VR Hardware - Peru

Peru

Highlights

In Peru, revenue in the VR Hardware market market is projected to reach US$11.0m in 2024.
The revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.96%, resulting in a projected market volume of US$17.0m by 2029.
While most revenue is generated China, the VR Hardware market market in Peru is also expected to contribute significantly to the overall figures.
In this market, the number of users in Peru is expected to amount to 177.9k users by 2029.
User penetration in Peru will be 0.4% in 2024 and is expected to hit 0.5% by 2029.
The average revenue per user (ARPU) in Peru is expected to amount to US$78.7.
Peru's VR hardware market is witnessing a growing interest among educational institutions, as they increasingly incorporate immersive technology to enhance student engagement and learning experiences.

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The VR Hardware market in Peru has been experiencing steady growth in recent years, driven by increasing customer preferences for immersive and interactive experiences, as well as advancements in technology.

Customer preferences: Peruvian customers have shown a growing interest in virtual reality (VR) technology, seeking out devices that offer immersive and interactive experiences. This is driven by a desire for entertainment, gaming, and educational purposes. Furthermore, the younger generation in Peru has shown a particular affinity for VR technology, driving the demand for VR hardware.

Trends in the market: One of the key trends in the VR Hardware market in Peru is the increasing availability and affordability of VR devices. As technology continues to advance, VR devices have become more accessible to a wider range of consumers, including those with lower income levels. Additionally, there has been a rise in the number of VR arcades and gaming centers in Peru, providing consumers with the opportunity to experience VR technology without having to invest in expensive hardware. Another trend in the market is the integration of VR technology into various industries, such as real estate, tourism, and healthcare. Real estate developers are utilizing VR to offer virtual property tours, allowing potential buyers to experience properties before making a purchase. Similarly, the tourism industry is leveraging VR to provide virtual travel experiences, enticing tourists to visit Peru. In the healthcare sector, VR technology is being used for training medical professionals and assisting in therapy sessions.

Local special circumstances: Peru has a growing tech-savvy population, which has contributed to the adoption of VR technology. The government has also shown support for the development of the VR industry, providing incentives and funding for VR startups and initiatives. Additionally, the tourism industry in Peru has been a significant driver of VR adoption, as the country seeks to attract more international visitors through immersive virtual experiences.

Underlying macroeconomic factors: The steady economic growth in Peru has provided consumers with increased purchasing power, enabling them to invest in VR hardware. Additionally, the growing middle class in Peru has resulted in a larger consumer base for VR devices. Furthermore, advancements in technology and manufacturing processes have led to the production of more affordable VR hardware, making it accessible to a broader range of consumers. In conclusion, the VR Hardware market in Peru is experiencing growth due to increasing customer preferences for immersive experiences, the availability of affordable VR devices, integration of VR technology into various industries, local government support, and favorable macroeconomic factors. As technology continues to advance and VR becomes more mainstream, the market in Peru is expected to further expand 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).