The XR hardware market has grown exponentially, expanding from $95.62 billion in 2023 to $135.57 billion in 2024, reflecting a staggering CAGR of 41.8%. This growth is driven by the increasing use of gesture-based computing and advancements in component technology. The market is projected to continue its upward trajectory, reaching $550.36 billion by 2028, with a CAGR of 41.9%. Future growth drivers include the expansion of the gaming sector and surging adoption of XR technologies in healthcare. Major trends include innovations in software and hardware, as well as enhanced demand for digital marketing solutions.
Major Driver In The Extended Reality XR Hardware Market
The extended reality (XR) hardware market is expected to thrive as the video gaming sector expands. With the internet enabling online multiplayer experiences and innovative game distribution models, XR hardware offers immersive experiences and realistic graphics that enhance gameplay. According to the Entertainment Software Association, total video game sales in the US reached $57.2 billion in 2023, up from $56.6 billion in 2022, signaling strong growth in this sector that is driving demand for XR hardware.
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Extended Reality XR Hardware Market Competitive Landscape
Apple Inc., Google LLC, Samsung Electronics Co. Ltd., Microsoft Corporation, Dell Technologies Inc., Sony Group Corporation, Lenovo Group Limited, Intel Corporation, Qualcomm Incorporated, ASUSTeK Computer Inc., Epson America Inc., Acer Inc., SoftServe Inc., Unity Software Inc., Dynabook Inc., Tata Elxsi, Magic Leap Inc., High Tech Computer Corporation (HTC), Varjo Technologies Oy, SphereGen Technologies LLC, Vuzix Corporation, Xreal Inc
Key Extended Reality XR Hardware Market Trend
The XR hardware market is advancing with the development of natural sight vision technologies to enhance user experiences in virtual and augmented environments. Varjo launched the XR-4 series in November 2023, featuring high-resolution displays and advanced depth sensing capabilities. These innovations aim to deliver mixed reality experiences that are nearly indistinguishable from natural sight, targeting industrial applications that require high levels of realism and immersion.
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Extended Reality XR Hardware Market Segmentation
The extended reality (XR) hardware market covered in this report is segmented –
1) By Solution: Consumer Engagement, Business Engagement
2) By Application: Virtual Reality (VR), Augmented Reality (AR), Mixed Reality (MR)
3) By End-User: Education, Retail, Industrial And Manufacturing, Healthcare, Media And Entertainment, Other End-Users
By Geography:The regions covered in the extended reality (XR) hardware market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the extended reality (XR) hardware market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Extended Reality XR Hardware Global Market Report 2024 furnishes information about the global extended reality xr hardware market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
