China plans to boost VR to $48 billion by 2026
In Brief
China has launched a strategic initiative aimed at making virtual reality technology more accessible to everyday users.
In its quest to become a key player in the virtual reality market, China plans to distribute 25 million VR headsets by the close of 2026.
The newly announced action plan projects that by 2026, China’s industry will produce over 25 million VR devices, contributing to a market worth more than $48.2 billion.
This initiative is collaboratively spearheaded by five different ministries, with the Ministry of Industry and Information Technology taking a leading role. released the strategy In the 14th Five-Year Plan, the importance of virtual reality technology has been underscored as a crucial component of the digital economy.
Beyond just VR, the strategy also highlights the significance of both augmented reality and mixed reality technologies. It sets forth detailed objectives and illustrates Beijing's ambition to lead in the VR tech industry. However, it's still unclear whether the goal of 25 million headsets refers to annual production or total shipments from now until 2026.
As per IDC's findings, over 500,000 VR and AR headsets were exported from China in the first semester of this year alone. The initiative outlines a target of raising the sector's overall valuation to 350 billion yuan ($48.20 billion), which encompasses both hardware and software sales in the relevant categories. Additionally, the plan stipulates the establishment of 100 prominent VR firms and 10 public informational platforms by the year 2026.
The Chinese Academy of Information and Communications Technology, backed by the government, emphasized that the recognition of virtual reality as a significant industry by the U.S. and South Korea is a vital factor in understanding China’s drive toward VR development.
This document also highlights several notable tech giants engaged in similar VR projects, including Meta, Microsoft, Apple, Google, and Tencent. Some investors in Meta consider Mark Zuckerberg's metaverse initiative to be a questionable venture, particularly as the company's stock price has plummeted over 70% since the beginning of the year. multibillion-dollar money pit The metaverse sector in China has experienced significant growth in recent years.
China's metaverse industry has seen remarkable growth, with numerous startups emerging.
In just the past year, the industry has amassed an impressive $780 million in funding and is projected to balloon to a staggering $5.8 trillion by 2030. businesses and startups entering the market. And now, a new report has revealed Leading this charge are companies like Tencent and NetEase, each successfully securing over $500 million in funding. Tencent With such a substantial influx of investment into the metaverse space, it's evident that there's considerable excitement surrounding this developing industry. As Chinese firms continue to lead the charge, it will be fascinating to watch how the metaverse evolves in the years to come.
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In line with the Trust Project guidelines Damir leads the team at Metaverse Post as its product manager and editor, focusing on topics such as AI and machine learning, AGI, large language models, the metaverse, and Web3 realms. His work reaches a staggering audience of over a million readers monthly. An expert with a decade of experience in SEO and digital marketing, Damir has been featured in respected publications like Mashable, Wired, Cointelegraph, and others. As a digital nomad, he travels between the UAE, Turkey, Russia, and various CIS countries. With a bachelor's degree in physics, he attributes his analytical skills to his academic background, helping him navigate the ever-evolving internet landscape smoothly.
