Asia Pacific Virtual Reality MARKET by Geography
The Asia Pacific Virtual Reality market is segmented by Geography into North America, Europe, Asia- pacific and LAMEA. China is expected to remain the largest geographic segment within the total Asia Pacific Virtual Reality market.
Due to the increased adoption of Virtual Reality across diverse sectors, and since the current penetration is still at a moderate level, Singapore is anticipated to see the fastest development within the region, with the highest CAGR for the projected period.
According to a report by the India Brand Equity Foundation, the adoption of AR/VR has increased across a variety of business sectors in India.
In India, smartphone penetration was 54% in 2020 and is expected to reach 96% by 2040 which would help immensely in improving VR technology accessibility.
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Asia Pacific Virtual Reality MARKET by End-User Segment
The Asia Pacific Virtual Reality market is segmented by End-User Segment into Gaming and Entertainment, Automotive, Retail and Ecommerce, Healthcare, Defense and Security, Education, Architecture & Planning and Real Estate, Travel and Tourism, Electronics and Engineering Goods and Others.
Competition Scenario in Asia Pacific Virtual Reality Market
The Virtual Reality market is highly competitive with ~500+ players which include globally diversified players, regional players as well as a large number of country-niche players, offering specialized experiences or catering to a particular end-user industry or technology.
Large global players control about 50% of the market, while regional players hold the second largest share. Some of the major players in the market include HTC Corporation, Meta Platforms Inc., Microsoft, Samsung, Sony, Google (Alphabet Inc.), Qualcomm, NVIDIA, AMD, Intel, Eon Reality, Autodesk.
What is the Expected Future Outlook for the Overall Asia Pacific Virtual Reality Market Across the globe?
The Asia Pacific Virtual Reality market was valued at USD ~billion in 2022 and is anticipated to reach USD ~billion by the end of 2028F, witnessing a CAGR of ~% during the forecast period 2022-2028F. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.
Asia Pacific Virtual Reality market is largely driven by rising demand for Virtual Reality from all major industry sectors for an immersive experience and improved quality of visualization.
With the help of Meta Horizon Home, which is available from June 2022, customers can invite friends and track their fitness via the Oculus Mobile App, creating a more social VR experience. HTC revealed that HTC VIVE and Holoride would collaborate to deliver VR entertainment to automobile passengers using the advancements brought on by 5G at the Mobile World Congress 2022.
Microsoft and Samsung, two industrial behemoths, announced their collaboration on December 2021 for their upcoming mixed reality gadget projects like the Hololens, head-mounted mixed reality smart glasses.
To support Victory’s VR education initiative, Qualcomm in April 2021 declared that they are working with the company to provide Oculus Quest 2 headsets running on the Qualcomm Snapdragon Mobile platform. On September 2022, Sony announced another cutting-edge Virtual Reality headset, PlayStation VR2.
The Asia Pacific Virtual Reality Market is forecasted to continue strong growth during the forecast period and reach a revenue of ~US$16 billion by 2030, primarily driven by rising demand for Virtual Reality from all major industry sectors for an immersive experience and improved quality of visualization. Though the market is highly competitive with over 500+ participants, few global players control the dominant share and regional players also hold a significant share.
Key Topics Covered in the Report
- Snapshot of Asia Pacific Virtual Reality Market
- Industry Value Chain and Ecosystem Analysis
- Market size and Segmentation of Asia Pacific Virtual Reality Market
- Historic Growth of Overall Asia Pacific Virtual Reality Market and Segments
- Competition Scenario of the Market and Key Developments of Competitors
- Porter’s 5 Forces Analysis of Asia Pacific Virtual Reality Industry
- Overview, Product Offerings, and SWOT Analysis of Key Competitors
- Covid 19 Impact on the Overall Asia Pacific Virtual Reality Market
- Future Market Forecast and Growth Rates of the Total Asia Pacific Virtual Reality Market and by Segments
- Market Size of Application / End User Segments with Historical CAGR and Future Forecasts
- Analysis of Virtual Reality Market in Major Asia Pacific Countries
- Major Production / Consumption Hubs in the Major Asia Pacific Countries
- Major Production/Supply and Consumption/Demand Hubs in Each Major Country
- Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
- Overview of Notable Emerging Competitor Companies within Each Major Country
Major Companies Covered in the Report
- Meta Platforms Inc.,
- Google (Alphabet Inc.),
- HTC Corporation,
- Eon Reality,
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Notable Emerging Companies Mentioned in the Report
- VA Corporation
- Parallax Labs
- Mind Palace
Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report
- Virtual Reality Solutions Development Companies
- Virtual Reality Equipment and Solutions Distributors
- Potential Investors in Virtual Reality Companies
- Virtual Reality Association
- Utilities Sector Organizations
- Automotive Display Systems Development Companies
- Transportation Equipment Manufacturers
- Urban Mobility Systems Companies
- Industrial Power Generation Equipment Companies
- Commercial Power Generation Equipment Companies
- Research & Development Institutes
- Government Ministries and Departments of Information Technology
- Investors and financial community professionals
- PE and VC Firms focused on Information Technology Sector
Time Period Captured in the Report
- Historical Period: 2019-2021
- Forecast Period: 2022E-2030F
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Asia Pacific Virtual Reality Market