AR Hardware - Mexico

Mexico

Highlights

Revenue in the AR Hardware market market in Mexico is projected to reach US$136.4m in 2024.
Revenue in this sector is expected to show an annual growth rate (CAGR 2024-2029) of 13.51%, leading to a projected market volume of US$257.1m by 2029.
While most revenue is generated the United States, in Mexico is also seeing significant developments in the AR Hardware market market.
In Mexico, the number of users in the AR Hardware market market is expected to amount to 3.1m users by 2029.
User penetration in Mexico will be 0.8% in 2024 and is projected to increase to 2.3% by 2029.
The average revenue per user (ARPU) in Mexico is expected to amount to US$135.1.
In Mexico, the AR hardware market is witnessing increased investment as local tech companies explore innovative solutions to enhance user engagement and training experiences.

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The AR Hardware market in Mexico is experiencing significant growth and development. Customer preferences are shifting towards AR technology as it offers immersive and interactive experiences. This trend is fueled by the increasing demand for AR applications in various industries such as gaming, entertainment, education, and healthcare.

Customer preferences: Customers in Mexico are increasingly drawn to AR hardware due to its ability to enhance their overall experience. The immersive nature of AR technology allows users to engage with virtual objects in the real world, creating a unique and interactive experience. This is particularly appealing to the younger generation who are seeking innovative and cutting-edge technologies.

Trends in the market: The AR Hardware market in Mexico is witnessing a surge in demand for AR headsets and smart glasses. These devices provide users with a hands-free AR experience, allowing them to access information and interact with virtual objects seamlessly. The gaming industry is one of the key drivers of this trend, as AR technology enhances gameplay and creates a more immersive gaming experience. Another emerging trend in the market is the integration of AR technology in the education sector. AR-enabled devices are being used to create interactive learning experiences, allowing students to visualize complex concepts and engage in hands-on learning. This trend is expected to drive the adoption of AR hardware in educational institutions across Mexico.

Local special circumstances: Mexico has a growing tech-savvy population, which is contributing to the increasing demand for AR hardware. The country has a vibrant startup ecosystem and is witnessing a rise in the number of AR-focused companies. This local innovation is driving the development of AR hardware tailored to the Mexican market, catering to the specific needs and preferences of the local consumers.

Underlying macroeconomic factors: Mexico's growing economy and increasing disposable income levels are playing a significant role in the development of the AR Hardware market. As more consumers have the financial means to invest in AR hardware, the market is experiencing a boost in demand. Additionally, the government's focus on promoting technological innovation and digital transformation is creating a favorable environment for the growth of the AR Hardware market in Mexico. In conclusion, the AR Hardware market in Mexico is witnessing significant growth and development due to shifting customer preferences, emerging trends in various industries, local special circumstances, and underlying macroeconomic factors. As the market continues to evolve, it is expected to offer more advanced and tailored AR hardware solutions to meet the demands of the Mexican consumers.

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).