Global AR VR Smart Glasses Market to Reach USD 54.27 Billion by 2031 | CAGR of 16.7%

Category : Semiconductor And Electronics | Published Date : Nov 2024 | Type : Press Release

AR VR Smart Glasses Market Scope & Overview:

In the newly published report, Consegic Business Intelligence states that the AR VR Smart Glasses Market size was valued at USD 15.72 Billion in 2023 and is projected to reach USD 54.27 Billion by 2031, growing at a CAGR of 16.7% from 2024 to 2031. AR (Augmented Reality) and VR (Virtual Reality) smart glasses are wearable devices designed to overlay digital information onto the physical world or create immersive virtual environments. These glasses are widely used across industries like gaming, healthcare, and education, enhancing the user experience with features like gesture control, head tracking, and 3D displays.

The report comprises the AR VR Smart Glasses Market Share, Size & Industry Analysis, By Type (Fully Immersive, Semi Immersive, Non-Immersive, Augmented, and Collaborative), Connected Devices (Gaming Console, PC and Laptop, Smartphones, and Others), Application (Gaming, Healthcare, Education, Military & Defense, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa), and Forecast, 2024-2031.

The report contains detailed information on AR VR Smart Glasses Market Trends, Opportunities, Value, Growth Rate, Segmentation, Geographical Coverage, Company Profile, In-depth Expert Analysis, Revenue Forecast, Competitive Landscape, Growth Factors, Restraints or Challenges, Environment & Regulatory Landscape, PESTLE Analysis, PORTER Analysis, Key Technology Landscape, Value Chain Analysis, and Cost Analysis.

Increased demand from the gaming and healthcare sectors and technological advancements in immersive experiences are driving the market, while high material costs and VR sickness challenges present key restraints.

Segmental Analysis :

Based on type, the market is segmented into fully immersive, semi-immersive, non-immersive, augmented, and collaborative.

  • Fully immersive smart glasses accounted for the largest share in 2023, driven by their applications in gaming and healthcare, providing an interactive and immersive experience.
  • Semi-immersive smart glasses are projected to register the fastest CAGR, as they offer a balance between immersion and real-world interaction, used in education and training.

Based on connected devices, the market includes gaming consoles, PC and laptops, smartphones, and others.

  • Gaming consoles dominated with the largest share in 2023, benefiting from the integration of AR and VR technologies in gaming platforms like PlayStation and Xbox.
  • The PC and laptop segment is expected to grow at the highest CAGR, driven by the development of high-performance laptops and PCs that enhance the AR VR experience.

Based on application, the market spans gaming, healthcare, education, military & defense, and others.

  • Gaming led the market in 2023, accounting for the largest share, driven by consumer demand for immersive gaming experiences and advancements in AR VR technology.
  • Healthcare is projected to grow at the fastest rate, as AR VR smart glasses are increasingly used for patient treatment, surgical planning, and medical education.

Based on regions, the global market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.

  • Asia-Pacific led the market in 2023, with China accounting for the largest share, driven by the region's growing consumer electronics sector and demand for immersive virtual experiences.
  • North America is projected to grow rapidly, supported by technological advancements in smart glasses and high adoption in the gaming and healthcare sectors.
Report Attributes Report Details
Study Timeline 2018-2031
Market Size in 2031 USD 54.27 Billion
CAGR (2024-2031) 16.7%
By Type Fully Immersive, Semi Immersive, Non-Immersive, Augmented, Collaborative
By Connected Devices Gaming Console, PC, and Laptop, Smartphones, and Others
By Application Gaming, Healthcare, Education, Military & Defense, Others
By Region North America(U.S., Canada, Mexico)
Europe(U.K., Germany, France, Spain, Italy, Russia, Benelux, Rest of Europe)
APAC(China, South Korea, Japan, India, Australia, ASEAN, Rest of Asia-Pacific)
Middle East & Africa(GCC, Turkey, South Africa, Rest of MEA)
LATAM(Brazil, Argentina, Chile, Rest of LATAM)

Top Key Players & Competitive Landscape :

The competitive landscape encompasses major innovators, aftermarket service providers, industry giants, and niche players, all of which are thoroughly examined by Consegic Business Intelligence in terms of their strengths, weaknesses, and value-addition potential. This report includes detailed profiles of key players, market share analysis, mergers and acquisitions, resulting market fragmentation, and emerging partnership trends and dynamics.

List of prominent players in the AR VR Smart Glasses Industry:

  • Meta (U.S)
  • HTC Corporation (Taiwan)
  • Apple Inc. (U.S)
  • Microsoft Corporation (U.S)
  • Samsung Electronics Co ., Ltd. (South Korea)
  • Sony Corporation (Japan)
  • Avegant Corp. (U.S)
  • NVIDIA (U.S)
  • Magic Leap (U.S)
  • Epson America, Inc. (U.S)

Recent Industry Developments :

  • In September 2023, Meta launched its next-generation Ray-Ban Meta smart glasses, offering enhanced audio and camera features and over 150 frame and lens combinations.
  • In February 2023, Nubia unveiled its AR eyewear, Neovision Glass, designed for compatibility with multiple devices, marking its entry into the 5G+XR sector.