China has revealed its ambitious plan to ship more than 25 million devices connected to virtual reality, with a value exceeding 350 billion yuan (~$48.20 billion) by 2026, in a document released on Tuesday by the country's Ministry of Industry and Information Technology.
The Asian country has always made her intentions to be a leader in technological advances and innovation known globally and this move demonstrates its latest effort to lead the world in virtual technology.
While the document did not specify whether the target of 25 million devices would represent annual or accumulative shipments between now and 2026, data from IDC reveals that China shipped just over half a million virtual reality and augmented reality devices in the first half of this year.
According to data from Statista, the commercial use cases for augmented and virtual reality (AR/VR) are projected to receive $4.1 billion in investment, with VR gaming, VR video/feature viewing, and AR gaming making up the three largest consumer use cases for augmented and virtual reality (AR/VR), with $17.6 billion expected to be spent in 2024.
The news comes as global tech giants such as Meta, Microsoft, Apple, Google, and Tencent are massively investing in virtual technology either though company acquisitions or building their own VR products.