Delray Beach, FL, Oct. 01, 2024 (GLOBE NEWSWIRE) -- The global smart glasses market is projected to reach USD 4,129.3 million by 2030 from USD 878.8 million in 2024; it is expected to grow at a CAGR of 29.4%.
Key factors propelling the market growth include the rapid technological advancements, increased demand for AR smart glasses, and growing adoption in the industrial sector. Regulatory constraints, safety concerns and continuously changing consumer preferences are expected to be restraining factors for the smart glasses industry. Technical limitations such as the need for miniaturized components for smart glasses considering their smaller sizes are expected to create challenges for the smart glasses industry. Increasing technological advancements in display technology, sensor technology, and processors are expected to drive market growth.
To know about the assumptions considered for the study
Major Smart Glasses Companies Included:
- Meta (US),
- EssilorLuxottica (France),
- Seiko Epson Corporation (Japan),
- Amazon.com, Inc. (US),
- TCL Electronics Holdings Limited (China),
- Vuzix (US),
- Lenovo (China),
- LUCYD EYEWEAR (US),
- Xiaomi (China), and
- Huawei Investment & Holding Co., Ltd. (China).
Smart Glasses Market Dynamics:
- Driver: Growing adoption in industrial sector
- Restraint: Regulatory constraints and safety concerns
- Opportunity: Developments in 5G technology
- Challenge: Technical limitations
Growth Opportunities in Smart Glasses Market in Europe Region:
Technological advancements in AR and VR technologies, growing demand from gaming and entertainment, integration with consumer electronics devices, and demand from industries such as healthcare are expected to be the drivers for the smart glasses industry in the European region.
The increasing adoption in the German automotive industry for improving efficiency, quality, and safety across the industry, rising demand from healthcare, education & research in UK, and increasing demand from tourism and presence of some of large smart glasses manufacturers in France are the significant drivers for European smart glasses industry.
By Monocular Smart Glasses Segment:
Monocular smart glasses are expected to grow at a significant CAGR during the forecast period, driven by enhanced performance and safety features. Monocular smart glasses are generally light and compact, thus enhancing comfort during extended-use conditions. It is used in logistics, maintenance, and field services where hands-free information is needed. These monocular smart glasses increase efficiency and accuracy while reducing the margins of error by overlaying data and instructions directly on the user's display to make guidelines and handbooks accessible to engineers and field personnel while working on the field.
Automotive Segment Growing at a Highest CAGR
The automotive sector uses smart glasses to speed car maintenance and increase driving safety. With features like hands-free operation, augmented reality navigation, and real-time data presentation, these devices improve driving safety and efficiency. Smart glasses with augmented reality capabilities can assist mechanics with vehicle maintenance. When a mechanic stares at a specific location of an automobile, for instance, the smart glasses can display a digital overlay with torque settings, repair directions, and technical details. This feature significantly reduces the time required for diagnosis and repairs and speeds up the repair process by providing fast access to critical information.
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Future Growth of Smart Glasses Market
The future of the smart glasses market is expected to see substantial growth, driven by advancements in augmented reality (AR), artificial intelligence, and miniaturization of hardware components. Smart glasses are becoming increasingly popular in industries like healthcare, logistics, and manufacturing, where hands-free access to information and real-time data overlay enhances productivity and decision-making. Consumer adoption is anticipated to rise as designs become more fashionable and lightweight, and as tech giants integrate smart glasses with broader ecosystems of devices. The development of 5G networks and improved battery life will further accelerate innovation, paving the way for smart glasses to become a mainstream tool for both personal and professional use.
