Westford, USA, July 25, 2022 (GLOBE NEWSWIRE) -- 3D technologies have been around for a while. But, over the past five years or so, 3D glasses use has grown exponentially. Today it seems like there are increasing opportunities in this business sector - global trends in cognitive technologies, growth and development in high-resolution LCDs, availability of 3D media.
Today, 3D glasses market is expanding at a healthy rate like never before. In 2015, there were about 7 million units shipped worldwide. This number is projected to reach 24 million units by 2024. This massive growth due to the increase in interest in virtual reality and augmented reality.
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So, What Appeal Consumers to Buy 3D Glasses?
There are several different types of 3D glasses available on the 3D glasses market today, including anaglyphic, polarized, and active shutter. Anaglyphic 3D glasses use red and blue lenses to filter the images seen by each eye, while polarized 3D glasses use vertically and horizontally aligned polarizing filters. Active shutter 3D glasses use LCD shutters that open and close in sync with the images on the screen in order to provide each eye with a clear image.
As per research by SkyQuest Technology, unlike other products where consumers are willing to pay a premium for the latest and greatest technology, the price of 3D glasses has been a barrier to adoption for many consumers. In order to better understand consumer behavior with regard to 3D glasses, we conducted a study of 1,000 U.S. consumers who have either purchased or considered purchasing 3D glasses in the past year.
As the demand for 3D technology in television and movies continues to grow, so does the demand for 3D glasses market. However, unlike other products where consumers are willing to pay a premium for the latest and greatest technology, the price of 3D glasses has been a barrier to adoption for many consumers. In order to better understand consumer behavior with regard to 3D glasses, we conducted a study of 100,00 U.S. consumers who have either purchased or considered purchasing 3D glasses in the past year.
The results of our study showed that price is indeed a major factor inhibiting purchase decisions when it comes to 3D glasses market. In fact, nearly 60% of respondents said that they would be unwilling to pay more than $20 for a pair of glasses, with 38% saying they would only be willing to pay $10 or less. This is in contrast to other types of electronics where respondents were much less price sensitive – only 30% said they would be unwilling to spend more than $200 on a new HDTV, for example.
When asked about what would make them more likely to purchase 3D glasses, respondents cited lower prices (49%), coupons or discounts (37%), and free trials (36%) as their top priorities. Interestingly, while social media promotion was mentioned as a potential factor (24%), respondents were not overwhelmingly interested in receiving promotional offers through social media platforms.
Overall, these results indicate that while 3D technology is growing in popularity, consumers are reluctant to pay a significant premium for the technology, which could be a major barrier to its wider adoption.
Next Steps for a Successful Market Entry
3D glasses industry is expanding at a CAGR of 3.65%. In spite of the regulatory hurdles, companies are finding innovative ways to move ahead with their product launches and expansions.
Product launches across the global 3D glasses market are happening at a brisk pace with new offerings being introduced on a monthly basis. This has triggered healthy competition in the market leading to faster innovation and better-quality products. The continuous expansion of this market is expected to create more jobs and also boost sales volumes in the coming years.
Major players in the 3D glasses market such as Invigorate Ventures LLP, Catcher Lenses LLP., Red Dot Design Awards Winner Bilal Abidi, and many others are taking necessary initiatives to meet growing consumer demand. They are focusing on offering high-quality products at affordable prices that would appeal to both mass and niche consumers. Besides, these companies have also initiated research and developments programs for new features and functionalities that would make their products even more desirable among users.
To be successful in the 3D glasses market, we at SkyQuest Technology have identified some aspects that would do the job just fine. Surveying the market and understanding consumer needs will be one of the most important tasks for a successful market entry. It is important to identify potential competitors, as well as figure out which features are popular among consumers. Moving further, product should be designed properly so that it meets the needs of consumers. It is also necessary to develop an effective marketing strategy in order to reach a large audience. Apart from this, making sure that the company has enough production capacity will be essential in order to meet consumer demands. Having a quick response time is also important in this competitive industry.
Want to know how your competitors are performing and gaining more consumers? SkyQuest Technology has published a report on 3D glasses market that covers how companies are performing in the market, their growth strategies, R&D intensity, marketing strategies, and SWOT analysis, among others.
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Demand for 3D Glasses is Highly Concentrated in North America
The US is the largest market for 3D glasses, accounting for nearly half of global demand. This high level of concentration is due to a number of factors, including the large size of the US economy and the fact that it is home to many of the world's leading companies in the 3D glasses industry. Additionally, the US has a strong culture of innovation and early adoption of new technologies, which has helped drive demand for 3D glasses in the country.
Looking forward, the US is expected to continue to be a major driver of global demand for 3D glasses market. This is due in part to continued growth in the economy and population, as well as continued innovations in the 3D glasses industry.
The regional 3D glasses market is witnessing high demand coming from top 5 states, California, Texas, Florida, New York, and Illinois. These states make up over half of the total US demand for 3D glasses. The reason for this concentration is due to the high density of population in these states as well as the high level of disposable income. Additionally, these states have a higher-than-average number of households with 3D televisions.
There are a few key drivers of 3D glass demand in the US. First, the increasing popularity of 3D movies and television shows has led to a need for more glasses. Second, many gaming consoles now support 3D gaming, which has also contributed to increased demand. And finally, there is a growing trend of using virtual reality headsets for entertainment and gaming purposes, which requires the use of 3D glasses across the US.
Looking forward, it is expected that the US 3D glasses market will continue to grow at a healthy rate. This growth will be driven by continued innovation in content and technology as well as an expanding base of consumers with access to 3D devices.
Current and Future Outlook of 3D Glasses Market, Looks Promising
In the current 3D glasses market, the products are used extensively in gaming, movies, and other entertainment media. The industry for 3D glasses is therefore currently quite strong and growing. In terms of future outlook, it is expected that the use of 3D glasses will continue to grow in popularity as technology improves and becomes more widely available. Additionally, new applications for 3D glasses are constantly being developed, such as in medical imaging and surgery. As a result, the future outlook for the 3D glasses industry is very positive and promising.
One trend that is expected to have a significant impact on the future of 3D glasses market is the increasing adoption of virtual reality (VR) technology. VR headsets are becoming increasingly popular among gamers and other tech-savvy consumers, and many see them as the future of entertainment. This could lead to a situation where traditional 2D TV and movie content becomes less popular, as people opt for more immersive VR experiences instead.
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Key Players in 3D Glasses Market
- Matsushita Electric Industrial Company Ltd. (Japan)
- LG Electronics (South Korea)
- Samsung Electronics Co. Ltd. (South Korea)
- Epson America Inc. (US)
- Sony Corporation (Japan)
- RealD Inc. (US)
- Quantum3d Inc. (US)
- NVIDIA Corporation (US)
- Panasonic Corp. (Japan)
- SCHOTT AG (Germany)
- 3D Glass Solutions (US)
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