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VR Hardware - Norway

Norway

The VR Hardware market in Norway is expected to generate a revenue of US$58.1m in 2024.
This revenue is projected to grow at an annual rate of 9.54%, resulting in a market volume of US$83.6m by 2028.
It is worth noting that in China currently holds the largest market share in terms of revenue, with a projected market volume of US$2,902.0m in 2024.
In terms of user base, the number of users in the VR Hardware market is expected to reach 777.6k users by 2028.
The user penetration rate is projected to increase from 11.8% in 2024 to 13.7% by 2028.
Furthermore, the average revenue per user (ARPU) is expected to be US$89.5.
Norway is experiencing a surge in demand for VR hardware, with a growing number of consumers seeking immersive virtual reality experiences.

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Analyst Opinion

The VR Hardware market in Norway has been experiencing significant growth in recent years.

Customer preferences: Norwegian consumers have shown a growing interest in virtual reality (VR) technology, leading to an increase in demand for VR hardware. This can be attributed to several factors. Firstly, the immersive nature of VR experiences appeals to the tech-savvy Norwegian population, who are always looking for new and exciting ways to engage with technology. Additionally, VR gaming has gained popularity in Norway, with consumers seeking more immersive and realistic gaming experiences.

Trends in the market: One of the key trends in the VR Hardware market in Norway is the increasing availability and affordability of VR headsets. In recent years, there has been a proliferation of VR headset options, ranging from high-end devices to more affordable options. This has made VR technology more accessible to a wider range of consumers, driving the growth of the market. Another trend in the market is the integration of VR technology into other industries. Norway has a strong presence in the oil and gas industry, and VR technology is being used to enhance training and simulation programs for workers in this sector. Additionally, VR is being used in the tourism industry to provide virtual tours of Norwegian attractions, allowing potential visitors to experience the country's natural beauty without leaving their homes.

Local special circumstances: Norway's strong economy and high disposable income levels have also contributed to the growth of the VR Hardware market. With a strong welfare system and a high standard of living, Norwegian consumers have the financial means to invest in VR technology. This has created a favorable environment for the growth of the market.

Underlying macroeconomic factors: The growth of the VR Hardware market in Norway can also be attributed to several underlying macroeconomic factors. Firstly, the Norwegian government has been supportive of the technology sector, providing incentives and funding for research and development in VR technology. This has encouraged innovation and investment in the industry, leading to the development of new and improved VR hardware. Additionally, the global growth of the VR market has had a positive impact on the Norwegian market. As VR technology becomes more mainstream worldwide, Norwegian consumers are becoming more aware of its potential and are increasingly willing to invest in VR hardware. In conclusion, the VR Hardware market in Norway is experiencing significant growth due to customer preferences for immersive experiences, the availability and affordability of VR headsets, the integration of VR technology into other industries, Norway's strong economy and high disposable income levels, and the supportive macroeconomic factors. This trend is expected to continue in the coming years as VR technology becomes even more advanced and accessible.

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).