U.S. Virtual Reality Market Size, Share & COVID-19 Impact Analysis, By Component (Hardware, Software, and Content), By Device Type (Head Mounted Display, VR Simulator, VR Glasses, Treadmills & Haptic Gloves, and Others), By Industry (Gaming, Entertainment, Automotive, Retail, Healthcare, Education, Aerospace & Defense, Manufacturing, and Others), 2023-2030

The U.S. virtual reality market size is projected to grow at a CAGR of 28.6% during the forecast period.

Virtual reality users are growing significantly in the U.S. This country is one of the leading countries in the virtual reality market growth. It was also a pioneer in introducing technological innovations that gave the U.S. an edge over other nations. Additionally, the country has the highest number of startups focused on bringing innovative VR technology to various industries.

• As per Tracxn Technologies, there are around 951 Virtual Reality startups in the U.S., further boosting the adoption of VR in the country.

LATEST TRENDS

Increase in Number of Gamers to Fuel the Market Growth

According to data released by the Entertainment Software Association, nearly 227 million Americans, including two-thirds of adults and three-quarters of children under 18, play video games weekly. Moreover, the study mentioned about 55% of men and 5% of women play video games, and the average age of players is 31. Thus, companies in the country are launching new products that will accelerate the adoption of VR during the forecast period. For example,

• In July 2021, Virtex, an American VR-based company, announced plans to launch a virtual reality stadium called "Virtex Stadium", enabling fans to watch the game with their friends from the middle of the field. The launch coincides with the growing popularity of eSports and the increasing affordability and performance of consumer VR devices.

DRIVING FACTORS

Rising Start-ups in the Country to Drive the Demand for Virtual Reality

The country has the highest number of startups focused on bringing innovative VR technology to several industries. As per Tracxn Technologies, approximately 951 virtual reality startups are in the U.S. JauntVR, Orbbec, Dreamscape and Sandbox VR are among those startups that create location-based virtual reality entertainment.

Tracxn Technologies plans to open a VR theatre in Los Angeles with untethered VR headsets. Participants wear computer-driven VR headsets carried in custom-made backpacks and move freely through space, interacting with and interacting with real and virtual objects.

Furthermore, the investors in this country are significantly planning to invest in VR technology startups working in the area. For instance,

• The GFR Fund financed 17 U.S. startup organizations based on VR technology. Such continuous investments are driving market growth.

RESTRAINING FACTORS

Stringent Regulations Regarding Content Generation to Impede the Growth

The U.S. has laws that regulate the distribution of certain types of content, including obscene or harmful material. Virtual Reality technology presents unique challenges in enforcing these regulations, as it is often difficult to determine the location or identity of the person behind the content.

KEY INDUSTRY PLAYERS

In terms of the competitive landscape, U.S. virtual reality market share depicts the presence of emerging and established companies. Oculus (Meta Platforms, Inc.) dominated the U.S. market in 2022. In addition, the aim towards the higher implementation of these solutions has enabled the companies to deliver better virtual reality experiences, which has considerably improved their sales.

LIST OF KEY COMPANIES PROFILED:

• Oculus (Meta Platforms, Inc.) (U.S.)


• Google LLC (Alphabet Inc.) (U.S.)


• Microsoft Corporation (U.S.)


• Talespin Reality Labs, Inc. (U.S.)


• Vicarious Surgical (U.S.)


• AppliedVR, Inc. (U.S.)


• Unity Software Inc. (U.S.)


• Qualcomm Incorporated (U.S.)


• Nvidia Corporation (U.S.)


• HaptX Inc. (U.S.)

KEY INDUSTRY DEVELOPMENTS: 

• February 2022 - Sony Interactive Entertainment LLC released the VR2 and VR2 Sensors for PlayStation 5 to provide users with a next-level virtual reality experience that enables gamers to escape into a gaming world with unique experiences. VR2 adds advanced trackers and high visual fidelity.


• January 2022 - Sony Interactive Entertainment LLC acquired Bungie's video game developer organization for USD 3.60 billion. Bungie, well known for making halo and destiny games, will aid Sony in reaching billions of people globally.

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The study on the U.S. market comprises major areas to get a better knowledge of the industry. Additionally, the research offers insights into the most recent market trends and analyses of technologies implemented worldwide. Further, it highlights the growth restrictions and elements, allowing the reader to understand the market.

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