors: Graphics Processing Units (GPUs), Central Processing Units (CPUs), Application-Specific Integrated Circuits (ASICs)
6) By Sensors: Motion Sensors, Proximity Sensors, Positional Sensors, Eye-Tracking Sensors
7) By Other Hardware Types: Haptic Devices, AR Or VR Gloves, Tracking Devices
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Who are the top competitors in the augmented reality (ar) and virtual reality (vr) hardware market?
Major companies operating in the augmented reality (AR) and virtual reality (VR) hardware market are Apple Inc., Samsung Electronics Co. Ltd., Microsoft Corporation, Sony Interactive Entertainment LLC, Lenovo Group Limited, NVIDIA Corporation, Goertek Inc., NXP Semiconductor N.V., Valve Corporation, Acer Incorporated, High Tech Computer Corporation, Bose Corporation, Robert Bosch GmbH, Magic Leap Inc., TCL Technology Group Corporation, Pimax Technology Co. Ltd., Varjo Technologies Oy, Vuzix Corporation, Deepoon VR, AjnaLens Private Limited
What significant trends should we anticipate in the augmented reality (ar) and virtual reality (vr) hardware market over the forecast period?
Major companies operating in the augmented reality (AR) and virtual reality (VR) hardware market are focusing on developing innovative solutions, such as enterprise-grade virtual reality headsets, to enhance immersive experiences across various sectors. An enterprise-grade virtual reality headset refers to one designed for professional use, offering high-resolution displays, precise tracking, and robust build quality for industries like training, design, and engineering. For instance, in September 2023, Deepoon (DPVR), a China-based technology company, launched the DPVR P2, an enterprise-grade virtual reality headset designed to enhance immersive experiences in education, business, and healthcare. This headset boasts superior visual quality with high-resolution displays and wide field-of-view optics, delivering immersive experiences crucial for training, simulations, and collaborative work environments. Its robust connectivity options, including wireless and tethered capabilities, ensure seamless integration with existing enterprise systems. Additionally, the headset supports customizable software solutions, enabling businesses to tailor the VR experience to their unique requirements.
Which regional trends are influencing the augmented reality (ar) and virtual reality (vr) hardware market, and which area dominates the industry?
North America was the largest region in the augmented reality (AR) and virtual reality (VR) hardware market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the augmented reality (AR) and virtual reality (VR) hardware market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Augmented Reality (AR) And Virtual Reality (VR) Hardware Market Report 2025 Offer?
The augmented reality (ar) and virtual reality (vr) hardware market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Augmented reality (AR) and virtual reality (VR) hardware refer to the physical devices used to create immersive digital experiences. These devices are designed to interact with users in virtual or augmented environments, providing either a fully simulated experience or enhancing the real world with digital elements.
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