Metaverse eCommerce - Taiwan | Statista Market Forecast

The Metaverse eCommerce market in Taiwan is projected to reach a value of US$119.0m in 2024.
It is expected to experience an annual growth rate of 41.06% (CAGR 2024-2030), resulting in a projected market volume of US$937.6m by 2030.
China leads the market with a projected market volume of US$10.2bn in 2024.
In terms of user base, the Metaverse eCommerce market in Taiwan is expected to have 4.9m users users by 2030.
User penetration is predicted to be 6.8% in 2024 and is expected to increase to 20.6% by 2030.
The average value per user (ARPU) is projected to be US$73.5.
Taiwan's Metaverse eCommerce market is booming, with an increasing number of virtual stores and online platforms catering to the tech-savvy population.

Definition:

The eCommerce market refers to the buying and selling of goods and services within virtual reality environments, such as virtual worlds, social VR platforms, and other immersive digital spaces. These can include virtual storefronts, digital marketplaces, and other online shopping experiences that allow users to purchase real-world products or virtual items using virtual currencies and/or real-world money. Metaverse eCommerce can also include virtual shopping experiences, where users can explore and interact with virtual stores, try on virtual clothing and accessories, and make purchases through virtual cash or real-world money.

Structure:

The eCommerce market also covers the markets Beauty, Health, Personal & Household Care, Toys, Hobbys, DIY & Media, Furniture, Electronics, Fashion, and Food & Beverages. All of them refer to the specific goods that can be bought in the metaverse.

Additional Notes:

The market comprises market sizes, users, average revenue per user, and penetration rates. Market sizes are generated through in-app purchases and consumer spending on items, products, and hardware such as headsets and glasses. Market numbers for eCommerce are also featured in the Digital Market Insights. Key players in the market include companies, such as IKEA, Virtual Realms, and Holition. For more information on the data displayed, use the info button right next to the boxes.

Marketplaces in the metaverse, such as Decentraland's Marketplace
Items bought for avatars used in the metaverse, such as Costumes or Skins
Fashion for avatars, such as Gucci stores
Electronics, such as AR and VR hardware

Physical items used for the metaverse, such as Oculus Quest
Purchase of games that are considered metaverse, such as Roblox or Sandbox

The Metaverse eCommerce market in Taiwan is experiencing significant growth and development.

Customer preferences: Taiwanese consumers are increasingly embracing the concept of the Metaverse and its potential for eCommerce. They are drawn to the immersive and interactive nature of the Metaverse, which allows them to explore virtual worlds and engage with products and services in a more engaging way. Additionally, the convenience of shopping in the Metaverse appeals to consumers who are looking for seamless and efficient online shopping experiences.

Trends in the market: One of the key trends in the Metaverse eCommerce market in Taiwan is the integration of virtual reality (VR) and augmented reality (AR) technologies. This allows consumers to have a more realistic and immersive shopping experience, where they can interact with virtual products and try them on virtually before making a purchase. This trend is driven by the increasing availability and affordability of VR and AR devices in Taiwan. Another trend in the market is the rise of virtual marketplaces within the Metaverse. These virtual marketplaces provide a platform for both local and international businesses to sell their products and services to Taiwanese consumers. This opens up new opportunities for businesses to reach a wider audience and expand their customer base.

Local special circumstances: Taiwan has a strong technology infrastructure, which has facilitated the growth of the Metaverse eCommerce market. The country has a high internet penetration rate and a tech-savvy population, making it an ideal market for Metaverse-based eCommerce platforms. Additionally, Taiwan has a vibrant gaming culture, with a large number of gamers who are already familiar with virtual worlds and are more likely to embrace the Metaverse.

Underlying macroeconomic factors: The growth of the Metaverse eCommerce market in Taiwan can also be attributed to underlying macroeconomic factors. The COVID-19 pandemic has accelerated the shift towards online shopping, and the Metaverse provides a unique and innovative way for businesses to connect with consumers in a virtual environment. Additionally, the government of Taiwan has been supportive of the development of the digital economy, providing incentives and support for businesses in the Metaverse eCommerce sector. In conclusion, the Metaverse eCommerce market in Taiwan is experiencing rapid growth and development. Taiwanese consumers are embracing the concept of the Metaverse and its potential for eCommerce, and businesses are capitalizing on this trend by integrating VR and AR technologies and establishing virtual marketplaces. The strong technology infrastructure and supportive government policies further contribute to the growth of the market. As the Metaverse continues to evolve, the eCommerce market in Taiwan is expected to expand further, offering new opportunities for businesses and consumers alike.

Data coverage:

Figures are based on in-app spending, consumer spending, in-game spending, app downloads, and investment and funding data.

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.

Before Mark Zuckerberg announced Facebook’s name change to Meta to the surprise and sniggers of social media users, the metaverse was a niche and futuristic concept familiar to the tech and science-fiction aficionados. Yet now, it has become the catchphrase that sets the scene for the next stage of the internet. Facebook’s rebranding of Meta as one of the building blocks of the metaverse was powerful enough to trigger immediate response from the world’s biggest retail and consumer brands. In the week following Zuckerberg’s Meta presentation, Nike made patent applications for a number of its logos and slogans, and in December 2021 acquired the virtual sneakers company RTFKT. Nike is one of the growing number of retail brands that are silently preparing their launch into the metaverse where fashion is flaunted not as physical goods but as virtual assets. According to a study, Nike applied for 12 IoT patents in the three months running up to May 2022.