Metaverse AR & VR Hardware - India

The Metaverse AR & VR Hardware market is anticipated to reach a value of US$26.9m in the year 2024.
This market segment is expected to display a compound annual growth rate (CAGR) of 13.16% between 2024 and 2030, resulting in a projected market volume of US$56.5m by the year 2030.
The United States is the leading contributor to this market, with a projected market volume of US$405.0m in 2024.
In terms of user base, the number of users in the Metaverse AR & VR Hardware market is projected to reach 610.7k users by 2030.
User penetration is forecasted to be 0.0% in 2024 and is expected to rise to 0.0% by 2030.
The average value per user (ARPU) is estimated to be US$80.4.
It is worth noting that these projections and estimates are specific to the country of India in the Metaverse AR & VR Hardware market.
India is rapidly embracing Metaverse AR & VR Hardware, with a surge in demand for affordable and accessible devices.

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.

Use the info button right next to the boxes for more information on the data displayed.

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 India is experiencing significant growth and development due to various factors.

Customer preferences: In India, there is a growing demand for immersive and interactive experiences, which is driving the adoption of Metaverse AR & VR Hardware. Consumers are increasingly looking for ways to enhance their entertainment, gaming, and communication experiences. The younger generation, in particular, is highly tech-savvy and eager to explore new technologies. Additionally, with the increasing popularity of e-commerce and online shopping, there is a rising demand for virtual try-on experiences, which further fuels the growth of the Metaverse AR & VR Hardware market.

Trends in the market: One of the key trends in the Metaverse AR & VR Hardware market in India is the increasing availability and affordability of devices. As technology advances and production costs decrease, AR & VR devices are becoming more accessible to a wider range of consumers. This has led to a surge in the adoption of AR & VR headsets and other hardware devices. Another trend is the integration of Metaverse AR & VR Hardware in various industries. Companies in sectors such as education, healthcare, real estate, and tourism are leveraging AR & VR technology to provide immersive experiences and enhance their services. For example, educational institutions are using AR & VR devices to create virtual classrooms and interactive learning environments. Similarly, healthcare providers are utilizing these technologies for medical training and patient care.

Local special circumstances: India has a large and diverse population, with varying levels of technological awareness and affordability. While the urban population is more likely to adopt Metaverse AR & VR Hardware, there is also potential in rural areas. However, affordability remains a key challenge in the Indian market. To address this, companies are introducing more cost-effective options and exploring partnerships with local manufacturers to reduce production costs.

Underlying macroeconomic factors: India is experiencing rapid digital transformation, with increasing internet penetration and smartphone adoption. This provides a strong foundation for the growth of the Metaverse AR & VR Hardware market. Additionally, the government's initiatives to promote digitalization and innovation, such as the "Digital India" campaign, are creating a favorable environment for the development and adoption of AR & VR technologies. In conclusion, the Metaverse AR & VR Hardware market in India is witnessing significant growth driven by customer preferences for immersive experiences, the availability and affordability of devices, integration in various industries, and the underlying macroeconomic factors of digital transformation and government initiatives. With the continued advancement of technology and increasing consumer demand, the market is expected to further expand in the coming years.

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.