Metaverse AR & VR Hardware - NAFTA

The projected value in the Metaverse AR & VR Hardware market is estimated to reach US$464.9m by 2024.
This market segment is expected to demonstrate an annual growth rate (CAGR 2024-2030) of 13.25%, resulting in a projected market volume of US$980.8m by 2030.
It is worth noting that United States accounts for the majority of value generation in this market, with a projected market volume of US$405.0m by 2024.
In terms of user base, the number of users in the Metaverse AR & VR Hardware market is expected to reach 10.3m users by 2030.
The user penetration rate, which is the percentage of the population using this technology, is projected to be 1.0% in 2024 and is expected to increase to 1.9% by 2030.
The average value per user (ARPU) is anticipated to amount to US$92.8.
It is important to highlight that these projections and estimates are specific to the Metaverse AR & VR Hardware market and may vary across different market segments and regions.
However, within the NAFTA region, United States is expected to continue playing a significant role in driving the growth and development of this market.
The United States is leading the way in Metaverse AR & VR Hardware with its advanced technology and strong consumer demand.

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 NAFTA is experiencing significant growth and development due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Metaverse AR & VR Hardware market in NAFTA are driving the growth and development of the industry.

Customers are increasingly seeking immersive and interactive experiences, which can be provided by AR and VR technologies. The demand for AR and VR hardware is fueled by the desire for virtual reality gaming, virtual meetings and events, virtual tourism, and virtual training and education. Customers in NAFTA are also looking for high-quality and affordable AR and VR devices that offer seamless integration with other technologies, such as smartphones and gaming consoles.

Trends in the market are also contributing to the growth and development of the Metaverse AR & VR Hardware market in NAFTA. One major trend is the increasing adoption of AR and VR technologies in various industries, including gaming, entertainment, healthcare, education, and retail. This trend is driven by the potential of AR and VR to enhance customer experiences, improve productivity, and provide innovative solutions.

Another trend is the development of more advanced and sophisticated AR and VR hardware, such as headsets with higher resolution displays, improved tracking systems, and enhanced haptic feedback. These advancements are attracting more customers and driving the demand for AR and VR hardware in NAFTA. Local special circumstances in NAFTA are also impacting the Metaverse AR & VR Hardware market.

For example, the presence of major technology companies in the region, such as Microsoft, Facebook, and Sony, is driving the development and adoption of AR and VR technologies. These companies are investing in research and development, partnerships, and marketing initiatives to promote AR and VR hardware in NAFTA. Additionally, the availability of skilled workforce and technological infrastructure in the region is supporting the growth of the Metaverse AR & VR Hardware market.

Underlying macroeconomic factors are also influencing the development of the Metaverse AR & VR Hardware market in NAFTA. The region's strong economic growth, increasing disposable income, and favorable business environment are fueling the demand for AR and VR hardware. Moreover, the growing popularity of e-commerce and online gaming in NAFTA is creating opportunities for the Metaverse AR & VR Hardware market.

The COVID-19 pandemic has also accelerated the adoption of AR and VR technologies, as people seek alternative ways to connect, work, learn, and entertain themselves remotely. In conclusion, the Metaverse AR & VR Hardware market in NAFTA is experiencing significant 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, the adoption of AR and VR technologies in various industries, the presence of major technology companies, and the favorable macroeconomic conditions in NAFTA are driving the growth of the Metaverse AR & VR Hardware market.

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.