Smart Glasses Market – Global Industry Size, Share, Trends, Opportunity and Forecast, 2024-2032 Segmented By Product Type (Sunglasses, Eyeglasses), By End User (Men, Women), By Frame Shape (Wayfarer, Rectangle, Round (Circle & Oval), Others (Aviators, Square, etc.)), By Distribution Channel (Specialty Stores, Online, Supermarkets and Hypermarkets, Others (Multi-Branded Stores, Direct Sales, etc.))
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Consumer Goods and Retail | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationSmart Glasses Market – Global Industry Size, Share, Trends, Opportunity and Forecast, 2024-2032 Segmented By Product Type (Sunglasses, Eyeglasses), By End User (Men, Women), By Frame Shape (Wayfarer, Rectangle, Round (Circle & Oval), Others (Aviators, Square, etc.)), By Distribution Channel (Specialty Stores, Online, Supermarkets and Hypermarkets, Others (Multi-Branded Stores, Direct Sales, etc.))
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Furthermore, the growing investments are further propelling the market growth. Therefore, the rising awareness among gen Z and millennial population is significantly contributing to the global smart glasses market growth.
Global Smart Glasses Market Scope
Smart glasses are a specific category of wearable technology that use augmented reality (AR) to give the wearer's glasses digital displays. The product works as a smartphone extension, showing notifications and allowing quick actions similar to a smartwatch. Eye tracking enables features like first-person video and adds more control options to cameras. Through a connected virtual assistant like Google Assistant or Amazon's Alexa, voice commands can be used to complete additional tasks.
Download Free Sample ReportGlobal Smart Glasses Market Overview
The global smart glasses market is witnessing high demand owing to the changing preferences towards technologically driven products. Thus, with the rising smartphone and internet penetration, the Global Smart Glasses Market is expected to experience a significant growth in the forecast years.
Based on Product type, the Global Smart Glasses Market is segmented into sunglasses and eyeglasses. From home appliances to mobile devices, and other devices like smart glasses for the tech-savvy, all the areas have been significantly impacted by artificial intelligence, making it both smarter and more practical to use. For instance, if users purchase multiple smart home devices, users can manage them all from a single platform. Therefore, the smart glasses involve features and technologies such as polarized lens, battery, camera, audio feature, microphone, Bluetooth connectivity, and water resistance. The term "smart" refers to technical developments such as camera, Bluetooth and other upgradation to the general eyeglasses and sunglasses. Hence, these are the certain factors contributing to the market growth.
Global Smart Glasses Market Drivers
The adoption of smart glasses has been growing steadily in recent years, with more and more people and businesses recognizing the potential benefits of this technology. The key factors that are driving the adoption of smart glasses are that these smart glasses have evolved beyond just being a simple accessory for augmented reality (AR) and virtual reality (VR) applications. They now offer features such as voice assistants, video conferencing, and hands-free access to information, making them more useful in a variety of settings. Smart glasses are becoming more advanced, with improved display resolution, battery life, and connectivity options. This has made them more appealing to users who are looking for a high-quality experience. Smart glasses are finding a place in business settings, where they are being used for tasks such as inventory management, quality control, and remote training. This has helped to increase their adoption as businesses see the value in the technology. Smart glasses are also being used in healthcare settings, where they can be used to provide doctors with real-time patient data or to help surgeons during procedures. They can also be used in industrial settings to provide workers with safety information or to help them work more efficiently.
Overall, the adoption of smart glasses is likely to continue as more use cases are discovered and the technology continues to improve. However, cost and privacy concerns remain a barrier to adoption for some users and businesses.
Global Smart Glasses Market Trends
The Global Smart Glasses market is growing at an exponential rate owing to the rising trend of using smart glasses in the fashion industry. One advancement that could promote the use of smart glasses in the fashion industry is the development of more stylish and lightweight designs. Some companies are working on designing smart glasses that look and feel like traditional glasses in order to appeal to fashion-conscious consumers. A further way to improve the appeal of smart glasses to consumers in the fashion industry is to pair them with other wearable electronics, such as smartwatches and fitness trackers.
Additionally, it is anticipated that the global smart glasses market will see high demand in the forecast period due to the rapidly evolving fashion and the increased popularity among millennials.
Global Smart Glasses Market Challenges
As augmented reality, virtual reality, and sensors are used in the creation of smart glasses, high cost is one of the major issues that the market for smart glasses is currently facing on a global scale. These technologies frequently necessitate significant investments in research and development because they are new, which raises the cost of production. Additionally, since each user's needs are different, smart glasses frequently need to be customized, which could raise the cost of production. For example, smart glasses used in industrial settings may need to be altered to suit the unique requirements of the setting.
Since smart glasses are still a niche product, production volumes are frequently lower than those of other consumer electronics like smartphones. Because of this, production costs and the target audience for the sale of smart glasses are restricted.
Global Smart Glasses Market Recent Developments
- In 2022, theXiaomi Mijia smart glasses, which have augmented reality technology built in,were released. The Mijia smart glasses have a camera on one side and combineregular glasses and augmented reality glasses.
- In 2022, Nrealand British telecom company EE jointly launched their line of smart glassescalled Air AR in the UK. The Nreal Air glasses are designed to work with 5Gsmartphones and allow users to view and interact with digital content in amixed reality environment. They feature high-quality lenses, sensors, andmicrophones, as well as a touchpad on the side for navigation. With EE's 5Gnetwork, users can enjoy low-latency and high-speed connectivity, enabling themto experience a seamless and immersive augmented reality experience.
- In 2022, VuzixCorporation launched its smart glasses namely Ultralite Smart Glasses forconsumers and has other variety of smart glasses listed on its website. VuzixCorporation is a leading supplier of smart glasses and augmented reality (AR)technologies for both consumer and enterprise markets. The Ultralite SmartGlasses are a lightweight and comfortable wearable device that allows users toaccess a variety of digital content and applications, including video and audioplayback, messaging, and navigation.
Market Opportunities
- The Asia Pacificregion has the fastest rate of growth in the global market for smart glasses,owing to the region's expanding use of smart wearables and acceleratingtechnological development. The growth of the smart glasses market in theAsia-Pacific region is further fueled by China's improved infrastructure andthe establishment of manufacturing facilities for smart glasses there byvarious companies. Additionally, the introduction of smart glasses by variousbrands is also having an impact on the market's expansion. For example, Huaweiintroduced its smart glasses in China in 2022. These glasses feature micro-OLEDpanels to create larger virtual displays.
- The market iswitnessing a surge in demand from healthcare industry, as the smart glasseshave the potential to transform the healthcare industry by enhancing patientcare and improving the efficiency of healthcare professionals. It can be used formedical training, allowing students to observe surgeries and other proceduresfrom the perspective of the surgeon. This can provide a more immersive learningexperience and help students learn more quickly. Furthermore, it can be usedfor telemedicine, allowing doctors to remotely examine patients and providediagnoses. The glasses can also be used to connect patients with specialists inother locations. Overall, the use of smart glasses in healthcare has thepotential to improve patient care, increase efficiency, and reduce costs.
Market Segmentation
The global smart glasses market is segmented on the basis of product type into sunglasses, and eyeglasses
Company Profiles
Essilor Luxottica, Bose Corporation, Huawei Technologies Co. Ltd, Vuzix Corporation, Razer Inc., Goertek Inc., Titan Company Limited, Alphabet Inc., Lenovo Group Limited, Vigo Technologies, Inc. are some of the major players in the Global Smart Glasses market.
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