Metaverse AR & VR Hardware - Nordics

The Metaverse AR & VR Hardware market is projected to reach a value of US$32.0m in 2024.
This market segment is expected to experience an annual growth rate (CAGR 2024-2030) of 11.95%, resulting in a projected market volume of US$63.1m by 2030.
In the Nordics, the market is projected to reach a value of US$405.0m in 2024, making it one of the leading countries in terms of market size.
Furthermore, the number of users in the Metaverse AR & VR Hardware market is expected to reach 596.4k users by 2030.
The user penetration rate is projected to increase from 1.2% in 2024 to 2.1% by 2030.
Additionally, the average value per user (ARPU) is expected to amount to US$95.2.
This metric indicates the average revenue generated by each user in the market segment.
"Sweden leads the way in the Nordics with its innovative and immersive AR & VR hardware solutions."

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 Nordics is experiencing significant growth and development, driven by customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Nordics are leaning towards immersive and interactive experiences, making the Metaverse AR & VR Hardware market a popular choice.

Consumers in the region are increasingly seeking out innovative technologies that can enhance their entertainment, gaming, and communication experiences. The demand for AR and VR hardware is driven by the desire to escape reality and explore virtual worlds, as well as the need for more immersive gaming experiences. Trends in the market show a growing interest in virtual reality headsets and augmented reality glasses in the Nordics.

Virtual reality headsets offer users a fully immersive experience, transporting them to a virtual world. Augmented reality glasses, on the other hand, provide a blend of virtual and real-world elements, enhancing the user's perception of reality. These trends are fueled by advancements in technology, such as improved graphics, higher resolution displays, and more comfortable and lightweight designs.

Local special circumstances in the Nordics contribute to the development of the Metaverse AR & VR Hardware market. The region has a high level of technological adoption and a strong gaming culture, making it an ideal market for AR and VR hardware. Additionally, the Nordics have a well-developed infrastructure and a high level of digital connectivity, which supports the use of AR and VR technologies.

The region's tech-savvy population and their willingness to embrace new technologies further drive the growth of the market. Underlying macroeconomic factors also play a role in the development of the Metaverse AR & VR Hardware market in the Nordics. The region has a strong economy and a high level of disposable income, allowing consumers to invest in premium AR and VR hardware.

Furthermore, the presence of major technology companies and startups in the Nordics fosters innovation and competition in the market, driving the development of new and improved AR and VR hardware products. In conclusion, the Metaverse AR & VR Hardware market in the Nordics is experiencing growth and development due to customer preferences for immersive experiences, market trends towards virtual reality headsets and augmented reality glasses, local special circumstances such as technological adoption and a strong gaming culture, and underlying macroeconomic factors including a strong economy and a high level of disposable income.

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.