Metaverse AR & VR Hardware - South Africa

The Metaverse AR & VR Hardware market is projected to reach a value of US$2.5m in 2024.
This market segment is expected to demonstrate an annual growth rate (CAGR 2024-2030) of 13.90%, resulting in a projected market volume of US$5.5m by 2030.
It is worth noting that United States generates the most value in this market, with a projected market volume of US$405.0m in 2024.
Looking at the number of users in the Metaverse AR & VR Hardware market, it is expected to reach 60.7k users by 2030.
The user penetration rate is projected to be 0.0% in 2024 and is expected to increase to 0.1% by 2030.
Additionally, the average value per user (ARPU) is forecasted to be US$82.5.
South Africa's Metaverse AR & VR Hardware market is experiencing rapid growth, driven by increasing adoption of immersive technologies across various industries.

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 South Africa is experiencing significant growth and development, driven by customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in South Africa are shifting towards immersive and interactive experiences, which has fueled the demand for Metaverse AR & VR Hardware.

Consumers are increasingly seeking new and innovative ways to engage with digital content and explore virtual environments. The desire for realistic and immersive experiences has led to a surge in the adoption of AR and VR technologies, driving the growth of the market in South Africa. Trends in the market indicate that the Metaverse AR & VR Hardware market in South Africa is expanding rapidly.

The increasing availability and affordability of AR and VR devices have made them more accessible to a wider range of consumers. This has led to a growing number of users and a higher demand for AR and VR hardware in the country. Additionally, advancements in technology have improved the quality and performance of AR and VR devices, enhancing the overall user experience and driving market growth.

Local special circumstances in South Africa also contribute to the development of the Metaverse AR & VR Hardware market. The country has a vibrant and growing tech industry, with numerous startups and companies focusing on AR and VR technologies. This has created a favorable ecosystem for innovation and entrepreneurship in the AR and VR hardware sector.

Furthermore, South Africa has a young and tech-savvy population, which is driving the adoption of AR and VR technologies and fueling market growth. Underlying macroeconomic factors play a crucial role in shaping the Metaverse AR & VR Hardware market in South Africa. The country's economy is growing, and there is an increasing disposable income among consumers.

This has resulted in a higher purchasing power and a greater willingness to invest in AR and VR hardware. Moreover, the government of South Africa is actively promoting the development of the technology sector, which includes AR and VR. This support from the government has created a favorable business environment and attracted investments in the AR and VR hardware market.

In conclusion, the Metaverse AR & VR Hardware market in South Africa is experiencing significant growth and development due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The shift towards immersive experiences, advancements in technology, a vibrant tech industry, a young and tech-savvy population, and favorable macroeconomic conditions are driving the growth of the market in South Africa.

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.