AR Hardware - Canada

Canada

Highlights

In Canada, revenue in the AR Hardware market market is projected to reach US$120.7m in 2024.
Revenue is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 13.41%, leading to a projected market volume of US$226.4m by 2029.
Although most revenue is generated the United States, in Canada is also a significant player in this market.
By 2029, the number of users in Canada’s AR Hardware market market is expected to amount to 2.7m users.
User penetration in Canada will be 2.3% in 2024 and is anticipated to increase to 6.8% by 2029.
The average revenue per user (ARPU) in Canada is expected to amount to US$135.1.
Canada's AR hardware market is witnessing increased investment driven by innovation in immersive technology, positioning the country as a leader in the AR & VR landscape.

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The AR Hardware market in Canada has been experiencing significant growth in recent years, driven by customer preferences for immersive and interactive experiences, as well as advancements in technology.

Customer preferences: Customers in Canada have shown a strong preference for AR Hardware due to its ability to provide immersive and interactive experiences. AR Hardware allows users to overlay digital information onto the real world, enhancing their perception and interaction with their surroundings. This technology has gained popularity among consumers in Canada, who are increasingly seeking innovative and engaging experiences. Additionally, the rise of social media platforms and gaming applications has further fueled the demand for AR Hardware, as users look for ways to enhance their online presence and gaming experiences.

Trends in the market: One of the key trends in the AR Hardware market in Canada is the increasing adoption of AR glasses. These glasses offer a hands-free AR experience, allowing users to seamlessly interact with digital content while still being aware of their physical surroundings. This trend is driven by the growing demand for wearable technology and the desire for a more immersive AR experience. Additionally, advancements in AR glasses technology, such as improved display quality and extended battery life, have made them more appealing to consumers. Another trend in the market is the integration of AR technology into smartphones and tablets. Many smartphone manufacturers have started to incorporate AR capabilities into their devices, enabling users to access AR features without the need for additional hardware. This trend is driven by the widespread use of smartphones in Canada and the convenience of having AR capabilities readily available on a device that users already carry with them.

Local special circumstances: Canada's strong technology sector and innovation ecosystem have played a significant role in the development of the AR Hardware market. The country is home to numerous AR hardware manufacturers and startups, which have been able to leverage the supportive business environment and access to skilled talent to drive innovation and product development. Additionally, the Canadian government has been proactive in supporting the growth of the AR Hardware market through initiatives such as funding programs and tax incentives for research and development.

Underlying macroeconomic factors: The strong growth of the AR Hardware market in Canada is also influenced by underlying macroeconomic factors. The country has a stable economy and a high standard of living, which has contributed to the willingness of consumers to invest in AR Hardware. Additionally, the increasing penetration of high-speed internet and the widespread availability of smartphones have created a favorable environment for the adoption of AR technology. The growing popularity of e-commerce and online shopping in Canada has also provided a platform for AR Hardware manufacturers to reach a wider customer base and drive sales. In conclusion, the AR Hardware market in Canada is experiencing significant growth due to customer preferences for immersive and interactive experiences, advancements in technology, the integration of AR capabilities into smartphones, and the country's strong technology sector and supportive business environment. These factors, combined with underlying macroeconomic factors such as a stable economy and high standard of living, have created a favorable market for AR Hardware in Canada.

Data coverage:

The data encompasses B2C enterprises. Figures are based on AR hardware revenue, which includes digital spending on hardware (headsets and glasses) that enables consumers to experience augmented reality.

Modeling approach / market size:

The market size is determined through a top-down approach. We use annual financial reports of the market-leading companies and industry associations, as well as third-party studies and reports to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as consumer spending, internet penetration, 4G coverage, and historical developments.

Forecasts:

We apply a variety of forecasting techniques, depending on the behavior of the relevant market. For instance, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are level of digitalization, adoption of technology, GDP per capita, and internet penetration.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).