[196 Pages Report] The AR and VR display market size is expected to grow from USD 1.6 billion in 2019 to USD 4.4 billion by 2024, at a CAGR of 21.8% during the forecast period.
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The use of AR HMDs for enterprise and healthcare applications will be the major driving factor for AR displays in the next five years. HMDs are used in different forms including consumer, commercial, enterprise, aerospace & defense, automotive, and healthcare. The increased use of AR HMDs in enterprise and manufacturing would drive the AR display market for HMDs. The use of AR HMDs in retail would drive off the market for AR HMDs in commercial applications.
Gaming and entertainment applications to have significant share in VR display market
The growing use of VR HMDs for gaming will propel the market for consumer applications. Virtual reality technology offers remarkable results regarding visual effects when used in gaming and sports broadcasts. The demand for head-mounted displays is high in consumer applications because of their use in gaming and sports & entertainment. Advancements in computer technology and internet connectivity is driving the market for VR, which, in turn, is expected to drive the demand for VR displays. Samsung Gear VR, Oculus Rift, PlayStation VR, and HTC Vive are among the popular HMDs that are used in various consumer applications. The use of virtual reality is also found in movies, virtual tours, virtual museums, and many others.
AR display market to lead North America during the forecast period
North America, being a developed and technologically advanced region, is likely to be one of the key contributors to the overall market growth during the forecast period. Applications such as enterprise, aerospace & defense, healthcare, consumer, and commercial are utilizing AR technologies for further advancements. The US has many global players featuring AR products and solutions. This helps North America stand out as one of the significant regions in the AR display market, whereas APAC is expected to lead the overall AR and VR display market.
Key Market Players
Samsung Electronics (South Korea), Sony (Japan), eMagin (US), Kopin (US), LG Display (South Korea), Japan Display (Japan), Syndiant (US), AU Optronics (Taiwan), Barco (Belgium), Seiko Epson (Japan), BEO Technology (China), and HOLOEYE Photonics (Germany) are among the few key companies in the AR and VR display market.
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