Global AR and VR Market Set to Surge to USD 200.9 Billion by 2030

Posted by Aryan on November 7th, 2024

The AR and VR industry is projected to grow significantly, with revenue reaching USD 59,755.4 million in 2024 and an estimated CAGR of 22.0% from 2025 to 2030, resulting in a market size of USD 200,868.5 million by the decade's end. This growth is fueled by the widespread adoption of AR and VR in sectors like gaming, entertainment, education, tourism, retail, and healthcare.

Conveniently wearable AR and VR devices, including smart glasses, HUDs, and HMDs, allow users to move freely while interacting with virtual and augmented content. AR displays enhance reality without blocking visibility, while mobile VR headsets provide immersive experiences within a defined virtual environment. These technologies are advancing rapidly, with new designs compatible with smartphones and tablets, making AR and VR accessible to a broader audience.

Extended reality (XR) systems are anticipated to become more readily available to the general public through diverse channels, supported by the booming smartphone and tablet markets. This trend underscores the role of these devices as promising hardware platforms for AR and VR applications.

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Key Insights:

• AR technology is expected to grow at a CAGR of 26.0% during the forecast period, capturing the largest market share.
• The hardware segment holds a 64% market share in 2024, driven by declining device costs and demand from the gaming industry.
• HMDs lead the AR device market with over 66% revenue share in 2024, driven by lighter displays and technical advancements.
• HMDs also dominate the VR device market with a 66% share, particularly popular in gaming and tourism.
• Gesture-tracking devices are expected to grow at a CAGR of 19.2%, expanding VR use in business and educational settings.
• Increased demand for high-quality entertainment and customizable displays for businesses is set to boost revenue.
• There is a sharp rise in AR and VR demand in tourism, automotive, gaming, and education.
• The consumer segment leads the AR devices market with a 56% revenue share in 2024.
• Gaming is the fastest-growing segment within the VR devices market.
• Major companies such as Oculus VR, Samsung, Sony, HTC, FOVE, Nintendo, and Electronic Arts are key players.
• The APAC region, with a CAGR of 22.7%, is the fastest-growing market, supported by investments in commercial, defense, healthcare, and automotive sectors.
• North America holds the largest market share at 34% in 2024, driven by significant government investments and leading tech companies like Google, Microsoft, and Apple.

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