This report describes and explains the AR and VR smart glasses market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.
The global AR and VR smart glasses market reached a value of nearly $16 billion in 2023, having grown at a compound annual growth rate (CAGR) of 17.7% since 2018. The market is expected to grow from $16 billion in 2023 to $36 billion in 2028 at a rate of 17.6%. The market is then expected to grow at a CAGR of 17.3% from 2028 and reach $80.1 billion in 2033.
Growth in the historic period resulted from the rise in deployment of 5G networks, rise in demand for wearable technology and growth in the gaming industry. Factors that negatively affected growth in the historic period was regulatory and legal hurdles.
Going forward, increasing adoption in the healthcare industry, rise in e-commerce platforms, rise in remote work and rising disposable income will drive the growth. Factor that could hinder the growth of the AR and VR smart glasses market in the future include high initial cost.
The AR and VR smart glasses market is segmented by type into optical see through and video see through. The optical see through market was the largest segment of the AR and VR smart glasses market segmented by type, accounting for 63.4% or $10.1 billion of the total in 2023. Going forward, the video see through segment is expected to be the fastest growing segment in the AR and VR smart glasses market segmented by type, at a CAGR of 20.7% during 2023-2028.
The AR and VR smart glasses market is segmented by glass type into AR smart glasses and VR smart glasses. The AR smart glasses market was the largest segment of the AR and VR smart glasses market segmented by glass type, accounting for 71.9% or $11.5 billion of the total in 2023. Going forward, the AR smart glasses segment is expected to be the fastest growing segment in the AR and VR smart glasses market segmented by glass type, at a CAGR of 18.3% during 2023-2028.
The AR smart glasses market is segmented by application into gaming, fitness, education, travel, other consumer uses and enterprise use. The gaming market was the largest segment of the AR smart glasses market segmented by application, accounting for 18.3% or $3.6 billion of the total in 2023. Going forward, the enterprise use segment is expected to be the fastest growing segment in the AR smart glasses market segmented by application, at a CAGR of 20.8% during 2023-2028.
The AR and VR smart glasses market is segmented by product into integrated smart glasses and external smart glasses. The external smart glasses market was the largest segment of the AR and VR smart glasses market segmented by product, accounting for 85.6% or $13.7 billion of the total in 2023. Going forward, the external smart glasses segment is expected to be the fastest growing segment in the AR and VR smart glasses market segmented by product, at a CAGR of 17.7% during 2023-2028.
The AR and VR smart glasses market is segmented by device type into binocular and monocular. The binocular market was the largest segment of the AR and VR smart glasses market segmented by device type, accounting for 62.7% or $10 billion of the total in 2023. Going forward, the binocular segment is expected to be the fastest growing segment in the AR and VR smart glasses market segmented by device type, at a CAGR of 19.8% during 2023-2028.
The AR and VR smart glasses market is segmented by application into audio, AI assistant, wellness and other applications. The other applications market was the largest segment of the AR and VR smart glasses market segmented by application, accounting for 67% or $10.7 billion of the total in 2023. Going forward, the other applications segment is expected to be the fastest growing segment in the AR and VR smart glasses market segmented by application, at a CAGR of 18.7% during 2023-2028.
The AR and VR smart glasses market is segmented by end use into gaming industry, healthcare, education, military and defense and other end users. The gaming industry market was the largest segment of the AR and VR smart glasses market segmented by end use, accounting for 39.5% or $6.3 billion of the total in 2023. Going forward, the gaming industry segment is expected to be the fastest growing segment in the AR and VR smart glasses market segmented by end use, at a CAGR of 18.6% during 2023-2028.
North America was the largest region in the AR and VR smart glasses market, accounting for 33.1% or $5.3 billion of the total in 2023. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the AR and VR smart glasses market will be Asia Pacific and Western Europe where growth will be at CAGRs of 18.7% and 18% respectively. These will be followed by North America and South America where the markets are expected to grow at CAGRs of 17.2% and 16.8% respectively.
The global AR and VR smart glasses market is fairly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up to 25.82% of the total market in 2022. Meta Platforms Inc. was the largest competitor with 13.24% share of the market, followed by Microsoft Corporation with 6.75%, Seiko Epson Corporation with 2.25%, Samsung Electronics Co. Ltd with 0.77%, Rokid AI with 0.70%, Pico Interactive Inc. with 0.56%, Ricoh Company Ltd with 0.55%, HTC Corporation with 0.48%, TCL Electronics Holdings Ltd with 0.41%, and XREAL with 0.12%.
The top opportunities in the AR and VR smart glasses market segmented by type will arise in the optical see through segment, which will gain $11 billion of global annual sales by 2028. The top opportunities in the AR and VR smart glasses market segmented by glass type will arise in the AR smart glasses segment, which will gain $15.2 billion of global annual sales by 2028. The top opportunities in the AR smart glasses market segmented by application will arise in the gaming segment, which will gain $4.7 billion of global annual sales by 2028. The top opportunities in the AR and VR smart glasses market segmented by product will arise in the external smart glasses segment, which will gain $17.2 billion of global annual sales by 2028. The top opportunities in the AR and VR smart glasses market segmented by end use will arise in the gaming industry segment, which will gain $8.5 billion of global annual sales by 2028. The top opportunities in the AR and VR smart glasses market segmented by device type will arise in the binocular segment, which will gain $14.7 billion of global annual sales by 2028. The top opportunities in the AR and VR smart glasses market segmented by application will arise in the other applications segment, which will gain $14.6 billion of global annual sales by 2028. The AR and VR smart glasses market size will gain the most in the USA at $5.7 billion.
Market-trend-based strategies for the AR and VR smart glasses market include development of next-generation smart glasses chips for enhanced performance, smart glasses combined with liquid crystal on silicon (LCOS) panels to enhance display quality, integration of head-tracking systems with smart glasses for seamless and immersive experience and strategic partnerships and collaborations among market players.
Player-adopted strategies in the AR and VR smart glasses market include focus on expanding operational capabilities through strategic acquisitions and strategic partnerships and collaborations, strengthening operational capabilities through new product launches and strengthening market position through product approvals and expansions.
To take advantage of the opportunities, the analyst recommends AR and VR smart glasses companies to focus on next-generation smart glasses chips development, focus on advancing LCOS integration for enhanced AR and VR experiences, focus on head-tracking integration for enhanced AR/VR experience, focus on expanding optical see through segment, focus on expanding external smart glasses segment, focus on expanding presence in the binocular segment, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships and collaborations, focus on diversifying distribution channels, provide competitively priced offerings, participate in trade shows and events, prioritize digital marketing channels, invest in product demonstrations and trial programs and focus on gaming industry.
The global AR and VR smart glasses market reached a value of nearly $16 billion in 2023, having grown at a compound annual growth rate (CAGR) of 17.7% since 2018. The market is expected to grow from $16 billion in 2023 to $36 billion in 2028 at a rate of 17.6%. The market is then expected to grow at a CAGR of 17.3% from 2028 and reach $80.1 billion in 2033.
Growth in the historic period resulted from the rise in deployment of 5G networks, rise in demand for wearable technology and growth in the gaming industry. Factors that negatively affected growth in the historic period was regulatory and legal hurdles.
Going forward, increasing adoption in the healthcare industry, rise in e-commerce platforms, rise in remote work and rising disposable income will drive the growth. Factor that could hinder the growth of the AR and VR smart glasses market in the future include high initial cost.
The AR and VR smart glasses market is segmented by type into optical see through and video see through. The optical see through market was the largest segment of the AR and VR smart glasses market segmented by type, accounting for 63.4% or $10.1 billion of the total in 2023. Going forward, the video see through segment is expected to be the fastest growing segment in the AR and VR smart glasses market segmented by type, at a CAGR of 20.7% during 2023-2028.
The AR and VR smart glasses market is segmented by glass type into AR smart glasses and VR smart glasses. The AR smart glasses market was the largest segment of the AR and VR smart glasses market segmented by glass type, accounting for 71.9% or $11.5 billion of the total in 2023. Going forward, the AR smart glasses segment is expected to be the fastest growing segment in the AR and VR smart glasses market segmented by glass type, at a CAGR of 18.3% during 2023-2028.
The AR smart glasses market is segmented by application into gaming, fitness, education, travel, other consumer uses and enterprise use. The gaming market was the largest segment of the AR smart glasses market segmented by application, accounting for 18.3% or $3.6 billion of the total in 2023. Going forward, the enterprise use segment is expected to be the fastest growing segment in the AR smart glasses market segmented by application, at a CAGR of 20.8% during 2023-2028.
The AR and VR smart glasses market is segmented by product into integrated smart glasses and external smart glasses. The external smart glasses market was the largest segment of the AR and VR smart glasses market segmented by product, accounting for 85.6% or $13.7 billion of the total in 2023. Going forward, the external smart glasses segment is expected to be the fastest growing segment in the AR and VR smart glasses market segmented by product, at a CAGR of 17.7% during 2023-2028.
The AR and VR smart glasses market is segmented by device type into binocular and monocular. The binocular market was the largest segment of the AR and VR smart glasses market segmented by device type, accounting for 62.7% or $10 billion of the total in 2023. Going forward, the binocular segment is expected to be the fastest growing segment in the AR and VR smart glasses market segmented by device type, at a CAGR of 19.8% during 2023-2028.
The AR and VR smart glasses market is segmented by application into audio, AI assistant, wellness and other applications. The other applications market was the largest segment of the AR and VR smart glasses market segmented by application, accounting for 67% or $10.7 billion of the total in 2023. Going forward, the other applications segment is expected to be the fastest growing segment in the AR and VR smart glasses market segmented by application, at a CAGR of 18.7% during 2023-2028.
The AR and VR smart glasses market is segmented by end use into gaming industry, healthcare, education, military and defense and other end users. The gaming industry market was the largest segment of the AR and VR smart glasses market segmented by end use, accounting for 39.5% or $6.3 billion of the total in 2023. Going forward, the gaming industry segment is expected to be the fastest growing segment in the AR and VR smart glasses market segmented by end use, at a CAGR of 18.6% during 2023-2028.
North America was the largest region in the AR and VR smart glasses market, accounting for 33.1% or $5.3 billion of the total in 2023. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the AR and VR smart glasses market will be Asia Pacific and Western Europe where growth will be at CAGRs of 18.7% and 18% respectively. These will be followed by North America and South America where the markets are expected to grow at CAGRs of 17.2% and 16.8% respectively.
The global AR and VR smart glasses market is fairly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up to 25.82% of the total market in 2022. Meta Platforms Inc. was the largest competitor with 13.24% share of the market, followed by Microsoft Corporation with 6.75%, Seiko Epson Corporation with 2.25%, Samsung Electronics Co. Ltd with 0.77%, Rokid AI with 0.70%, Pico Interactive Inc. with 0.56%, Ricoh Company Ltd with 0.55%, HTC Corporation with 0.48%, TCL Electronics Holdings Ltd with 0.41%, and XREAL with 0.12%.
The top opportunities in the AR and VR smart glasses market segmented by type will arise in the optical see through segment, which will gain $11 billion of global annual sales by 2028. The top opportunities in the AR and VR smart glasses market segmented by glass type will arise in the AR smart glasses segment, which will gain $15.2 billion of global annual sales by 2028. The top opportunities in the AR smart glasses market segmented by application will arise in the gaming segment, which will gain $4.7 billion of global annual sales by 2028. The top opportunities in the AR and VR smart glasses market segmented by product will arise in the external smart glasses segment, which will gain $17.2 billion of global annual sales by 2028. The top opportunities in the AR and VR smart glasses market segmented by end use will arise in the gaming industry segment, which will gain $8.5 billion of global annual sales by 2028. The top opportunities in the AR and VR smart glasses market segmented by device type will arise in the binocular segment, which will gain $14.7 billion of global annual sales by 2028. The top opportunities in the AR and VR smart glasses market segmented by application will arise in the other applications segment, which will gain $14.6 billion of global annual sales by 2028. The AR and VR smart glasses market size will gain the most in the USA at $5.7 billion.
Market-trend-based strategies for the AR and VR smart glasses market include development of next-generation smart glasses chips for enhanced performance, smart glasses combined with liquid crystal on silicon (LCOS) panels to enhance display quality, integration of head-tracking systems with smart glasses for seamless and immersive experience and strategic partnerships and collaborations among market players.
Player-adopted strategies in the AR and VR smart glasses market include focus on expanding operational capabilities through strategic acquisitions and strategic partnerships and collaborations, strengthening operational capabilities through new product launches and strengthening market position through product approvals and expansions.
To take advantage of the opportunities, the analyst recommends AR and VR smart glasses companies to focus on next-generation smart glasses chips development, focus on advancing LCOS integration for enhanced AR and VR experiences, focus on head-tracking integration for enhanced AR/VR experience, focus on expanding optical see through segment, focus on expanding external smart glasses segment, focus on expanding presence in the binocular segment, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships and collaborations, focus on diversifying distribution channels, provide competitively priced offerings, participate in trade shows and events, prioritize digital marketing channels, invest in product demonstrations and trial programs and focus on gaming industry.
Table of Contents
1 Executive Summary
6 Market Characteristics
7 Major Market Trends
8 Ar and VR Smart Glasses Market - Macro Economic Scenario
9 Global Market Size and Growth
10 Global Ar and VR Smart Glasses Market Segmentation
11 Ar and VR Smart Glasses Market, Regional and Country Analysis
12 Asia-Pacific Market
13 Western Europe Market
14 Eastern Europe Market
15 North America Market
16 South America Market
17 Middle East Market
18 Africa Market
19 Competitive Landscape and Company Profiles
20 Other Major and Innovative Companies
23 Key Mergers and Acquisitions
24 Opportunities and Strategies
25 Ar and VR Smart Glasses, Conclusions and Recommendations
26 Appendix
Executive Summary
AR and VR Smart Glasses Global Market Opportunities and Strategies to 2033 provides the strategists; marketers and senior management with the critical information they need to assess the global AR and VR smart glasses market as it emerges from the COVID-19 shut down.Reasons to Purchase:
- Gain a truly global perspective with the most comprehensive report available on this market covering 15 geographies.
- Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
- Suitable for supporting your internal and external presentations with reliable high-quality data and analysis.
Description
Where is the largest and fastest-growing market for AR and VR smart glasses? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The AR and VR smart glasses market global report answers all these questions and many more.The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market’s history and forecasts market growth by geography. It places the market within the context of the wider AR and VR smart glasses market; and compares it with other markets.
The report covers the following chapters:
- Introduction and Market Characteristics - Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by type, by glass type, by application (AR smart glasses), by device type, by product, by end-use and by application.
- Key Trends - Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario - The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the AR and VR smart glasses market.
- Global Market Size and Growth - Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional and Country Analysis - Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation - Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by type, by glass type, by application (AR smart glasses), by device type, by product, by end-use and by application in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth - Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape - Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major and Innovative Companies - Details on the company profiles of other major and innovative companies in the market.
- Competitive Benchmarking - Briefs on the financials comparison between major players in the market.
- Competitive Dashboard - Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions - Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Market Opportunities and Strategies - Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions and Recommendations - This section includes recommendations for AR and VR smart glasses providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix - This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Scope
Markets Covered:
1) by Type: Optical See Through; Video See Through2) by Glass Type: AR Smart Glasses; VR Smart Glasses
3) by End-Use: Gaming Industry; Healthcare; Education; Military and Defense; Other End Users
4) by Application (AR Smart Glasses): Gaming; Fitness; Education; Travel; Other Consumer Uses; Enterprise Use.
5) by Product: Integrated Smart Glasses; External Smart Glasses
6) by Device Type: Binocular; Monocular
7) by Application: Audio; AI Assistant; Wellness; Other Applications
Key Companies Mentioned: Meta Platforms Inc.; Microsoft Corporation; Seiko Epson Corporation; Samsung Electronics Co. Ltd; Rokid AI
Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; UK; Italy; Spain; Russia
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; AR and VR smart glasses indicators comparison.
Data Segmentation: Country and regional historic and forecast data; market share of competitors; market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Meta Platforms Inc.
- Microsoft Corporation
- Seiko Epson Corporation
- Samsung Electronics Co. Ltd
- Rokid AI
- Pico Interactive Inc.
- Ricoh Company Ltd
- HTC Corporation
- TCL Electronics Holdings Ltd
- XREAL
- Ajna Lens
- Simbott
- Nimo Planet
- Pixel Grand
- Shenzhen Liskang Technology Co. Ltd
- Shanghai Sotech Technology Co. Ltd
- Shenzhen Liangyu Technology Co. Ltd
- Nreal
- Lenovo
- Xiaomi
- Neo Bear
- Bright Field of Vision
- Innowise
- PixelPlex
- Queppelin
- iQlance
- Essilor Luxottica SA
- Takeaway Reality
- Full Clarity
- Fibrum
- MVR Glasses
- All in One AR
- Teslasuit
- Augmented Pixels
- Deus AR
- Hologroup
- MaxWell Smart Solutions
- NtechLab
- Magic Leap
- Epson America
- Vuzix Corporation
- DAQRI
- Kopin Corporation
- North
- Atheer
- PlannerTech
- MOPET Group
- Xoyoc
- Sensape
- Holobox
- Optinvent
- Ingeteam Chile
- Realidad
- Experiencia 360
- Inmersys
- Everysight Ltd.
- Lumus Ltd.
- Outreal XR
- Everest DG
- AMA
- Aero Glass
- EyeJets
- Innowise Group
- Nintendo
- Ricoh Company Ltd.
- AmazeeXpertEye
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 410 |
| Published | May 2024 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value ( USD | $ 16 Billion |
| Forecasted Market Value ( USD | $ 80.1 Billion |
| Compound Annual Growth Rate | 17.5% |
| Regions Covered | Global |
