Metaverse - China

China

The projected value of the Metaverse market in 2024 is expected to reach US$15.9bn .
This market is projected to show a compound annual growth rate (CAGR 2024-2030) of 32.88%, resulting in a projected market volume of US$87.6bn by 2030.
It is worth noting that the majority of this value is generated in the United States, with a projected market volume of US$23.0bn in 2024.
In terms of user base, it is expected that the number of users in the Metaverse market will reach 786.6m users by 2030.
User penetration, which currently stands at 22.0% in 2024, is projected to increase to 55.3% by 2030.
This indicates a significant growth potential for the market.
Furthermore, the average value per user (ARPU) is expected to amount to US$50.4 .
This metric provides insights into the revenue generated per individual user within the Metaverse market.
It is important to note that these projections and figures are specific to the Metaverse market and do not encompass the broader scope of the global economy.
Additionally, these numbers are subject to change based on various factors such as technological advancements, regulatory developments, and market dynamics.
China's Metaverse market is booming, with virtual reality gaming and social platforms gaining immense popularity among its tech-savvy population.

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Analyst Opinion

The Metaverse market in China is experiencing significant growth and development, driven by various factors such as customer preferences, local special circumstances, and underlying macroeconomic factors. Customer preferences in China play a crucial role in shaping the Metaverse market.

Chinese consumers have shown a strong interest in immersive and interactive experiences, making the Metaverse an appealing concept. With a large population of tech-savvy individuals, there is a growing demand for virtual worlds that offer social interactions, entertainment, and opportunities for self-expression. Chinese consumers also value convenience and seamless integration of virtual experiences into their daily lives, which further fuels the adoption of Metaverse platforms and technologies.

In terms of trends, the Metaverse market in China is witnessing the emergence of innovative platforms and applications. Companies are investing in virtual reality (VR), augmented reality (AR), and mixed reality (MR) technologies to create immersive and realistic virtual environments. These platforms offer a wide range of experiences, including gaming, social networking, e-commerce, education, and entertainment.

Virtual concerts, virtual shopping malls, and virtual events are becoming increasingly popular, attracting both users and businesses. Additionally, the integration of blockchain technology in the Metaverse ecosystem is gaining traction, enabling secure transactions, ownership of virtual assets, and decentralized governance. Local special circumstances also contribute to the development of the Metaverse market in China.

The country has a robust digital infrastructure, including high-speed internet connectivity and advanced mobile networks, which provides a solid foundation for the growth of the Metaverse. Moreover, China has a vibrant tech industry and a supportive regulatory environment that encourages innovation and investment in emerging technologies. This has attracted both domestic and international companies to enter the Metaverse market and collaborate with local partners to develop cutting-edge solutions.

Underlying macroeconomic factors further drive the growth of the Metaverse market in China. The country's strong economic growth and rising disposable incomes have created a favorable environment for consumer spending on digital experiences. The government's focus on digital transformation and the development of emerging industries also provides incentives and support for Metaverse-related projects.

Additionally, China's large and diverse market offers ample opportunities for companies to scale their Metaverse offerings and monetize their platforms. In conclusion, the Metaverse market in China is experiencing rapid growth and development due to customer preferences, local special circumstances, and underlying macroeconomic factors. As Chinese consumers embrace immersive and interactive experiences, the market is witnessing the emergence of innovative platforms and applications.

With a strong digital infrastructure, a supportive regulatory environment, and a growing economy, China is poised to become a key player in the global Metaverse market.

Methodology

Data coverage:

Figures are based on advertising spending, in-app spending, in-game spending, online and offline sales, consumer spending, app downloads, and investment and funding data.

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.