VR Hardware - Nordics

Nordics

Highlights

In the Nordics, revenue in the VR Hardware market market is projected to reach US$244.3m in 2024.
This revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 8.99%, leading to a projected market volume of US$375.7m by 2029.
While most revenue in the global VR Hardware market market is generated China, the Nordics is part of the growing user base.
In the VR Hardware market market, the number of users in the Nordics is expected to reach 3.5m users by 2029.
User penetration in the Nordics will be 10.2% in 2024 and is forecasted to rise to 12.1% by 2029.
The average revenue per user (ARPU) in the Nordics is expected to be US$85.3.
In the Nordics, the demand for VR hardware is driven by a robust gaming industry and increasing investments in immersive technologies across various sectors.

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The VR Hardware market in Nordics has been experiencing significant growth in recent years, driven by customer preferences for immersive gaming and entertainment experiences.

Customer preferences: Customers in the Nordics have shown a strong interest in virtual reality (VR) technology, particularly for gaming purposes. The region has a high penetration of gaming enthusiasts who are eager to explore new and innovative gaming experiences. VR hardware provides users with a more immersive and interactive gaming experience, allowing them to feel like they are inside the game. Additionally, the Nordics have a strong tech-savvy population that is open to adopting new technologies, further driving the demand for VR hardware.

Trends in the market: One of the key trends in the VR Hardware market in the Nordics is the increasing popularity of standalone VR headsets. These headsets do not require a PC or console to operate, providing users with a more convenient and portable VR experience. This trend is driven by the growing demand for mobile gaming and the desire for untethered VR experiences. Standalone VR headsets offer flexibility and ease of use, making them an attractive option for consumers in the Nordics. Another trend in the market is the integration of VR technology into other industries, such as healthcare and education. VR has the potential to revolutionize these sectors by providing immersive training experiences and virtual simulations. In the Nordics, where there is a strong focus on innovation and technology, companies and institutions are increasingly adopting VR hardware for various applications. This trend is expected to drive the growth of the VR Hardware market in the region.

Local special circumstances: The Nordics have a well-established gaming industry and a strong gaming culture, which has contributed to the growth of the VR Hardware market. The region is home to several prominent gaming companies and has a large community of game developers and enthusiasts. This ecosystem provides a favorable environment for the adoption and development of VR hardware. Additionally, the Nordic countries have high internet penetration rates and advanced infrastructure, which facilitates the distribution and usage of VR hardware.

Underlying macroeconomic factors: The strong economy and high disposable income levels in the Nordics have also played a role in the growth of the VR Hardware market. Consumers in the region have the financial means to invest in VR hardware and are willing to spend on premium products. Furthermore, the Nordics have a well-developed retail sector and e-commerce infrastructure, making it easy for consumers to access and purchase VR hardware. In conclusion, the VR Hardware market in the Nordics is experiencing growth due to customer preferences for immersive gaming experiences, the increasing popularity of standalone VR headsets, the integration of VR technology into other industries, the region's strong gaming culture, and the favorable macroeconomic factors. These factors have created a conducive environment for the growth of the VR Hardware market in the Nordics, and the trend is expected to continue in the coming years.

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).