China the ‘Wild Wild East’ for Virtual Reality Market

Published by , September 5, 2016 10:25 am

(AnimationWorldNetwork) China has truly become “The Wild Wild East” with respect to VR, the hottest battleground among global VR markets. According to a recent report by the China Electronics Standardization Institute, the Chinese VR market was worth $236 million USD in 2015. Analysts conservatively expect that China’s VR market will reach almost $1 billion USD in 2016, and nearly $9 billion USD by 2020 across HMDs, software, VR cafes, content and commerce. Some analysts – like SocialBeta CEO Xiao Ming Chao – go so far as to predict a Chinese VR market value of over $150 billion USD within five years.
Chinese e-commerce giants Alibaba and Taobao reported sales of over 300,000 VR headsets this past July, while Chinese HMD manufacturer Baofeng Mojing sold 1 million low-end VR headsets during the first quarter of 2016 (with a goal of 10 million HMD sales by the end of the year). The number of Chinese consumers who have tried a VR-related device was estimated at 17 million people in 2015, and is predicted to surpass 300 million people by 2020.

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