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HTC said it will take another three to five years before the virtual reality technology becomes mainstream.

"It will take some time for it to go to the masses," Phil Chen, HTC's chief content officer said on October 27, 2015 at the TechCrunch Beijing summit. The company is confident in the technology, with Chen saying he expects a billion virtual reality headset devices to be sold in the next seven or eight years.

HTC has been working with game developer Valve on the upcoming Vive VR headset which is similar to Oculus Rift. On November, Samsung will release its Gear VR. The Vive VR is going to be released in limited quantities before the year ends and next year, it will be globally released.

Vive has been marketed as a gaming device but HTC is also aiming for it to be used in educational purposes.

The company is known for its smartphones but their sales have been struggling in the past few years. To revive sales numbers, HTC has been investing in virtual reality and smart devices, such as a fitness band designed in partnership with fitness gear company Under Armour, as well as launching the A9 midrange handset which is similar to iPhone.

Chen refused to reveal its price or how many units will be released this year, but said the company wants to make the product globally available, and has been talking with potential content partners across the world.

"Japan and China are very pro-VR and we are starting to talk to everyone you can imagine who is in gaming or animation," Chen siad.