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VR Hardware - Belgium

Belgium

In Belgium, revenue in the VR Hardware market market is projected to reach €43.2m in 2024.
Revenue in this market is expected to show an annual growth rate (CAGR 2024-2029) of 8.98%, resulting in a projected market volume of €66.4m by 2029.
While most revenue in the VR Hardware market market is generated China, Belgium's market is also developing.
The number of users in the VR Hardware market market in Belgium is expected to amount to 675.8k users by 2029.
User penetration in Belgium will be 4.7% in 2024 and is expected to hit 5.7% by 2029.
The average revenue per user (ARPU) in Belgium is expected to amount to €79.2.
In Belgium, the VR hardware market is experiencing a surge in interest from educational institutions seeking immersive learning experiences, indicating a cultural shift towards technology integration.

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Analyst Opinion

The VR Hardware market in Belgium has been experiencing steady growth in recent years, with an increasing number of consumers adopting virtual reality technology. Customer preferences in Belgium are leaning towards high-quality VR hardware that offers immersive experiences and seamless performance. The market is also driven by the growing popularity of VR gaming and entertainment.

Customer preferences: Belgian consumers have shown a strong preference for high-quality VR hardware that provides immersive experiences. They are willing to invest in premium VR headsets that offer advanced features such as high-resolution displays, wide field of view, and precise tracking. The demand for VR hardware with comfortable designs and ergonomic features is also on the rise, as consumers prioritize comfort during long gaming or immersive experiences.

Trends in the market: One of the key trends in the VR hardware market in Belgium is the increasing adoption of VR gaming. Gaming enthusiasts are embracing virtual reality as a new and exciting way to experience their favorite games. This trend is further fueled by the availability of a wide range of VR games and experiences, catering to different interests and preferences. As a result, there is a growing demand for VR headsets that offer high-performance graphics and responsive controls. Another trend in the market is the integration of VR technology in other industries such as education, healthcare, and architecture. Virtual reality is being used as a tool for training, simulation, and visualization in these sectors. The demand for VR hardware that is compatible with industry-specific software and applications is therefore increasing.

Local special circumstances: Belgium is known for its strong gaming culture and tech-savvy population. The country has a vibrant gaming community and hosts several gaming events and conventions throughout the year. This has contributed to the growing interest in VR gaming and the demand for high-quality VR hardware. Additionally, Belgium has a well-developed infrastructure and a high standard of living, which makes it an attractive market for VR hardware manufacturers. The country's strong economy and high disposable income levels enable consumers to invest in premium VR hardware.

Underlying macroeconomic factors: The growth of the VR hardware market in Belgium can be attributed to several macroeconomic factors. The increasing availability of high-speed internet and advancements in technology have made VR hardware more accessible to consumers. The declining prices of VR headsets and the introduction of more affordable options have also contributed to the market growth. Furthermore, the COVID-19 pandemic has accelerated the adoption of virtual reality technology. With people spending more time at home, there has been a greater demand for immersive entertainment experiences. Virtual reality has provided an escape from reality and a way to explore new worlds without leaving the comfort of one's home. In conclusion, the VR Hardware market in Belgium is experiencing steady growth, driven by customer preferences for high-quality VR hardware and the increasing popularity of VR gaming. The integration of VR technology in other industries and Belgium's strong gaming culture further contribute to the market's development. The underlying macroeconomic factors, such as advancements in technology and the impact of the COVID-19 pandemic, have also played a significant role in the market's growth.

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).