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VR Hardware - Ireland

Ireland

In Ireland, revenue in the VR Hardware market market is projected to reach €40.5m in 2024.
Revenue in this market is expected to show an annual growth rate (CAGR 2024-2029) of 9.22%, resulting in a projected market volume of €62.9m by 2029.
Although most revenue is generated China, the VR Hardware market market in Ireland is still significant.
The number of users in the VR Hardware market market in Ireland is expected to amount to 597.8k users by 2029.
User penetration in Ireland will be 9.6% in 2024 and is expected to hit 11.4% by 2029.
The average revenue per user (ARPU) in Ireland is expected to amount to €82.8.
Ireland's burgeoning tech ecosystem is fueling a growing demand for 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 Ireland has been experiencing steady growth in recent years, driven by customer preferences for immersive gaming experiences and advancements in technology.

Customer preferences: Customers in Ireland are increasingly seeking out immersive gaming experiences, and VR hardware provides the perfect solution. VR headsets and accessories allow gamers to fully immerse themselves in virtual worlds, enhancing their gaming experience and providing a sense of realism. Additionally, VR hardware is also being adopted by other industries such as healthcare, education, and design, further driving demand in the market.

Trends in the market: One of the major trends in the VR Hardware market in Ireland is the increasing popularity of standalone VR headsets. These headsets do not require a PC or console to operate, making them more accessible and convenient for users. Standalone headsets offer a wireless experience and are often more affordable, attracting a wider range of consumers. Another trend in the market is the development of VR accessories. Companies are constantly innovating and introducing new accessories to enhance the VR experience. This includes motion controllers, haptic feedback devices, and eye-tracking technology, among others. These accessories provide users with a more immersive and interactive experience, driving demand in the market.

Local special circumstances: Ireland has a thriving gaming industry, with many local game developers and studios gaining international recognition. This has created a strong demand for VR hardware in the country, as developers and gamers alike seek to create and experience cutting-edge virtual reality games. The presence of these local game developers has also contributed to the growth of VR arcades in Ireland, where customers can try out VR games and experiences.

Underlying macroeconomic factors: The growing VR Hardware market in Ireland can also be attributed to the overall economic growth in the country. As the economy continues to expand, consumers have more disposable income to spend on leisure activities, including gaming. Additionally, advancements in technology and decreasing prices of VR hardware have made it more accessible to a wider range of consumers. In conclusion, the VR Hardware market in Ireland is experiencing growth due to customer preferences for immersive gaming experiences, the development of standalone headsets and accessories, the presence of a thriving gaming industry, and the overall economic growth in the country. As technology continues to advance and VR becomes more mainstream, the market is expected to further expand in the coming years.

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).