China's virtual reality market will exceed RMB 55 billion by 2020
A few days ago, the China Electronic Information Industry Development Research Institute released a report highlighting that VR device shipments in China are expected to reach 8.2 million units in 2020. The virtual reality market is projected to surpass 55 billion yuan, with some technologies and applications already reaching global leadership levels. This marks a significant milestone for the industry as it continues to gain momentum.
With continuous breakthroughs in both software and hardware, the performance of VR products has improved significantly while costs have dropped, making them more accessible to everyday consumers. During the launch event of the China Virtual Reality Innovation and Entrepreneurship Competition held in Beijing on the 26th, the Virtual Reality Industry Alliance and other organizations emphasized the growing potential of this sector. Academician Zhao Yuping from the Chinese Academy of Engineering noted that the VR industry is entering a period of rapid development. With its vast market and strong innovation system, China is well-positioned to become a global hub for VR growth.
However, despite the progress, the current VR industry in China is still largely driven by startups. Challenges remain, including low industrial maturity, a lack of core technologies, an incomplete application ecosystem, and a shortage of skilled professionals. To address these issues, collaboration across the industry is essential to build a stronger, more competitive ecosystem.
In an effort to boost corporate innovation and nurture talent, the China Electronic Information Industry Development Research Institute, the Virtual Reality Industry Alliance, and Guoke Innovation & Venture Capital Co., Ltd. officially launched the first China Virtual Reality Innovation and Entrepreneurship Competition on the 26th. The competition aims to support small and medium-sized enterprises and entrepreneurial teams involved in R&D, production, and sales along the industrial chain. It will identify talented individuals and promising projects, providing capital support to drive innovation and accelerate the practical application of VR technology.
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