AR and VR Smart Glasses Global Market Report 2024

The ar and vr smart glasses market has grown rapidly in recent years. It will grow from $15.93 billion in 2023 to $18.58 billion in 2024 at a compound annual growth rate (CAGR) of 16.6%. During the historical period, expansion primarily stemmed from the proliferation of gaming and entertainment applications, widespread adoption by enterprises, enhanced mobile connectivity, substantial research and development investments, and the integration of these technologies into healthcare and medical applications.

The ar and vr smart glasses market is expected to see rapid growth in the next few years. It will grow to $34.62 billion in 2028 at a compound annual growth rate (CAGR) of 16.8%. The anticipated growth in the upcoming period can be linked to the expanding reach of 5G networks, increased utilization within industrial and manufacturing sectors, integration into e-commerce and retail operations, the rise of health and wellness solutions, and the augmented use of collaboration tools for remote work. Key trends expected in this forecast period encompass advancements in display technologies, the incorporation of 5G connectivity, a surge in enterprise applications and tailored industry solutions, innovative form factors and designs, and the convergence of extended reality (XR).

An upsurge in the number of gamers is anticipated to drive growth in the AR and VR smart glasses market. Gaming denotes playing video games through various platforms, and gamers represent individuals engaged in this activity. Smart glasses function as a head-up display for an immersive gaming experience. Notably, in March 2023, a report from Cybercrew UK, an online media company in the UK, revealed a 63% increase in gamers since the 2021 lockdown. In 2020, video game consumers spent $5.2 billion, marking the first time UK sales surpassed $5 billion. Projections suggest revenue might hit $7.6 billion by 2025. Moreover, according to Invest India, online gaming revenue in 2021 surged by 28% to $1.2 billion and is expected to reach $1.9 billion by 2024, further driving the AR and VR smart glasses market.

The burgeoning trend of online shopping is poised to fuel the expansion of the AR and VR smart glasses market. Online shopping involves purchasing goods or services directly from sellers via the internet, eliminating intermediary services. AR and VR smart glasses facilitate virtual try-on solutions, enabling customers to preview products before buying. This feature reduces the necessity for physical store visits and diminishes return risks, enhancing the overall shopping experience. For instance, by September 2022, the International Trade Administration reported that consumer eCommerce comprised 30% of the UK's retail sector, up from 20% in 2020, with an annual revenue exceeding $120 billion. In 2021, it was anticipated that 82% of UK residents made at least one online purchase, affirming the driving force of online shopping in the AR and VR smart glasses market.

A prominent trend in the AR and VR smart glasses market is product innovation. Leading companies in this sector prioritize developing innovative solutions to fortify their market standing. For example, in October 2022, Seiko Epson Corporation launched the Moverio BT-45C and BT-45CS, the latest generation of Moverio AR smart glasses. These models facilitate hands-free collaboration between on-site workers and remote specialists, catering specifically to mission-critical operations such as troubleshooting and training. Equipped with cutting-edge Si-OLED technology and a binocular see-through Full HD display, these glasses integrate digital content seamlessly with the real world, enhancing efficiency and safety. Similarly, major industry players focus on introducing advanced solutions, such as AR glass platforms, to gain a competitive edge by leveraging augmented reality to overlay digital content onto the user's surroundings.

Industry leaders are dedicated to introducing state-of-the-art solutions, notably AR glass platforms, to maintain a competitive advantage in the market. AR glass platforms utilize augmented reality technology to overlay digital content onto the user's real-world environment. For instance, in November 2022, Qualcomm Incorporated unveiled the Snapdragon AR2 Gen1, the world’s first purpose-built headworn augmented reality platform. This innovative multi-chip design delivers 50% reduced power consumption and 2.5x improved AI performance, aimed at providing high-performance AR glasses. Collaborating with various OEMs, including Lenovo, LG, Nreal, and Xiaomi, the Snapdragon AR2 is in different developmental phases. Engineered to revolutionize the headworn glass form factor, the Snapdragon AR2 Gen 1 Platform is poised to usher in a new era of spatial computing experiences for both the real world and the metaverse.

In December 2022, Meta Inc., a technology conglomerate headquartered in the US, completed the acquisition of Luxexcel for an undisclosed sum. This acquisition enables Meta to integrate essential elements for an augmented reality experience, including holographic film and projectors, directly into prescription lenses. Luxexcel Holding B.V., based in the Netherlands, specializes in producing 3D smart glass equipped with augmented reality functionalities.

Major companies operating in the ar and vr smart glasses market report are Seiko Epson Corporation, Samsung Electronics Co. Ltd., Optinvent SA, Ricoh Company Ltd., Microsoft Corporation, Avegant Corporation, Everysight Ltd., Kopin Corporation, HTC Corporation, Sony Interactive Entertainment LLC, Vuzix Corporation, Royole Corporation, Lumus Ltd., RealWear Inc., Google LLC, Atheer Inc., Meta Platforms Inc., DAQRI, Pico Interactive Inc., Acer Inc., Lenovo Group Limited, Osterhout Design Group Inc., Rokid Corporation Limited, Ubimax GmbH, ThirdEye Gen Inc., Nreal (Beijing) Technology Co. Ltd., Mad Gaze, Ximmerse, ViewAR GmbH, Magic Leap Inc.

North America was the largest region in the AR And VR smart glasses market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global AR and VR smart glasses market report during the forecast period. The regions covered in the ar and vr smart glasses market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the ar and vr smart glasses market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

These smart glass devices come in two primary types such as binocular and monocular and find application across multiple products, including mobile phone smart glasses, integrated variants, and external models. Binocular options encompass optical see-through and video see-through devices, utilized across various industries such as gaming, healthcare, education, and military and defense. Binoculars, typically used for viewing distant objects, consist of two telescopes, a focusing mechanism, and prisms.

The AR and VR smart glasses market research report provides AR and VR smart glasses market statistics, including AR and VR smart glasses industry global market size, regional shares, competitors with an AR and VR smart glasses market share, detailed AR and VR smart glasses market segments, market trends and opportunities, and any further data you may need to thrive in the AR and VR smart glasses industry. This AR and VR smart glasses market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The AR And VR smart glasses market consists of sales of heads up displays and holographic displays. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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