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VR Hardware - Canada

Canada

The VR Hardware market in Canada is expected to see a significant increase in revenue, reaching a projected value of US$258.7m in 2024.
This growth is further anticipated to continue at an annual growth rate of 9.18% (CAGR 2024-2029), resulting in a projected market volume of US$401.3m by 2029.
It is worth noting that in China currently dominates the VR Hardware market, generating the highest revenue with a projected market volume of US$2,902.0m in 2024.
However, as the market expands, in Canada is poised to play a significant role in this segment.
In terms of user base, the number of VR Hardware market users is expected to reach 3.7m users by 2029.
In 2024, the user penetration rate is projected to be 7.5%, which is expected to increase to 9.1% by 2029.
Additionally, the average revenue per user (ARPU) is anticipated to be US$88.0 in the VR Hardware market.
This metric provides insights into the average spending of users within this market segment.
Canada's VR hardware market is rapidly growing, driven by increased consumer demand for immersive gaming and enterprise adoption of virtual reality technology.

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Analyst Opinion

The VR Hardware market in Canada has been experiencing significant growth in recent years, driven by changing customer preferences and advancements in technology.

Customer preferences: Canadian customers have shown a growing interest in VR Hardware, as they seek more immersive and interactive experiences. The demand for VR headsets and accessories has been fueled by the desire for realistic gaming experiences, virtual travel, and virtual training programs. Additionally, the younger generation in Canada has shown a strong interest in VR Hardware, further driving the market growth.

Trends in the market: One of the key trends in the VR Hardware market in Canada is the increasing adoption of standalone VR headsets. These headsets offer a more convenient and user-friendly experience, as they do not require a PC or console to operate. This trend is driven by the demand for wireless and portable VR devices that can be used anywhere, anytime. Another trend in the market is the integration of VR technology into various industries. Companies in sectors such as healthcare, real estate, and education are embracing VR Hardware to enhance their services. For example, virtual tours of properties have become popular in the real estate industry, allowing potential buyers to explore properties remotely. In the healthcare sector, VR is being used for medical training and therapy, providing a more immersive and effective learning and treatment experience.

Local special circumstances: Canada's strong gaming culture and thriving tech industry have contributed to the growth of the VR Hardware market. The country has a vibrant gaming community, with many Canadian developers creating VR games and experiences. This local expertise and creativity have helped drive innovation in the VR Hardware market, making Canada a hub for VR technology. Furthermore, the Canadian government has been supportive of the VR industry, providing funding and incentives to companies involved in VR development. This support has encouraged investment and research in VR Hardware, contributing to the market's growth.

Underlying macroeconomic factors: The growing VR Hardware market in Canada can also be attributed to favorable macroeconomic factors. The country has a stable economy and a high standard of living, allowing consumers to invest in VR Hardware as a form of entertainment and leisure. Additionally, the increasing availability of high-speed internet and the widespread adoption of smartphones have made VR experiences more accessible to Canadians. In conclusion, the VR Hardware market in Canada is experiencing significant growth due to changing customer preferences, the integration of VR technology into various industries, local special circumstances, and favorable macroeconomic factors. The increasing adoption of standalone VR headsets and the support from the Canadian government have further fueled the market's expansion. As technology continues to advance and customer demand for immersive experiences grows, the VR Hardware market in Canada is expected to continue its upward trajectory.

Methodology

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).