The global augmented reality glasses market is expected to be valued at USD 13,922.2 million in 2023. With smartphone and internet penetration complying across the globe, coupled with an inimitable quality of merging the real with the unreal, and coming in very handy in day-to-day experiences, overall demand for augmented reality glasses is projected to grow at a CAGR of 20.1% between 2023 and 2033, totaling around USD 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.
Mixed reality glasses with increased functions have been introduced as a result of advancements in augmented reality glasses. Augmented reality glasses are still in the early stages of development as new developments and implementations are made possible by technological advancements and the availability of resources. Despite this, augmented reality glasses have found use in fields such as healthcare, military, retail, and real estate.
| Data Points | Key Statistics |
|---|---|
| Augmented reality glasses Market Value 2023 | USD 13,922.2 million |
| Augmented reality glasses Market Projected Value (2033) | USD 87,165.4 million |
| Augmented reality glasses Market CAGR (2023 to 2033) | 20.1% |
Companies are exploring the possible ways AR could be used by giving end-users a unique, relevant, and immersive experience. Furthermore, the penetration of mobile phones and augmented reality glasses have leaped with mobile AR technology. This is a stellar moment for the augmented reality glasses market.
For instance, in January 2020, Hangzhou Tairuo Technology Company Limited announced an advanced product called the Nreal Light AR glasses, which uses AR technology to create a vastly improved and immersive experience combining virtual reality and augmented reality.
The popularity of smart glasses is growing because of their ability to merge the user’s vision with the virtual world effortlessly. These glasses use a combination of display, sensors, accelerometers, smart software, and internet connectivity to add contextual information to the wearer's views. AR-enabled smart glasses are increasingly being used for various day-to-day domestic and professional uses.
The augmented intelligence biometric-enabled smart glasses platform launched by Vuzix and ST Engineering boosts the productivity of enterprise customers and enhances public safety. The increasing adoption and regular launch of such innovative products are expected to fuel the growth of the augmented reality market during the forecast period.
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AR technology has been the driving force with technology making a quantum leap ever since the COVID-19 outbreak. The head-mounted display & smart glass segment accounted for the highest revenue share of 69.5% in 2022. The segment is expected to continue dominating the augmented reality market in the forecast period as a result of the increasing demand for head-mounted displays and smart glasses in industrial & enterprise applications.
Advances in OLED technology and the growing use cases for AR technology in industrial & enterprise applications are expected to drive mass availability of lightweight head-mounted displays, thereby driving the growth of the segment.
AR-powered head-mounted displays and smart glasses can potentially find innovative use cases in the supply chain & logistics industry, and subsequently, transform the entire supply chain. Although AR-powered smart glasses consume high computation resources, their ability to visualize in real-time for viewers stokes market growth.
AR technology is a boon in day-to-day applications
AR glasses help Lenskart thrive in individual sales of spectacles and sunglasses with a well-informed buying decision
The augmented reality market can be described as a relatively untapped market, where several opportunities remain unexplored. Vendors are investing aggressively in research and development to develop innovative AR solutions for day-to-day applications as well as for enterprises to simplify their workflows and enhance their processes.
The ability to offer an immersive experience is particularly prompting technology and e-commerce companies to opt for new, innovative solutions based on AR technology.
For instance, Lenskart Solutions Pvt Ltd. is using AR technology in the mobile app to allow individuals to superimpose spectacles, sunglasses, and other products virtually on their faces before making a buying decision. Similarly, the AR feature implemented by LG Corporation on its electronics website allows users to witness how a particular television set is expected to look in their house on their mobile phones before they make a buying decision.
Smart glasses go much further than simply being head-mounted HUD; their primary function is as an augmented reality display. Augmented reality is when digital information is presented in real-time. It more than just displays static information and takes a shot at displaying visually real-time shots that look as if they are being played out in front of your eyes.
The high cost of AR glasses is a deterrent to market growth
The high cost of smart glass is one of the factors hindering the smart glass market growth. Customers in developing countries have lower disposable incomes and prefer to prioritize spending on necessities. Moreover, consumers in these countries prefer blinds and curtains instead of smart glass.
Meanwhile, customers in most countries in the Asia Pacific, Middle East, and Africa are price-sensitive and are expected to opt for glass that can serve basic requirements. Most users do not have enough knowledge about energy cost savings associated with the use of smart glass.
Although augmented reality glasses are still in the development stage, the main factor impeding the growth of the augmented reality glasses market is a lack of knowledge. Furthermore, despite price declines, the high cost of augmented reality glasses impedes its growth and adoption rate.
AR/VR smart glasses are a costly technology with mammoth maintenance costs. Smart glasses' hardware, software solutions, and maintenance are highly expensive. The software used to obtain information and records adds to the cost of AR/VR smart glasses because it is customizable according to the user's needs. This incurs additional costs, which raises the overall cost of the product and reduces its adoption rate.
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Enterprise segment to take the lead in market growth
The major AR market growth came from the enterprise segment. AR apps are used by enterprises to check inventory, provide information on available stock, and save time and travel costs through remote assistance.
AR technology also helps enterprises in training, data visualization, marketing, collaboration, inspection, repairs, solving complex problems, and minimizing human errors. These advantages and the high level of customization offered by augmented reality are projected to boost its adoption for various applications in enterprises.
| Country | Market CAGR % (2023 to 2033) |
|---|---|
| North America Market Share % (2022) | 31.6% |
| The United States Market Share % (2022) | 21.2% |
North America accounted for the largest revenue share of 31.6% in 2022 and is anticipated to account for a significant market share in the forecast period. The United States accounted for the largest North American regional market share. In 2022, the United States recorded a 21.2% stake in the global market. The United States is home to several leading technology companies, such as Google LLC, and Microsoft, among others.
The country is also considered an early adopter of new technologies. Europe is poised for significant growth as it has taken the lead in adopting AR technology for gaming & entertainment applications. Germany is particularly gaining recognition for implementing AR technology in the gaming industry.
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| Country | Market CAGR % (2023 to 2033) |
|---|---|
| Europe Market Share % (2022) | 22.8% |
| Germany Market Share % (2022) | 8.9% |
| The United Kingdom’s Market CAGR % (2023 to 2033) | 19.3% |
With increased internet penetration, more awareness, and higher usage of smartphones and tablets, Europe is predicted to develop at the greatest rate. In 2022, Europe held 22.8% of the worldwide market share.
In the anticipated period, the development of new technologies such as IoT and 5G is expected to increase demand for AR smart glasses in this region. Warehouse pickup solutions that use augmented reality to provide the correct position of things in a warehouse are being adopted by various companies in Europe. As a result, it minimizes the time required to complete the order, increasing warehouse worker productivity.
At the same time, enterprises in Europe deploy augmented reality applications to enable buyers to visualize the product in the actual world. This could include products from automotive, home, and beauty brands and thus are responsible for driving the demand in this market rapidly.
| Country | Market CAGR % (2023 to 2033) |
|---|---|
| China | 23.5% |
| India | 21.7% |
Asia Pacific is predicted to emerge as the fastest-growing regional market in the forecast period. Developed countries, such as Japan and Australia, are gradually paving their path as the leaders in the regional market leveraging a large customer base and advancing the implementation of internet-based platforms.
The continued rollout of high-speed, 5G networks in the Asia Pacific is also expected to trigger widespread adoption of AR technology and AR-based solutions across the region. India with its large population and rapidly growing internet penetration rate is emerging among the leading economies in the Asia Pacific utilizing AR technology in the manufacturing and healthcare industries, where more immersive and hands-on experience is of paramount importance.
Who are the Leading Players in the Augmented reality glasses Market?
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.
| Report Attribute | Details |
|---|---|
| Growth Rate | 20.1% CAGR from 2023 to 2033 |
| Market Value in 2023 | USD 13,922.2 million |
| Market Value in 2033 | USD 87,165.4 million |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | USD million for Value |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Application, Region |
| Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East & Africa |
| Key Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, China, Japan, South Korea, GCC Countries, South Africa, Israel |
| Key Companies Profiled | Microsoft CorporationGoogleSEIKO EPSON CORP.Laster TechnologiesPennySony Mobile Communications Inc.Recon InstrumentsLUMUS |
| Customization Scope | Available upon Request |
The global sales of augmented reality glasses is on the track to grow at 20.1% annual rate until 2033.
The market in the United States contributed nearly 21.2% of the 2022 revenue share.
The heat-mounted display & smart glass segment constituted 69.5% of the total market sales in 2022.
The demand for augmented reality glasses in Germany contributed 8.9% in 2022.
Adoption of augmented reality glasses in China is expected to surge at 23.5% CAGR through 2033.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Analysis 2018 to 2022 and Forecast 2023 to 2033, By End-User 5.1. Industrial 5.2. Healthcare 5.3. Military 5.4. Retail 5.5. Media, Games, and Entertainment 5.6. Sports 5.7. Others 6. Global Analysis 2018 to 2022 and Forecast 2023 to 2033, By Applications 6.1. 3D Modelling/Design 6.2. Training 6.3. Monitoring/Maintenance 6.4. Others 7. Global Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Western Europe 7.4. Eastern Europe 7.5. South Asia and Pacific 7.6. East Asia 7.7. Middle East and Africa 8. North America Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Western Europe Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Eastern Europe Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia and Pacific Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. East Asia Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Middle East and Africa Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Microsoft Corporation 17.2. Google 17.3. SEIKO EPSON CORP. 17.4. Laster Technologies 17.5. Penny 17.6. Sony Mobile Communications Inc. 17.7. Recon Instruments 17.8. LUMUS 17.9. Samsung Group 17.10. Ricoh Company, Ltd. 18. Assumptions & Acronyms Used 19. Research Methodology
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Augmented Reality Glasses Market
