While the virtual reality (VR) industry is still finding its feet, with the first hardware launches over 2016, and content creators experimenting what can and can’t be down with the technology, VR is already having an influence over other markets. In a recent study by Grand View Research, Inc. the company expects the headphone market to reach approximately $20,465.7 million USD by 2024, with VR suggested as being one of the key contributors.
Head-mounted displays (HMDs) such as Samsung Gear VR, HTC Vive and PlayStation VR all require some sort of headphones to enjoy the immersive experiences properly. While the respective companies do tend to provide earphones to get consumers started, these aren’t of the same quality that a proper set of headphones from a specialist company would provide. The current one exception would be the Oculus Rift which does have built-in headphones, but these can still be improved upon by buying better cans.
And with tech such as 3D spatial audio becoming ever more advanced, allowing users in virtual worlds to hear exactly where a bullet has been fired from, or someone talking who’s not in direct field of view, audio plays an extremely important role in the whole experience.
The key findings from the study suggest that:
- The earphones are projected to gain momentum over the forecast period. Valued at approximately $5,162.4 million in 2015, the segment and is projected to reach approximately USD 9,616.7 million by 2024.
- Headsets within the pricing range of $50-100 are predicted to witness a high demand during the forecast period. This segment demand was valued at 95.0 million units in 2015 and is expected to grow at a CAGR of 12.4% from 2016 to 2024.
- The growing demand for enhanced user experience while playing PlayStation or high-quality graphics games on mobile applications has increased the demand for gaming and VR headsets as it stands today. The trend is likely to continue over the forecast period.
- The key vendors dominating the industry include Apple, Inc., Sennheiser Electronic GmbH & Co. KG, Sony Corporation, Bose Corporation, JVC Kenwood Corporation, Alclair Audio, Harman International Industries, Inc., and Panasonic Corporation
- The Asia Pacific region is estimated to be the key market over the forecast period, owing to the increasing demand for headsets in countries such as China, India, and Japan.
VRFocus will continue its coverage of the latest developments in VR and related markets, reporting back with any further details.