Metaverse AR & VR Hardware - Australia & Oceania

The Metaverse AR & VR Hardware market is anticipated to achieve a value of US$42.6m in 2024.
This market segment is expected to exhibit a compound annual growth rate (CAGR) of 14.11% between 2024 and 2030, resulting in a projected market volume of US$94.2m by 2030.
In 2024, the market volume is projected to reach US$405.0m, with the majority of the value generated United States.
Looking specifically at the number of users, it is expected to reach 1.0m users by 2030.
User penetration, which is the proportion of users within the population, is projected to be 1.5% in 2024 and is anticipated to increase to 3.1% by 2030.
The average value per user (ARPU) is expected to be US$86.2.
Australia & Oceania is a significant region in the Metaverse AR & VR Hardware market, contributing to its overall growth and market dynamics.
Australia is experiencing a surge in demand for AR & VR hardware as consumers embrace immersive technology for gaming and entertainment purposes.

Definition:

The AR (augmented reality) and VR (virtual reality) market refers to the physical devices used to access and interact with virtual reality environments, including both augmented and virtual worlds. As discussed here, this market includes headsets and/or glasses for AR and VR devices.

Structure:

AR & VR Hardware includes two markets, namely AR Hardware and VR Hardware. AR Hardware refers to headsets or glasses that are used to create augmented reality inferences between the real and virtual world. VR Hardware mainly refers to headsets that aim to create a virtual world for consumers.

Additional Notes:

The market comprises market sizes, users, average revenue per user, and penetration rates. Market sizes are generated through consumer spending on hardware such as headsets and glasses. Data shows both online and offline market sizes. Market numbers for VR headsets are also featured in the Consumer Market Insights, namely in the Gaming Equipment market of the Consumer Electronics market and the AR & VR Hardware market in the Advertising & Media Insights. Key players in the market include companies such as Meta (Oculus VR), Microsoft (HoloLens), and Playstation VR.

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Augmented Reality Glasses used for metaverse experience, such as HoloLens
Virutal Reality headsets used for metaverse experience, such as Oculus Quest

Augmented Reality Glasses used for non metaverse experience, such as HoloLens
Virutal Reality headsets used for non metaverse experience, such as Oculus Quest
Non-electronic devices, such as mobile phone equipment

The Metaverse AR & VR Hardware market in Australia & Oceania is experiencing significant growth and development due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Australia & Oceania are driving the demand for Metaverse AR & VR Hardware.

Consumers in the region are increasingly seeking immersive and interactive experiences, and AR & VR technologies offer a unique opportunity to fulfill these desires. The ability to explore virtual worlds, interact with digital objects, and engage in virtual social interactions appeals to a wide range of customers, including gamers, entertainment enthusiasts, and professionals in industries such as architecture and healthcare. Trends in the market are also contributing to the growth of the Metaverse AR & VR Hardware market in Australia & Oceania.

The increasing availability and affordability of AR & VR devices, such as headsets and controllers, are making these technologies more accessible to consumers. Additionally, advancements in AR & VR technology, such as improved graphics and enhanced user interfaces, are enhancing the immersive experience and driving adoption. The integration of AR & VR with other emerging technologies, such as artificial intelligence and 5G connectivity, is further expanding the possibilities of the Metaverse and driving demand for compatible hardware.

Local special circumstances in Australia & Oceania are also playing a role in the development of the Metaverse AR & VR Hardware market. The region has a strong gaming and entertainment industry, with a large consumer base that is eager to embrace new technologies. This creates a favorable environment for the adoption of AR & VR hardware.

Additionally, Australia & Oceania is home to several innovative startups and technology companies that are driving the development of AR & VR hardware solutions. These local players are contributing to the growth of the market by introducing new products and driving competition. Underlying macroeconomic factors are also influencing the development of the Metaverse AR & VR Hardware market in Australia & Oceania.

The region has a stable economy and a high level of disposable income, which allows consumers to invest in AR & VR hardware. Furthermore, the increasing focus on digital transformation and innovation in industries such as education, healthcare, and tourism is driving the demand for AR & VR solutions, creating opportunities for hardware providers. In conclusion, the Metaverse AR & VR Hardware market in Australia & Oceania is experiencing growth and development due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.

The increasing demand for immersive and interactive experiences, advancements in technology, a favorable local environment, and economic stability are all contributing to the expansion of the market in the region.

Data coverage:

Figures are based on in-app spending, consumer spending, online and offline sales, and data from the AR & VR market in the AMI.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use reports, third-party studies, and research companies. Next, we use relevant key market indicators and data from country-specific associations such as GDP, consumer spending, and internet penetration rates. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, the S-curve function and exponential trend smoothing are well suited to forecast digital products and services due to the non-linear growth of technology adoption. The main drivers are consumer spending per capita, level of digitalization, and cloud revenues.

Additional Notes:

The market is updated twice per year in case market dynamics change. Consumer Insights data is unbiased for representativeness.

This report presents a comprehensive analysis and additional information on the Advertising & Media market, in a PDF format.

Regarded as the next iteration of the internet, the metaverse is where the physical and digital worlds come together. As an evolution of social technologies, the metaverse allows digital representations of people, avatars, to interact with each other in a variety of settings. Whether it be at work, in an office, going to concerts or sports events, or even trying on clothes, the metaverse provides a space for endless, interconnected virtual communities using virtual reality (VR) headsets, augmented reality (AR) glasses, smartphone apps, or other devices.