AR Hardware - Vietnam

Vietnam

Highlights

In Vietnam, revenue in the AR Hardware market market is projected to reach US$17.7m in 2024.
The revenue is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 13.12%, resulting in a projected market volume of US$32.8m by 2029.
While most revenue is generated the United States with a projected market volume of US$2.3bn in 2024, in Vietnam is also experiencing growth in this sector.
In the AR Hardware market market in Vietnam, the number of users is anticipated to amount to 398.4k users by 2029.
User penetration in Vietnam will be 0.1% in 2024 and is expected to increase to 0.4% by 2029.
The average revenue per user (ARPU) in Vietnam is expected to amount to US$135.1.
As Vietnam's tech ecosystem expands, interest in AR hardware is surging, driven by increased investment in digital transformation and immersive experiences.

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The AR Hardware market in Vietnam is witnessing significant growth and development due to several factors.

Customer preferences: Customers in Vietnam are increasingly embracing AR technology, as it offers immersive and interactive experiences. The younger generation, in particular, is showing a strong interest in AR hardware, as it provides them with a unique way to engage with digital content. Additionally, businesses are also adopting AR hardware to enhance their operations and improve customer experiences.

Trends in the market: One of the key trends in the AR Hardware market in Vietnam is the increasing demand for AR glasses. These wearable devices allow users to overlay digital information onto their physical surroundings, providing them with a seamless augmented reality experience. The demand for AR glasses is being driven by various industries such as gaming, healthcare, and manufacturing, where the technology can be used for training, visualization, and remote assistance purposes. Another trend in the market is the integration of AR technology into smartphones. With the growing popularity of smartphones in Vietnam, manufacturers are incorporating AR capabilities into their devices. This allows users to experience augmented reality without the need for additional hardware, making it more accessible to a wider audience.

Local special circumstances: Vietnam has a young and tech-savvy population, which is contributing to the growth of the AR Hardware market. The country has a high smartphone penetration rate, and consumers are increasingly using their devices for various purposes, including AR applications. Furthermore, the government of Vietnam has been actively promoting the development of the technology sector, which is attracting investments and fostering innovation in the AR Hardware market.

Underlying macroeconomic factors: Vietnam's strong economic growth and rising disposable incomes are driving the demand for AR hardware. As the country's economy continues to expand, consumers have more purchasing power to invest in new technologies. Additionally, the increasing urbanization and modernization of Vietnam's cities are creating opportunities for AR hardware in various sectors, such as retail, entertainment, and tourism. The government's focus on developing the digital economy and promoting technological advancements is also supporting the growth of the AR Hardware market in Vietnam. In conclusion, the AR Hardware market in Vietnam is experiencing significant growth due to the increasing customer preferences for immersive experiences, the adoption of AR glasses in various industries, the integration of AR technology into smartphones, the young and tech-savvy population, the government's support for the technology sector, and the country's strong macroeconomic factors.

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).