Virtual reality (VR) devices saw $9 million in sales in 2021 and 2022 combined. However, there has been a 70 percent drop in unit sales so far in 2023, which, according to Circana, is a product of high pricing and a lack of innovative products.
Prior to the unveiling of the Apple Vision Pro headset, products on the market were overwhelmingly geared towards gamers and tech enthusiasts. Circana Connected Intelligence confirmed that men between the ages of 25 and 34 are two times more likely to own a VR headset than the average consumer.
According to an article posted by Ben Arnold, Executive Director and Industry Analyst of Consumer Technology for Circana, “The relatively few new headsets released over the past 18 months have focused more on niche audiences, like VR users in enterprise settings or PS5 owners in the case of Playstation VR 2. The MR market is in search of a device that will be universally adopted.” The Apple Vision Pro headset, which was released in June, may be just the solution the market needs to breath new life into the segment by shifting the focus from gaming to Extended Reality (XR).
Moreover, tech companies like Apple and Meta are promising to launch various hardware designs with entry-level, mid-tier, and premium-level specifications. If the Apple Vision Pro is the hit it is projected to be at the lofty pricetag of $3,499, this strategy of providing more entry points should increase the probability of consumers investing in VR, and XR devices.