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VR Hardware - Thailand

Thailand

In Thailand, revenue in the VR Hardware market market is projected to reach €64.2m in 2024.
Revenue in this market is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 9.77%, which will result in a projected market volume of €102.4m by 2029.
Although most revenue in the VR Hardware market market is generated China, in Thailand is also witnessing growth in this area.
By 2029, the number of users in Thailand's VR Hardware market market is expected to amount to 1,411.0k users.
User penetration in Thailand will be 1.6% in 2024 and is anticipated to increase to 2.0% by 2029.
Moreover, the average revenue per user (ARPU) in Thailand is expected to amount to €56.9.
Thailand's burgeoning tourism sector is increasingly integrating VR hardware experiences, enhancing visitor engagement and redefining the country's digital entertainment landscape.

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Analyst Opinion

The VR Hardware market in Thailand is experiencing significant growth and development, driven by customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Thailand are shifting towards immersive and interactive experiences, which is fueling the demand for VR hardware.

Consumers are increasingly seeking out virtual reality technology to enhance their gaming, entertainment, and educational experiences. The younger generation, in particular, is driving this trend as they are more tech-savvy and open to adopting new technologies. Additionally, the growing popularity of social media platforms and online gaming communities is creating a demand for VR hardware that allows users to interact and connect with others in virtual environments.

Trends in the market indicate that VR hardware manufacturers are focusing on improving the quality and affordability of their products. This has led to the introduction of more advanced and user-friendly VR headsets and accessories. Companies are investing in research and development to enhance the visual and audio experience, reduce motion sickness, and increase comfort during prolonged use.

Moreover, there is a growing trend towards wireless VR solutions, as users value the freedom of movement and convenience they offer. Local special circumstances in Thailand are contributing to the development of the VR Hardware market. The country has a vibrant gaming and entertainment industry, with a large number of gamers and content creators.

This has created a demand for VR hardware that can provide an immersive gaming experience and support the creation of virtual content. Additionally, Thailand is a popular tourist destination, and VR technology is being used to enhance the tourism industry. Virtual reality tours and experiences are becoming increasingly popular among tourists, driving the demand for VR hardware.

Underlying macroeconomic factors are also influencing the growth of the VR Hardware market in Thailand. The country's strong economic growth and rising disposable incomes have increased consumer spending power. This has allowed more people to afford VR hardware and accessories, driving the demand in the market.

Furthermore, the government's focus on promoting digital innovation and technology adoption is creating a favorable environment for the development of the VR Hardware market. Initiatives such as the Thailand 4. 0 policy, which aims to transform the country into a digital economy, are encouraging investment in VR technology and infrastructure.

In conclusion, the VR Hardware market in Thailand is experiencing growth and development due to customer preferences for immersive experiences, market trends towards improved quality and affordability, local special circumstances in the gaming and tourism industries, and underlying macroeconomic factors such as rising disposable incomes and government initiatives.

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).