CHICAGO, May 28, 2023 (Globe Newswire) — Investigation says Chinese Augmented Reality and Virtual Reality Market By technology type (AR: markerless, marker-based; VR: non-immersive, semi-immersive, and fully immersive technologies), by device type, product, application, enterprise, and geography – Global forecast to 2027″, Published by MarketsandMarkets, China’s augmented reality and virtual reality market is forecast to grow at a CAGR of 32.0% from 2022 to 2027.
Huge number of local companies producing AR and VR devices to fuel China market growth
China is one of the fastest growing economies in the world. There are many projects underway in this country, especially VR projects. China is focusing more and more on transforming from a manufacturing-driven economy to an innovation-driven one. China’s industrial sector has started investing in R&D activities related to rapidly evolving technologies such as AR, VR and MR.
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According to China’s Ministry of Industry and Information Technology, the gaming industry is growing rapidly, leading to increased demand for HMDs in the country. These HMDs are now in high demand in consumer gaming, sports and entertainment applications. However, in the near future, demand for VR and AR HMDs will also be seen in education, real estate, manufacturing, design, and healthcare applications. China’s industrial sector has started using AR and VR technologies for employee training, simulation projects, and more that require HMD products. The education industry has started using her HMDs in classrooms to improve students’ experience through headsets. The increasing use of his HMD products in medical applications such as surgery and medical simulation are strongly driving the growth of the Chinese market.
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China is one of the fastest growing economies in the world. Asia Pacific is also a promising region for the consumer electronics industry. Various China-based start-ups have helped China develop as a major player in the market. In addition, Landmark Entertainment Group (US)’s China VR and AR theme park consists of digital art galleries, interactive museums, virtual zoos and aquariums, immersive cinemas, and themed experiences. With a huge consumer base fascinated by such emerging technologies, exhibitions and conferences are expected to help grow the domestic AR and VR market. Creative agencies and media companies are using AR and VR solutions for branding and marketing campaigns, which will further drive the market growth in this country.
Many of the retailers in most malls in China use VR headsets to provide a real-life virtual experience. In China, instead of buying headsets, consumers can also experience virtual reality at amusement parks and cyber cafes. Also at Taobao Mall (China), a consumer can wear her VR headset to shop at RH Macy & Company, Target stores, Chemist Warehouse and other virtual stores. Such developments are expected to spur the growth of China’s AR and VR market in the coming years.
Top Major Market Players Augmented Reality and Virtual Reality Company
- Google (US), Microsoft (US),
- Sony Corporation (Japan),
- Samsung Electronics (Korea),
- HTC (Taiwan),
- Apple Inc. (USA),
- PTC Inc. (USA),
- Seiko Epson (Japan),
- Oculus VR (made by Facebook (USA)),
- Lenovo (China), etc.
UK Augmented Reality and Virtual Reality Market
French Augmented Reality and Virtual Reality Market
German Augmented Reality and Virtual Reality Market
Korean Augmented Reality and Virtual Reality Market
Japanese Augmented Reality and Virtual Reality Market