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Metaverse AR & VR Hardware - Australia

Australia

The projected value of the Metaverse AR & VR Hardware market in Australia is expected to reach €35.0m by 2024.
This is projected to grow at an annual growth rate (CAGR 2024-2030) of 14.24%, resulting in a projected market volume of €77.8m by 2030.
In 2024, the projected market volume is estimated to be €371.6m, with the majority of value being generated United States.
In terms of user base, the number of users in the Metaverse AR & VR Hardware market is expected to reach 0.9m users by 2030.
The user penetration rate is projected to be 1.7% in 2024 and is expected to increase to 3.3% by 2030.
Furthermore, the average value per user (ARPU) is expected to amount to €78.5 in Australia.
Australia is experiencing a surge in demand for Metaverse AR & VR hardware, driven by the country's tech-savvy population and growing interest in immersive experiences.

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Analyst Opinion

The Metaverse AR & VR Hardware market in Australia is experiencing significant growth and development, driven by various customer preferences and trends in the market.

Customer preferences: Customers in Australia are increasingly seeking immersive and interactive experiences, which has led to a growing demand for Metaverse AR & VR Hardware. The ability to explore virtual worlds, play games, and engage in virtual social interactions has become increasingly appealing to consumers. Additionally, the COVID-19 pandemic has accelerated the adoption of virtual reality technology, as people look for alternative ways to stay entertained and connected while staying at home.

Trends in the market: One of the key trends in the Metaverse AR & VR Hardware market in Australia is the increasing popularity of virtual reality gaming. Gaming enthusiasts are embracing VR headsets and accessories to enhance their gaming experiences, as virtual reality technology allows for a more immersive and realistic gameplay. The availability of a wide range of VR games and applications has further contributed to the growth of this segment. Another trend in the market is the integration of virtual reality technology in various industries, such as healthcare, education, and real estate. In the healthcare sector, VR is being used for training medical professionals and providing immersive therapy experiences. In education, virtual reality is being utilized to create interactive and engaging learning environments. Real estate companies are also leveraging VR technology to offer virtual property tours to potential buyers.

Local special circumstances: Australia has a strong gaming culture, with a large number of gamers and gaming communities. This has created a favorable environment for the growth of the Metaverse AR & VR Hardware market, as gamers are early adopters of new technologies and are willing to invest in high-quality gaming equipment. Furthermore, the Australian government has been supportive of the technology sector, providing funding and incentives to promote innovation and research. This has encouraged the development of VR hardware and software solutions, as well as the establishment of VR-focused startups and companies.

Underlying macroeconomic factors: The growing popularity of Metaverse AR & VR Hardware in Australia can also be attributed to favorable macroeconomic factors. The country has a strong economy and a high disposable income, allowing consumers to invest in premium virtual reality devices. Additionally, the increasing penetration of high-speed internet and the widespread availability of smartphones have made VR experiences more accessible to the general population. In conclusion, the Metaverse AR & VR Hardware market in Australia is witnessing significant growth due to customer preferences for immersive experiences, trends in the gaming and industry sectors, local special circumstances such as a strong gaming culture and government support, and favorable macroeconomic factors.

Methodology

Data coverage:

Figures are based on in-app spending, consumer spending, online and offline sales, and data from the AR & VR market in the AMI.

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.