VR Hardware - Australia & Oceania

Australia & Oceania

Highlights

In Australia & Oceania, revenue in the VR Hardware market market is projected to reach US$254.9m in 2024.
The revenue is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 9.13%, which would lead to a projected market volume of US$394.6m by 2029.
Although most revenue in the VR Hardware market market originates from China, in Australia & Oceania is also a notable contributor with a projected market volume of US$2.9bn in 2024.
By 2029, the number of users in the VR Hardware market market in Australia & Oceania is expected to reach 4.3m users.
User penetration in this region will be 11.0% in 2024 and is projected to increase to 13.0% by 2029.
The average revenue per user (ARPU) in Australia & Oceania is expected to amount to US$72.3.
In Australia, the VR hardware market is experiencing significant growth driven by increasing adoption in education and training sectors, enhancing immersive learning experiences.

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The VR Hardware market in Australia & Oceania is experiencing significant growth and development. Customer preferences in the region are driving the demand for VR Hardware.

Consumers are increasingly interested in immersive experiences and are willing to invest in VR technology to enhance their entertainment, gaming, and educational experiences. The demand for VR headsets, controllers, and other hardware is also being fueled by advancements in VR technology, such as improved graphics, motion tracking, and virtual reality content. Trends in the market show a growing adoption of VR Hardware in Australia & Oceania.

The region is witnessing an increase in the number of VR arcades and gaming centers, where customers can experience VR technology without the need to purchase expensive hardware. This trend is driving awareness and interest in VR, leading to a higher demand for VR Hardware among consumers who want to bring the immersive experience into their homes. Local special circumstances also contribute to the development of the VR Hardware market in Australia & Oceania.

The region has a strong gaming and entertainment culture, with a large number of avid gamers and tech enthusiasts. This creates a favorable environment for the adoption of VR technology and drives the demand for VR Hardware. Additionally, the region's geographic isolation and limited access to physical entertainment options make VR an attractive alternative for consumers looking for new and exciting experiences.

Underlying macroeconomic factors also play a role in the growth of the VR Hardware market in Australia & Oceania. The region has a stable and growing economy, which allows consumers to allocate disposable income towards leisure and entertainment activities. Furthermore, advancements in technology and the increasing availability of high-speed internet connections make it easier for consumers to access and enjoy VR content, further driving the demand for VR Hardware.

In conclusion, the VR Hardware market in Australia & Oceania is experiencing significant growth and development due to customer preferences for immersive experiences, trends in the market such as the rise of VR arcades, local special circumstances including a strong gaming culture, and underlying macroeconomic factors such as a stable economy and technological advancements. As VR technology continues to evolve and become more accessible, the demand for VR Hardware is expected to further increase in the region.

Data coverage:

The data encompasses B2C enterprises. Figures are based on VR hardware revenue, which includes digital spending on hardware (stand-alone and tethered units) that enables consumers to dive into the virtual world.

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).