Consumer, Retail & Marketing to Boost Chinese VR HMD Shipments Past 20 Million
February 12, 2018 | ABI ResearchEstimated reading time: 2 minutes
The Chinese Virtual Reality (VR) market has experienced a significant growth over the past two years due to the low-cost VR hardware and software developments and mainly driven by the use cases in Entertainment and Retail & Marketing applications. ABI Research, a market-foresight advisory firm providing strategic guidance on the most compelling transformative technologies, forecasts that Chinese VR market will grow at CAGR 46% to reach 20.5million VR HMD unit shipments in 2022.
Entertainment applications such as video and gaming are increasing the consumer VR adoption rate in China. Nearly 60% of the VR headsets are sold to consumers in 2017. Virtual Reality investments made by Chinese online media companies such as iQIYI, Tencent, and Youku are driving VR adoption by consumers in the region. As competition between Chinese video streaming services accelerates, VR is used as a differentiation tool to stay ahead. Chinese online video companies have launched VR content to their customers: iVR+ video and gaming service by iQIYI, Tencent’s VR live streaming of concerts, and Youku’s VR video content are major VR investments targeting consumers today.
There are several significant burgeoning VR technology opportunities that will grow the Chinese VR Market as well. “China’s huge e-commerce market also creates a large opportunity for VR in the Retail & Marketing segment. Online shopping is a preferred way of shopping for Chinese tech-savvy millennials,” says Khin Sandi Lynn, Industry Analyst at ABI Research. VR technology catches the interest of shoppers since it provides more realistic product viewing experiences when shopping online. Chinese e-commerce giant Alibaba introduced the VR based shopping platform Buy+ which is integrated into the Alipay payment platform, targeting its 450 million daily online shoppers. Other Chinese retail companies such as Suning Commerce Group and Mei.com have also introduced VR technology to attract shoppers.
Education and location-based applications are the other areas with high potential for VR technology. Many Chinese schools are actively considering deployment of VR technology in academic programs and extracurricular programs such as sports. VR Cinemas, VR Theme Parks and government-backed VR Tourism Cloud Data Service Platform are likely to drive Location-based VR market in China.
“The Chinese VR market is mainly driven by consumer applications at present with limited applications available for segments such as healthcare, manufacturing or utilities & energy. Development of high-quality hardware and software is required for the high-accuracy and content-specific needs of these markets,” Lynn concludes.
About ABI Research
ABI Research provides strategic guidance for visionaries needing market foresight on the most compelling transformative technologies, which reshape workforces, identify holes in a market, create new business models and drive new revenue streams. ABI’s own research visionaries take stances early on those technologies, publishing groundbreaking studies often years ahead of other technology advisory firms. ABI analysts deliver their conclusions and recommendations in easily and quickly absorbed formats to ensure proper context. Our analysts strategically guide visionaries to take action now and inspire their business to realize a bigger picture.
Suggested Items
NextFlex Convenes the Hybrid Electronics Community at Binghamton University
05/01/2024 | NextFlexBinghamton University hosted the NextFlex hybrid electronics community on April 18 for a day of expert presentations, breakout sessions on technology and manufacturing topics, and networking.
IDTechEx Report on Quantum Technology: Nano-scale Physics for Massive Market Impact
04/30/2024 | PRNewswireThe quantum technology market leverages nano-scale physics to create revolutionary new devices for computing, sensing, and communications. Across the industry, quantum technology offers a paradigm shift in performance compared with incumbent solutions.
TSMC Certifies Ansys Multiphysics Platforms, Enabling Next-Gen AI and HPC Chips
04/30/2024 | PRNewswireAnsys announced the certification of its power integrity platforms for TSMC's N2 technology full production release. Both Ansys RedHawk-SC and Ansys Totem are certified for power integrity signoff on the N2 process, delivering significant speed and power advantages for high performance computing, mobile chips, and 3D-IC designs.
Koh Young Extends Invitation to the 2024 IEEE Electronic Components and Technology Conference
04/30/2024 | Koh YoungKoh Young, the industry leader in True3D measurement-based inspection solutions, invites you to join us at the at the 2024 IEEE Electronic Components and Technology Conference from May 28-31, 2024, in Denver, Colorado at the Gaylord Rockies Resort & Convention Center.
Samsung Electronics Begins Industry’s First Mass Production of 9th-Gen V-NAND
04/29/2024 | Samsung ElectronicsSamsung Electronics, the world leader in advanced memory technology, today announced that it has begun mass production for its one-terabit (Tb) triple-level cell (TLC) 9th-generation vertical NAND (V-NAND), solidifying its leadership in the NAND flash market.