The Virtual Reality Shopping Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Virtual Reality Shopping Global Market Report 2024, The virtual reality shopping market size has grown exponentially in recent years. It will grow from $57.53 billion in 2023 to $74.56 billion in 2024 at a compound annual growth rate (CAGR) of 29.6%. The growth in the historic period can be attributed to enhanced shopping experience, e-commerce integration, increased consumer adoption of vr, brand engagement, competitive edge.
The virtual reality shopping market size is expected to see exponential growth in the next few years. It will grow to $205.03 billion in 2028 at a compound annual growth rate (CAGR) of 28.8%. The growth in the forecast period can be attributed to mobile vr experiences, social vr shopping, ai-powered personalization, virtual fitting rooms, integration with augmented reality, environmental and sustainable shopping. Major trends in the forecast period include technology advancements, social vr shopping, personalization and ai-driven recommendations, virtual fitting rooms, integration with e-commerce platforms.
The rising e-commerce industry is expected to propel the growth of the virtual reality shopping market going forward. The e-commerce industry refers to the buying and selling of goods and services online, encompassing a wide range of online retail and digital transactions. Virtual reality shopping enhances the e-commerce experience by immersing customers in virtual stores, allowing them to explore products and make informed decisions from the comfort of their homes. For instance, in August 2023, according to the U.S. Department of Commerce, a US-based executive department of the federal government, on an unadjusted basis, the estimate of U.S. retail e-commerce sales for the second quarter of 2023 was $269.5 billion. This represented an increase of 6.6% from the first quarter of 2023. Comparatively, e-commerce sales for the second quarter of 2023 rose by 7.7% when compared to the same quarter in 2022. Therefore, the rising e-commerce industry is driving the growth of the virtual reality shopping market.
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The virtual reality shopping market covered in this report is segmented –
1) By Device: Gesture-Tracking Device (GTD), Head-Mounted Display (HMD), Projectors And Display Wall (PDW)
2) By Technology, Semi And Fully Immersive, Non-Immersive
3) By Component, Hardware, Software
4) By Application: Aerospace And Defense, Commercial, Healthcare, Enterprise, Other Applications
Major companies operating in the virtual reality shopping market are adopting strategic partnerships approach to enhance their capabilities and competitiveness. Strategic partnerships refer to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. For instance, in February 2023, Alo LLC, a US-based activewear and lifestyle company, partnered with Obsess Inc., a US-based e-commerce platform company, to launch a virtual reality shopping experience with an experiential e-commerce platform. The virtual store can be accessed via desktop, mobile, or the Meta Quest 2 VR headset. The virtual store also includes beauty and wellness tutorials. The immersive digital shopping experience allows visitors to learn and shop Alo’s collections, interact with a variety of content, and build custom outfits.
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