The virtual reality (VR) industry in China is experiencing rapid growth, driven by the active participation of startups in both VR and augmented reality (AR). These companies are making significant strides in technical parameters and design concepts, positioning themselves at the forefront of global innovation. Breakthroughs have been achieved in interactive technologies, light field technologies, and industrial applications. According to forecasts, the Chinese VR market is expected to surpass RMB 55 billion by 2020, solidifying its role as a key growth engine in the global VR market.
At the first China Virtual Reality Innovation and Entrepreneurship Competition, Zhao Puping, an academician of the Chinese Academy of Engineering and chairman of the Virtual Reality Industry Alliance, highlighted that VR technology initially found applications in military, aerospace, and manufacturing sectors before expanding into medicine, education, tourism, and e-commerce—fields closely tied to everyday life. As hardware and software technologies continue to advance, product performance improves, and costs decrease, VR products are becoming more integrated into daily life.
In 2016, the year was dubbed the "first year of the VR industry." Startups in the VR and AR space were highly active, with notable progress in various areas. According to CCID think-tank predictions, global VR revenue reached $10 billion in 2017. By 2020, China's VR device shipments are expected to reach 8.2 million units, with over 25 million users. The domestic VR hardware market is projected to account for 34.6% of the global market, further reinforcing China's position as a major player in the VR industry.
"Virtual reality technology has expanded human perception and transformed the shape of products. It represents a new generation of information technology and is often referred to as the 'Next Generation Internet,'" said Wang Peng, Vice President of the China Institute of Electronic Information Industry Development and Secretary-General of the Virtual Reality Industry Alliance.
Beyond entertainment, VR technology holds great potential for application across multiple industries, offering opportunities for transformation and development. The VR industry’s supply chain is extensive, covering hardware, core chips, software, and applications. This can drive technological progress and product upgrades in these fields. Moreover, it can give rise to a new service sector within the VR industry itself.
Zhao Yuping believes that VR has the potential to bring about new opportunities for national and local industrial restructuring. In recent years, the Chinese government has placed increasing emphasis on VR development. In May 2016, the Central Committee of the Communist Party of China and the State Council issued the "Outline of National Innovation-Driven Development Strategy," emphasizing the need for stronger research and industrial development in VR. In January this year, the State issued "Opinions on Promoting the Healthy and Orderly Development of the Mobile Internet," which also called for intensified efforts in key technologies such as VR, AI, and AR.
Despite its promising future, the VR industry still faces challenges, including a shortage of skilled professionals and limited sustainable innovation. Continuous technical support and content development are essential for long-term success. Many domestic startups struggle with talent acquisition, capital accumulation, and management capabilities, limiting their growth and requiring greater support from local governments and investment institutions.
The first China Virtual Reality Innovation and Entrepreneurship Competition was organized by the China Electronic Information Industry Development Institute, the Virtual Reality Industry Alliance, and Guoke Innovation & Venture Capital Co., Ltd. According to Yan Zhiqiang, a researcher at the Ministry of Science and Technology’s Torch Center incubator division, the competition aims to promote market-oriented operations, build financing platforms, identify top companies, and attract talented individuals in the VR field. This will help more innovative projects and enterprises establish themselves in the industry.
Wang Peng also mentioned that professional investment institutions will set up dedicated VR industry funds to support emerging companies and teams. Successful participants in the competition may be recommended to national investment funds, providing them with additional resources and opportunities for growth.
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