Camera lenses are an important component of HUDs and HMDs used for providing the AR and VR experience. The increasing investment in AR VR, coupled with the rising demand for AR VR in healthcare, retail, and the consumer industry, is driving the growth of the Virtual Reality and Augmented Reality Lens Market Ecosystem.

The companies operating in the Virtual Reality and Augmented Reality Lens Market Ecosystem are continuously investing in technologies to make the lenses lighter, thinner, and cost-effective. In 2019, Digilens, one of the major players in the market, revealed affordable and sturdy plastic lens that could compete with the precision glass in terms of brightness, clarity, and color. Companies are also entering into strategic partnerships with raw material suppliers and product manufacturers.

Manufacturers are also evaluating advanced technologies such as 3D printing for the manufacturing of AR VR lenses. In October 2017, Luxexcel, a Dutch lens 3D printer maker, secured US$ 4.7 million equity investment from Innovation Industries.

Figure 1: Ecosystem Snapshot: Virtual Reality and Augmented Reality Lens Market Ecosystem

In the Products, Parts & Devices segment, Head Mounted Displays have accounted for the highest share in 2018. The HMDs market is expected to grow at a CAGR of 25.48% between 2018 and 2023, mainly driven by the adoption of HMDs in automotive, gaming, and healthcare industry. This, in turn, will drive the growth of the AR VR lenses.

Table 1: Segmentation of the Virtual Reality and Augmented Reality Lens Market Ecosystem

Raw Materials Product, Parts & devices End user Silicon Head Up Displays Automotive GaN Head Mounted Displays Aerospace Glass Smart Glass Defense Plastic Hand Held Devices Logistics SiC AR Screens Retail Metals Healthcare Others Consumer Industry Others

AR VR lenses have several applications in end-use industries such as consumer, healthcare, automotive, and retail. The consumer end-use industry, which includes gaming, entertainment, sports, etc., dominated the Virtual Reality and Augmented Reality Lens Market Ecosystem in 2018.

The AR VR gaming market was valued at US$ 1,340.2 million in 2018 and is expected to grow at a CAGR of around 26.6% between 2018 and 2023. This, in turn, will drive the growth of the Virtual Reality and Augmented Reality Lens Market Ecosystem. Additionally, there is an increasing demand for high resolution lenses for gaming applications.

Figure 2 – Market Statistics Glimpse: Virtual Reality and Augmented Reality Lens Market Ecosystem

Global Virtual Reality and Augmented Reality Lens Market Ecosystem

The Global Virtual Reality and Augmented Reality Lens Market Ecosystem was valued at US$ 706.8 million and is expected to reach US$ 2,687.7 million by the year 2023, growing at a CAGR of 30.6% during the forecast period. Advancements in technology, increasing digitization, and the increasing use of HMDs in the gaming industry are some of the factors that are driving the growth of the virtual reality and augmented reality lens market.

North America dominated the market in the base year 2018. The global AR VR devices shipments were around 13 million in 2018. North America held around 35% share of the total shipments. This is one of the major reasons for the dominance of this region in the ecosystem. However, in terms of investment in VR, it is expected that China will overtake the US to take the top spot in the coming years.

The major players operating in the global Virtual Reality and Augmented Reality Lens Market Ecosystem are as follows:

Company Ecosystem Positioning Total Revenue (2018) Industry Region Canon Component Provider US$ 35.60 bn AR VR Global Zeiss International Component Provider US$ 7.09 bn AR VR Global Nikon Corporation Component Provider US$ 6.46 bn AR VR Global Largan Precision Component Provider US$ 1.65 bn AR VR Global Samsung Electronics Component Provider US$ 221.57 bn AR VR Global

Very few markets have the interconnectivity with other markets like Virtual Reality and Augmented Reality Lens. Our Interconnectivity module focuses on the key nodes of heterogeneous markets in detail. Artificial Intelligence, Internet of Things, Autonomous Vehicles, and AR VR in Healthcare markets are some of our key researched markets.

Figure 3 –Major Interconnectivities of Virtual Reality and Augmented Reality Lens Market Ecosystem

Table 2: A Glance on Global Virtual Reality and Augmented Reality Lens Market Ecosystem Trends:

Trends Raw Materials Products, Parts & Devices End-user Impact Lenses that consist of unique optical design integrated with augmented reality and virtual reality technologies are anticipated to be replaced by metalenses. Metalenses will reduce the size of VR headsets. HMDs 0.29% Increasing usage of Fresnel lenses in AR VR headsets, which make them lighter and thinner, will lead to an increasing adoption of AR VR devices, thus driving the market. xx xx% Trend 3 xx xx xx% Trend 4 xx xx xx% Trend 5 xx xx xx%

Research methodology: