by Virtual reality (VR) in gaming allows players to immerse themselves in virtual environments through VR headsets. Major games are being developed for both VR-specific platforms as well as non-VR gaming platforms with VR support. Popular VR games include Beat Saber, Superhot VR, and Skyrim VR. VR headsets offer 360-degree tracking and 3D graphics to simulate real-world environment and mechanics. Key players manufacturing VR headsets for gaming include Oculus, HTC Vive, and PlayStation VR.
The global virtual reality in gaming market is estimated to be valued at US$ 15895.59 Mn in 2023 and is expected to exhibit a CAGR of 4.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The “Virtual Reality in Gaming is Expected to be Flourished by Rising Adoption of VR Headsets” refers to higher adoption of VR headsets as one of the key drivers for the market’s growth. VR headsets are seeing increased sales and a lowering of prices, making them more accessible to mainstream gamers. Major factors pushing the adoption of VR headsets include the launch of powerful yet affordable headsets, better hardware specifications to provide high-quality graphics and realistic gameplay, and exclusive VR games developed for popular gaming franchises and platforms. Furthermore, the growing interest of established game developers and publishers in VR gaming is also translating into higher VR content and immersive gameplay experiences, thereby attracting more gamers towards VR technology. These drivers are expected to significantly drive the virtual reality in gaming market over the forecast period.
Segment Analysis
The global virtual reality in gaming market is segmented based on components, gaming console, and end user. By components, hardware dominates with over 60% share due to high demand for VR kits and headsets like Oculus Rift and HTC Vive. The hardware segment is further divided into head mounted displays, VR motion controllers, VR glasses, and others. Among these, head mounted displays account for the largest market share owing to high demand for Oculus Rift and HTC Vive.
PEST Analysis
Political: Government regulations regarding content in gaming may impact the market. However, support for technology development has had a positive influence.
Economic: Rising disposable incomes and spending on gaming and entertainment are driving market growth. emerging markets offer significant opportunities.
Social: Increasing social acceptance of gaming and improving immersive experiences offered by VR are increasing popularity and adoption.
Technological: Advancements in AR and VR technologies are enhancing gaming experiences. Lower prices and wider availability of VR kits are boosting the market.
Key Takeaways
The Global Virtual Reality In Gaming Market Growth is expected to witness high over the forecast period supported by rising popularity of VR gaming experiences. The global virtual reality in gaming market is estimated to be valued at US$ 15895.59 Mn in 2023 and is expected to exhibit a CAGR of 4.2% over the forecast period 2023 to 2030.
Regional analysis:
The Asia Pacific region currently accounts for over 45% share of the global market led by countries like China, Japan and South Korea. Growth in the region is supported by rising disposable incomes, increasing spending on gaming and widespread adoption of new technologies.
Key players:
Key players operating in the virtual reality in gaming market are erck, Zoetis Inc., Boehringer Ingelheim, Elanco Animal Health, Ceva Santé Animale, Virbac SA, Bayer AG, Intervet Inc., Bimeda, Ouroboros Biologicals, Novartis Animal Health, Hygieia Biological Laboratories, Valneva SE, and Vetoquinol.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
