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The hardware segment of the offering segment is expected to exhibit the highest CAGR between 2024 and 2029. The upcoming launches planned for extended reality headsets are expected to support the market growth from 2024 to 2029. In addition, several startups are developing affordable extended reality hardware devices to widely use across consumer, commercial, and enterprise applications.
Extended reality market share, by application, will be dominated by automotive application, registering the highest CAGR. In the automotive sector, Virtual Reality (VR) and Augmented Reality (AR) are used for virtual prototyping, design visualization as well as immersive training of employees, which enables manufacturers to cut the development time and get onto the market faster. Additionally, augmented reality (AR) is being used in advanced driver assistance systems (ADAS) and heads-up navigation displays (HUDs) for several navigation and safety functions, assisting in improving the user experience while driving.
Geographically, the extended reality market in the Asia Pacific is growing at a fast pace, primarily due to the increasing adoption of extended reality technologies in consumer, commercial, and healthcare applications driving the growth of the overall extended reality market in Asia Pacific. The extended reality market in Asia Pacific is projected to witness significant growth over the next few years, owing to the increased adoption of this technology in Japan, China, and South Korea. China and Japan are the economic powerhouses of the region. In India, digitalization is rapidly gaining traction. The use of smartphones and tablets is very high in the country, contributing to the market growth.
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Key Market Players
The key players in the extended reality market are Meta Platform Inc. (US), Microsoft (US), Sony Group Corp. (Japan), Apple Inc. (US), Google (US), HTC Corp (Taiwan), PTC Inc. (US), Seiko Epson Corporation (Japan), Qualcomm Technologies Inc. (US), Samsung Electronics Co. Ltd (South Korea), Lenovo Group Ltd. (China). These players have adopted various organic and inorganic growth strategies such as product launches and expansions, partnerships, collaborations, acquisitions, contracts, and agreements to expand their presence globally and increase their share in the extended reality market.
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