DELRAY BEACH, Fla., Sept. 11, 2024 /PRNewswire/ -- 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% according to a new report by MarketsandMarkets. Key factors propelling the market growth include the rapid technological advancements, increased demand for AR smart glasses, and growing adoption in the industrial sector. Moreover, developments in 5G technologies, and consumer market expansion are expected to create significant opportunities for the smart glasses market. Regulatory constraints, safety concerns and continuously changing consumer preferences are expected to be restraining factors for the smart glasses market. 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 market. Increasing technological advancements in display technology, sensor technology, and processors are expected to drive market growth. Furthermore, the ability to offer an immersive and more interactive experience is enabling the growth of AR and MR smart glasses adoption. Demand for advanced MR smart glasses in industries such as manufacturing, warehousing, and healthcare for training of employees, and remote assistance is also driving the growth of the smart glasses market.
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Browse in-depth TOC on "Smart Glasses Market"
181 - Tables
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261 - Pages
Smart Glasses Market Report Scope:
Report Coverage | Details |
Market Revenue in 2024 | $ 878.8 million |
Estimated Value by 2030 | $ 4,129.3 million |
Growth Rate | Poised to grow at a CAGR of 29.4% |
Market Size Available for | 2020-2030 |
Forecast Period | 2024-2030 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Type, Feature, Industry, and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Technical limitations |
Key Market Opportunities | Developments in 5G technology |
Key Market Drivers | Growing adoption in industrial sector |
Monocular smart glasses segment to grow at a significant CAGR during the forecast period.
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.
Basic smart glasses segment to grow at significant CAGR between 2024 and 2030.
Faster adoption in the consumer sector for listening to music and attending phone calls hands-free is set to boost basic smart glasses growth. Basic smart glasses have with built-in audio systems that enable users to listen to music, take phone calls, and receive audio notifications. These features enable users to directly listen to the audio content through the smart glasses and eliminate the use of external earphones. With the use of such smart glasses, users can enjoy their favorite tunes without wires; and they can manage voice calls because hands-free communication is facilitated with integrated microphones. Users get navigation instructions through real-time audio guidance. Using these glasses, users can also listen to audiobooks and podcasts because the facility of immersive listening experiences on the go is offered.
Automotive segment to grow at a significant CAGR during forecast period.
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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Europe region is likely to offer significant growth opportunities in the global smart glasses industry during the forecast period.
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 market 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 market.
Some of the key players in the smart glasses companies include 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).
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