The global augmented reality glasses market is predicted to reach a value of US$ 13,922.2 million in 2023. This growth is fueled by the widespread adoption of smartphones and internet connectivity across the globe. Augmented reality glasses offer a unique ability to blend the real world with virtual elements, making them increasingly useful in everyday experiences.
It is expected that the demand for augmented reality glasses will continue to rise significantly, with a compound annual growth rate (CAGR) of 20.1% projected between 2023 and 2033. This growth trajectory is estimated to result in a total market value of approximately US$ 87,165.4 million by 2033.
Augmented reality glasses display information about the user’s surroundings in front of his or her eyes on his or her spectacles. Furthermore, augmented reality glasses successfully superimpose virtual things in the real world. Because of the availability of sensors and position trackers, smart augmented reality glasses also enable efficient interactions with holographic objects.
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The primary market driver for augment reality glasses is the expanding market for head-mounted display. In 2021, head-mounted display and smart glass segment together accounted for 69.5% of augmented reality market revenue. Heightened demand for head-mounted display and smart glasses in multiple industry vertical and enterprises will foster growth for augmented reality glasses.
The increasing enhancements in augmented reality (AR) technology and the increasing penetration of mobile phones are creating a positive environment for growth over the forecast period. Another factor driving the market growth is the continued efforts to present an enhanced and more immersive experience to consumers. The different feature integrations and updates made to these AR glasses are capable of boosting productivity as well as enhancing public safety. The growing usage of AR glasses in the retail of spectacles and sunglasses is likely to boost the overall sales of AR glasses. Further, the rising adoption of AR glasses and frequent product upgradation or release of new products is expected to drive the market over the projected period.
Key Takeaways from the Augmented Reality Glasses Market Report:
- AR glasses’ ability to visualize in real-time to bolster market possibilities.
- High pricing negatively impacts the AR glasses market.
- North America is predicted to continue its market domination over the forecast period.
- Europe is anticipated to account for 23% of the global market share.
- By application, the enterprise segment is expected to lead the market growth.
Competitive Landscape:
Market players are striking strategic alliances and partnerships and engaging in mergers and acquisitions as part of their efforts to advance technology development amid the intensifying competition.
- For instance, in December 2021, Tencent acquired Turtle Rock Studios. Tencent particularly found the latter’s gaming library and AR capabilities lucrative.
- Similarly, in August 2020, Google Ventures invested US$ 14.5 million in Blue Vision Labs, an AR start-up based in the United Kingdom, after realizing the latter’s potential and development power.
- In September 2021, WPP and Snap Inc. announced a partnership to explore AR technology to develop advanced immersive experiences for users. The partnership holds immense potential, particularly given that the Snap Consumer AR Global Report 2021 has revealed that over 90% of people want to use AR for shopping.
- In June 2021, Livestream Technologies expanded its investment in Japan bolstered by the increasing customer footfalls in the Asia Pacific region. AR market crossed the upper limit of 320% market in Japan.
Leading Key Players:
- Microsoft Corporation
- SEIKO EPSON CORP.
- Laster Technologies
- Penny
- Sony Mobile Communications Inc.
- Recon Instruments
- LUMUS
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Augmented Reality Glasses Market Segmentation:
By application:
- Industrial purpose
- Healthcare purpose
- Military purpose
- Retail purpose
- Media, Games, and Entertainment purpose
- Sports purpose
- Others purpose
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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