Global Virtual Reality Gaming Market to Grow at a CAGR of 29.7% During 2024-2032, Aided by Rapid Innovations and Technological Advancements

Virtual reality gaming enables individuals to immerse themselves in a three-dimensional environment and engage with it during gameplay. This technology utilises various tools such as virtual reality headsets, motion capture techniques, and game controllers to simulate a realistic experience for users. The increasing consumer disposable income, expansion of the entertainment, media, and gaming sectors, and the increasing popularity of location-based gaming supports the virtual reality gaming market. Advanced iterations of VR include features like wrap-around displays and wearable computers, offering enhanced visuals, sound, and immersion. Additionally, the inclusion of controllers enhances user interaction, empowering them to customise and manipulate the gaming environment to suit their preferences.

The competitive landscape of virtual reality headsets is restricted to a few players, making it a highly concentrated market. Meta holds 90% of the VR headset market, followed by ByteDance's Pico, with a 4.5% share. Taiwan's HTC, China's DPVR, and iQIYI are the other three companies in the VR headset market, with less than 4% share combined.

Fig: Virtual Reality Headset Market Share by Industry Players, in Percentage

In addition, increasing infrastructural investment for fast internet connectivity is supporting the market for virtual reality gaming, reducing latency and ensuring smooth connectivity. According to industry reports, the global 5G subscription market is anticipated to increase by 212% from 2023 to 2028, reaching up to 4,624.1 million subscriptions in 2028.

Fig: Global 5G Subscriptions (2018-2029), Million Units

Further, increasing advancements in technology and constant innovations in the gaming sector are leading to the launch of advanced VR headsets. For instance, in December 2023, the Sony PlayStation VR2 virtual reality headset was launched in India, a growing market for e-gaming.

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Market Breakup by Segment, Device, Age Group, Types of Games, and Region:

• Based on segment, the market is divided into software and hardware.

• The market is segmented based on devices into personal computers, gaming consoles, and mobile devices.

• Based on age group, the market can be divided into adults and children.

• By types of games, the market is segmented into racing, adventure, fighting, shooting, mystery thriller, puzzle, and science fiction, among others.

• Region-wise, the global market for virtual reality gaming can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• Continuous advancements in virtual reality technology and the development of advanced features like wrap-around displays and wearable computers, are key drivers shaping the virtual reality gaming market. These innovations enhance user experience and drive consumer adoption.

• Seamless connectivity is crucial for reducing latency and ensuring smooth gameplay experiences, in turn driving the demand for VR gaming. Increasing investment in infrastructure for fast internet connectivity, particularly the global expansion of 5G networks, is a significant driver for virtual reality gaming.

• The rapid digitalisation across emerging economies, expansion of the e-gaming sector, and improving living standards are contributing to the growth of the overall market.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for virtual reality gaming for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the segment, device, age group, types of games, and major regions of virtual reality gaming.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global virtual reality gaming market are Fove, Inc, Google, HTC Corporation, Razer Inc., Samsung Electronics Co., Ltd., and Advanced Micro Devices, Inc, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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