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VR Hardware - Australia

Australia

The VR Hardware market in Australia is projected to generate a revenue of €204.6m in 2024.
This revenue is expected to experience an annual growth rate of 9.32% (CAGR 2024-2029), resulting in a projected market volume of €319.5m by 2029.
It is worth noting that in China dominates the VR Hardware market with a projected market volume of €2,691.0m in 2024.
In terms of user base, the VR Hardware market in Australia is expected to reach 3.8m users users by 2029.
The user penetration rate, which currently stands at 11.6% in 2024, is projected to increase to 13.7% by 2029.
Additionally, the average revenue per user (ARPU) is expected to be €65.9.
Virtual reality hardware is gaining significant traction in Australia, with a growing number of tech-savvy consumers embracing immersive experiences.

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Analyst Opinion

The VR Hardware market in Australia has been experiencing significant growth in recent years, driven by customer preferences for immersive and interactive experiences, as well as advancements in technology.

Customer preferences: Customers in Australia have shown a strong preference for VR hardware that provides a high-quality and realistic experience. They are looking for devices with advanced graphics capabilities, high-resolution displays, and comfortable ergonomics. Additionally, customers are increasingly interested in wireless and standalone VR headsets, which offer greater freedom of movement and convenience.

Trends in the market: One of the key trends in the VR Hardware market in Australia is the increasing adoption of VR headsets for gaming purposes. The gaming industry has been quick to embrace VR technology, and this has translated into a growing demand for VR hardware among gamers in Australia. The immersive nature of VR gaming allows players to feel fully immersed in virtual worlds, enhancing their gaming experience. Another trend in the market is the use of VR hardware in the education and training sectors. Virtual reality provides a unique and engaging way to learn and practice various skills. In Australia, VR is being used in schools and universities to enhance learning outcomes and provide students with hands-on experiences that would otherwise be difficult to achieve.

Local special circumstances: Australia's relatively small population compared to other countries may have contributed to a slower adoption of VR hardware initially. However, as the technology has become more accessible and affordable, the market has started to gain traction. Additionally, Australia's strong gaming culture and interest in technology have played a role in driving the demand for VR hardware.

Underlying macroeconomic factors: The growing VR Hardware market in Australia can be attributed to several underlying macroeconomic factors. Firstly, the increasing disposable income of Australians has allowed them to invest in high-quality VR hardware. Additionally, advancements in technology and manufacturing processes have led to a decrease in the cost of VR hardware, making it more affordable for consumers. Furthermore, the COVID-19 pandemic has also played a role in driving the demand for VR hardware in Australia. With travel restrictions and social distancing measures in place, people have turned to virtual experiences as a way to explore new places and engage in entertainment activities from the comfort of their homes. In conclusion, the VR Hardware market in Australia is experiencing growth due to customer preferences for immersive experiences, the adoption of VR technology in gaming and education, local special circumstances such as Australia's gaming culture, and underlying macroeconomic factors such as increasing disposable income and advancements in technology. As the market continues to evolve, it is expected that VR hardware will become more prevalent in various industries and continue to shape the way Australians experience entertainment, education, and training.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on VR hardware revenue, which includes digital spending on hardware (stand-alone and tethered units) that enables consumers to dive into the virtual world.

Modeling approach / market size:

The market size is determined through a top-down approach. We use annual financial reports of the market-leading companies and industry associations, as well as third-party studies and reports to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as consumer spending, internet penetration, 4G coverage, and historical developments.

Forecasts:

We apply a variety of forecasting techniques, depending on the behavior of the relevant market. For instance, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are level of digitalization, adoption of technology, GDP per capita, and internet penetration.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. 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).