NEWARK, Del, Aug. 24, 2022 (GLOBE NEWSWIRE) -- The global augmented reality glasses market is projected to reach a value of US$ 74,384.1 Mn by 2032, with demand growing at a staggering CAGR of 20.3% over the forecast period of 2022 to 2032. Valued at US$ 11,748.7 Mn in 2022, the augmented reality glasses market is fueled by the deep penetration of smartphones and the internet all over the world. The keen interest and fascination of people across the world in merging the real with the unreal further supplements the demand for augmented reality glasses.
Smart glasses are gaining momentum and popularity due to their ability to seamlessly merge the user’s vision with the virtual world. These glasses are composed of display, sensors, accelerometers, smart software, and internet connectivity which add contextual information to the user’s view. AR-empowered smart glasses are now used for daily domestic and professional purposes with growing frequency.
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.
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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 the consumers. The different feature integration 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.
“Rising application of AR technology in various industries and enterprises is expected to further propel the growth of augmented reality glasses market over the forecast period,” says an FMI analyst.
Key Takeaways:
- 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
Microsoft Corporation, Google, SEIKO EPSON CORP., Laster Technologies, Penny, Sony Mobile Communications Inc., Recon Instruments, and LUMUS among others are some of the major players in the augmented reality glasses market profiled in the full version of the report.
Amid intense competition, major market players are concentrating on employing tactics like strategic alliances and partnerships, mergers, and acquisitions to further advance technology development and gain a competitive advantage.
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More Insights into the Augmented Reality Glasses Market Report
In its latest report, FMI offers an unbiased analysis of the global augmented reality glasses market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented based on application (industrial purpose, healthcare purpose, military purpose, retail purpose, media, games and entertainment purpose, sports purpose, other purposes), and region.
According to the latest FMI reports, based on region, the augmented reality glasses market in North America is expected to continue its market domination over the forecast period. The region will witness impressive market growth due to the presence of various leading tech companies. Early and easy adoption of advanced technology in this region also promotes its market growth.
Augmented reality glasses market in Europe is projected to advance at a rapid pace. By the end of 2022, Europe will hold 23% of the global market share. This growth is attributed to increasing use of AR in warehouse pickup solutions in this region. Moreover, the introduction of technologies like IIoT and 5G will likely propel the demand for AR glasses in this region.
In Asia Pacific, the advancing 5G sector is anticipated to drive the augmented reality glasses market. Countries like Japan and Australia will present lucrative opportunities due to a large consumer base and the implementation of several internet-based platform.
Based on segmentation, by application, the enterprise sector will exhibit the highest growth due to multiple usages of augmented reality glasses in this segment.
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
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