Market Insights Advertising & Media AR & VR

VR Hardware - New Zealand

New Zealand

The VR Hardware market in New Zealand is projected to witness a significant growth in revenue, with estimates suggesting that it will reach a staggering US$34.3m in 2024.
This projected revenue is expected to continue growing at an annual growth rate of 9.38%, resulting in a market volume of US$53.6m by 2029.
in China currently dominates the VR Hardware market, generating the highest revenue.
In 2024, it is projected to have a market volume of US$2,902.0m, showcasing its dominance in this sector.
Furthermore, the number of users in the VR Hardware market is predicted to increase steadily.
By 2029, it is expected to reach a substantial figure of 521.1k users users.
In 2024, the user penetration rate will be 8.0%, and it is anticipated to rise to 9.5% by 2029.
Additionally, the average revenue per user (ARPU) is estimated to be US$81.6 in the VR Hardware market.
This metric showcases the average amount of revenue generated per user, reflecting the market's potential for profitability.
New Zealand's VR hardware market is seeing a surge in demand, driven by the country's strong gaming culture and tech-savvy population.

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Analyst Opinion

The VR Hardware market in New Zealand is experiencing significant growth and development, driven by customer preferences for immersive gaming experiences and the increasing availability of VR content.

Customer preferences: Customers in New Zealand are increasingly seeking out immersive gaming experiences, and VR hardware provides a unique and exciting way to achieve this. The ability to fully immerse oneself in a virtual world and interact with it in a physical way appeals to gamers of all ages. Additionally, the growing popularity of VR content, such as virtual reality movies and interactive experiences, is driving demand for VR hardware.

Trends in the market: One major trend in the VR Hardware market in New Zealand is the increasing affordability and accessibility of VR devices. As technology advances and production costs decrease, VR hardware is becoming more affordable for a wider range of consumers. This has led to a greater adoption of VR devices in the country, as more people are able to purchase them. Another trend is the development of wireless VR headsets. These devices offer a more convenient and seamless experience for users, as they are not tethered to a computer or gaming console. This freedom of movement enhances the immersive nature of VR and allows users to fully explore virtual worlds without any limitations.

Local special circumstances: New Zealand has a strong gaming culture, with a significant number of gamers and game developers in the country. This has created a favorable environment for the growth of the VR Hardware market, as there is a high demand for innovative gaming experiences. Additionally, New Zealand has a thriving film industry, which is also exploring the potential of VR technology for creating immersive movie experiences.

Underlying macroeconomic factors: The overall economic growth in New Zealand has contributed to the development of the VR Hardware market. As the economy continues to expand, consumers have more disposable income to spend on leisure activities, including gaming and entertainment. This has created a larger market for VR hardware and increased the demand for immersive experiences. Furthermore, advancements in technology and the increasing availability of high-speed internet in New Zealand have played a role in the growth of the VR Hardware market. These factors have made it easier for consumers to access VR content and connect with other gamers, further driving the demand for VR hardware. In conclusion, the VR Hardware market in New Zealand is experiencing growth and development due to customer preferences for immersive gaming experiences, the increasing availability of VR content, and the affordability and accessibility of VR devices. With a strong gaming culture and a thriving film industry, New Zealand is well-positioned to continue driving the growth of the VR Hardware market.

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).