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VR Hardware - India

India

In India, revenue in the VR Hardware market market is projected to reach €182.1m in 2024.
Revenue in this market is expected to show an annual growth rate (CAGR 2024-2029) of 10.21%, resulting in a projected market volume of €296.1m by 2029.
Although most revenue is generated China, the VR Hardware market market in India is also experiencing significant growth.
In the VR Hardware market market, the number of users in India is expected to amount to 3.6m users by 2029.
User penetration in India will be 0.2% in 2024 and is expected to increase to 0.2% by 2029.
The average revenue per user (ARPU) in India is expected to amount to €63.2.
India's burgeoning interest in immersive technologies is driving significant advancements in VR hardware, positioning the country as a key player in the global AR & VR market.

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Analyst Opinion

The VR Hardware market in India is experiencing significant growth due to increasing customer preferences for immersive experiences and advancements in technology.

Customer preferences: Customers in India are increasingly seeking immersive experiences in various sectors such as gaming, entertainment, education, and healthcare. The demand for VR hardware is driven by the desire to enhance the overall experience and provide a more realistic and interactive environment. Additionally, the younger population in India, who are more tech-savvy, are driving the demand for VR hardware as they are more inclined towards adopting new technologies.

Trends in the market: One of the key trends in the VR hardware market in India is the increasing adoption of standalone VR headsets. These headsets offer a more convenient and user-friendly experience as they do not require a separate device or computer to operate. This trend is driven by the growing popularity of mobile VR gaming and entertainment applications, which can be easily accessed through standalone headsets. Another trend in the market is the integration of VR technology in the education sector. VR hardware is being used to create immersive learning experiences, allowing students to explore virtual environments and enhance their understanding of complex concepts. This trend is driven by the need to make education more engaging and interactive, especially in remote areas where access to quality education is limited.

Local special circumstances: India has a large and rapidly growing middle-class population, which is driving the demand for affordable VR hardware. Price sensitivity is a key factor in the Indian market, and companies are focusing on developing cost-effective VR hardware to cater to this segment. Additionally, the government's initiatives to promote digitalization and technology adoption are creating a favorable environment for the growth of the VR hardware market in India.

Underlying macroeconomic factors: India's growing economy and increasing disposable income are contributing to the growth of the VR hardware market. As more people have the financial means to invest in technology, the demand for VR hardware is expected to increase. Furthermore, the government's focus on digitalization and the Make in India campaign are attracting investments in the technology sector, which is driving innovation and technological advancements in VR hardware. In conclusion, the VR Hardware market in India is witnessing significant growth due to increasing customer preferences for immersive experiences and advancements in technology. The adoption of standalone VR headsets and the integration of VR technology in the education sector are key trends in the market. The large middle-class population and the government's initiatives to promote digitalization and technology adoption are creating a favorable environment for the growth of the VR hardware market in India.

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).