Market Insights Advertising & Media AR & VR

VR Hardware - New Zealand

New Zealand

In New Zealand, revenue in the VR Hardware market market is projected to reach €31.8m in 2024.
Revenue is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 9.61%, leading to a projected market volume of €50.3m by 2029.
While most revenue in the VR Hardware market market is generated China, in New Zealand is also part of this growing market.
The number of users in the VR Hardware market market in New Zealand is expected to reach 521.1k users by 2029.
User penetration in New Zealand will be 8.0% in 2024 and is anticipated to rise to 9.5% by 2029.
Furthermore, the average revenue per user (ARPU) in New Zealand is expected to amount to €75.7.
New Zealand's VR hardware market is witnessing a surge in interest from educational institutions, enhancing immersive learning experiences for students across the country.

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Analyst Opinion

The VR Hardware market in New Zealand is experiencing significant growth and development, driven by customer preferences for immersive gaming experiences and the increasing availability of VR content.

Customer preferences: Customers in New Zealand are increasingly seeking out immersive gaming experiences, and VR hardware provides a unique and exciting way to achieve this. The ability to fully immerse oneself in a virtual world and interact with it in a physical way appeals to gamers of all ages. Additionally, the growing popularity of VR content, such as virtual reality movies and interactive experiences, is driving demand for VR hardware.

Trends in the market: One major trend in the VR Hardware market in New Zealand is the increasing affordability and accessibility of VR devices. As technology advances and production costs decrease, VR hardware is becoming more affordable for a wider range of consumers. This has led to a greater adoption of VR devices in the country, as more people are able to purchase them. Another trend is the development of wireless VR headsets. These devices offer a more convenient and seamless experience for users, as they are not tethered to a computer or gaming console. This freedom of movement enhances the immersive nature of VR and allows users to fully explore virtual worlds without any limitations.

Local special circumstances: New Zealand has a strong gaming culture, with a significant number of gamers and game developers in the country. This has created a favorable environment for the growth of the VR Hardware market, as there is a high demand for innovative gaming experiences. Additionally, New Zealand has a thriving film industry, which is also exploring the potential of VR technology for creating immersive movie experiences.

Underlying macroeconomic factors: The overall economic growth in New Zealand has contributed to the development of the VR Hardware market. As the economy continues to expand, consumers have more disposable income to spend on leisure activities, including gaming and entertainment. This has created a larger market for VR hardware and increased the demand for immersive experiences. Furthermore, advancements in technology and the increasing availability of high-speed internet in New Zealand have played a role in the growth of the VR Hardware market. These factors have made it easier for consumers to access VR content and connect with other gamers, further driving the demand for VR hardware. In conclusion, the VR Hardware market in New Zealand is experiencing growth and development due to customer preferences for immersive gaming experiences, the increasing availability of VR content, and the affordability and accessibility of VR devices. With a strong gaming culture and a thriving film industry, New Zealand is well-positioned to continue driving the growth of the VR Hardware market.

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).