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VR Hardware - Portugal

Portugal

The VR Hardware market in Portugal is projected to reach a revenue of US$20.6m in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 8.77%, resulting in a projected market volume of US$31.4m by 2029.
With a projected market volume of US$2,902.0m in 2024, in China generates the highest revenue in the VR Hardware market.
In Portugal, the number of users in the VR Hardware market is expected to reach 315.5k users by 2029.
The user penetration rate is projected to be 2.5% in 2024 and is expected to increase to 3.1% by 2029.
The average revenue per user (ARPU) is expected to be US$81.5.
Portugal's VR hardware market is experiencing steady growth, driven by the country's increasing interest in immersive gaming and virtual reality experiences.

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Analyst Opinion

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

Customer preferences: Portuguese 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, VR offers a unique and immersive experience, allowing users to explore virtual worlds and interact with digital content in a way that was previously unimaginable. This has captured the attention of tech-savvy consumers who are always on the lookout for the latest innovations. Additionally, VR has found applications in various industries such as gaming, entertainment, education, and healthcare, further driving its popularity among consumers.

Trends in the market: One of the key trends in the VR Hardware market in Portugal is the increasing availability and affordability of VR devices. As technology advances and production costs decrease, VR hardware has become more accessible to a wider range of consumers. This has led to an expansion of the customer base and a surge in sales. Furthermore, the introduction of standalone VR headsets has eliminated the need for additional equipment, making it easier for consumers to adopt VR technology. Another trend in the market is the growing demand for wireless VR solutions. Traditional VR setups often require users to be tethered to a computer or gaming console, limiting their mobility and freedom of movement. However, wireless VR systems allow users to move around freely without any cables or wires, enhancing the immersive experience. This trend has been driven by advancements in wireless technology and the increasing availability of high-speed internet connections, enabling seamless wireless VR experiences.

Local special circumstances: Portugal has a vibrant gaming and technology scene, which has contributed to the growth of the VR Hardware market. The country is home to several game development studios and tech startups that are actively exploring the potential of VR. This has created a supportive ecosystem for VR hardware manufacturers and has facilitated the development of innovative VR products tailored to the Portuguese market. Additionally, Portugal's tourism industry has also embraced VR technology, using it to create virtual tours and immersive experiences for visitors.

Underlying macroeconomic factors: The growth of the VR Hardware market in Portugal can be attributed to several underlying macroeconomic factors. Firstly, Portugal has experienced steady economic growth in recent years, which has increased consumer purchasing power and discretionary spending. This has allowed more consumers to afford VR hardware and has contributed to the overall demand for VR products. Additionally, the increasing penetration of smartphones and high-speed internet connections has made it easier for consumers to access and experience VR content, further driving the demand for VR hardware. In conclusion, the VR Hardware market in Portugal is experiencing significant growth due to customer preferences for immersive experiences, the increasing availability and affordability of VR devices, and the demand for wireless VR solutions. The local special circumstances, including a vibrant gaming and technology scene, and the support from the tourism industry, have also contributed to the market's development. The underlying macroeconomic factors, such as economic growth and increased accessibility to technology, have further fueled the growth of the VR Hardware market in Portugal.

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).