VR Headsets - Nigeria | Statista Market Forecast

In 2024, the VR Headsets market in Nigeria is projected to generate revenue of US$23.6m.
This market is anticipated to witness an annual growth rate of 10.65% from 2024 to 2029, as per the Compound Annual Growth Rate (CAGR).
In terms of global comparison, China leads the way with revenue of US$3.2bn in 2024.
When considering the population, the per person revenue in Nigeria is estimated to be US$0.10 in 2024.
Looking ahead, the volume of the VR Headsets market is expected to reach 96.98k pieces by 2029.
Additionally, a volume growth of 11.9% is projected for 2025.0.
On average, each person in Nigeria is expected to contribute 0.000pieces in volume to the VR Headsets market in 2024.
Virtual reality headsets are gaining popularity in Nigeria, as people seek immersive experiences in gaming and entertainment.

Definition:

VR (Virtual Reality) headsets are devices that immerse the user in a virtual world or environment. They typically consist of a headset with a built-in display and sensors that track the user's head movements and position, creating the illusion of being inside the virtual world. VR headsets can be standalone, requiring no additional hardware, or they can be connected to a computer or game console. They are used for a variety of applications, including gaming, education, training, and simulations. VR technology is still relatively new and rapidly evolving, with new devices and applications being developed all the time.

Additional Information:

The market comprises revenue, average revenue per capita, volume, average volume per capita and price. Figures are generated through both online and offline sales channels and include spending by consumers (B2C). Key players in the market are companies like Oculus, HTC, and Sony. These companies are leaders in their respective segments and are known for their innovative products, brand reputation, and extensive distribution networks. For more information on the data displayed, use the info button right next to the boxes.

Stand-alone VR headsets, like Oculus Quest, Vive Focus, and PlayStation VR 2.
Tethered/PC VR headsets, including Oculus Rift, HTC Vive, and Valve Index.
Smartphone VR devices, like Samsung Gear VR, Google Cardboard, and Daydream View.

Commercial VR devices used for various applications like virtual prototyping, medical training, architectural visualization, featuring compatibility with enterprise-level software solutions.
Augmented reality (AR) devices, like Microsoft HoloLens, Magic Leap, and AR-enabled smartphones.
Accessories, such as controllers, headsets, gaming chairs, and console skins.

Data coverage:

The data encompasses B2C enterprises. Figures are based on consumer spending on electronic and digital devices used privately either for entertainment (televisions, game consoles, smart speakers, etc.), communication (telephones, smartphones, etc.) or home-office activities (printers, copiers, etc.).

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., the Statista Global Consumer Survey), as well as performance factors (e.g., user penetration, price per product, usage). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, number of internet users, smartphone penetration rate, household number and consumer price index. This data helps us 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 relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting electronic products due to the non-linear growth of technology adoption and regular product upgrade. The main drivers are GDP per capita, consumer spending per capita, and 5G penetration rate.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). GCS data is reweighted for representativeness.