Smart Glasses Market to Register a CAGR of 9.50% During the Forecast Period
Surging demand for technologically advanced wearable devices, increasing
innovation within smart glasses and the growing fashion industry globally will
drive the global smart glasses market in the forecast years.
According to TechSci Research
report, “Smart Glasses Market – Global
Industry Size, Share, Trends, Competition, Opportunities and Forecast, 2018-2028,”
the Global Smart
Glasses Market is expected to project an impressive growth of 9.50% through 2028
to reach USD372.24 million by 2028 on account of rapidly surging demand from the
rising trend for eye wear products and growing innovations in wearable glasses. The Global Smart Glasses Market
is being supported by major factors such as growing technological advancements
in the smart glasses, such as glasses equipped with virtual reality and
augmented reality and other features such as camera, connectivity with smartphones
and other gadgets, and health tracking. These are some critical drivers, which
are projected to boost the global smart glasses market in the coming years.
Browse over 162 market
data figures spread through 217 Pages and an in-depth TOC on "Global
Smart Glasses Market.”
The Global Smart Glasses Market
is segmented into product type, end user, frame shape, distribution channel,
region, and company. Based on product type, the global smart glasses market can
be segregated into sunglasses and eyeglasses. Among these, the sunglasses
segment dominated the market in 2022 as smart sunglasses offer many advantages,
including sun protection, and are fitted with cutting-edge technologies like
cameras, headphones, and activity monitors, which is further accelerating
market growth.
Furthermore, it is
anticipated that new product launches by brands will speed up market expansion.
For instance, in 2022 Noise unveiled the "i1," the company's first
pair of smart sunglasses, which includes features like Motion Estimation, a
Motion Compensation (MEMS) microphone for calling, magnetic charging,
hands-free voice control, and more. Certain factors influence the growth of the
smart sunglasses segment within the global smart glasses market.
In terms of end user, the
global smart glasses market is divided into men and women. The men category accounts
for the majority of the market share in the global smart glasses market.
However, the market share of men category for the smart glasses is expected to
decline due to the growing adoption of smart glasses among women as they are
witnessing a significant inclination towards fashion-based technology-driven
products.
Based on distribution
channel, the global smart glasses market is segmented into specialty stores, online,
hypermarkets and supermarkets, and others (multi-branded stores, direct sales,
etc.). Out of these, the specialty stores accounted for the majority of market
shares in the global smart glasses market, followed by online channel. Companies
are trying to increase their focus to make their products reach specialty
stores, and online channels worldwide. Urban areas remain the dominant
consumption market.
In terms of regional
analysis, the global smart glasses market is segmented into North America,
Europe, Asia-Pacific, Middle East & Africa, and South America. Factors such
as significant changes in the standard of living, increasing urbanization in
developing nations, and China's dominance for technological driven products and
continuous inhouse production hub for eyewear products which are further
propelling the demand for smart glasses in the global market.
Key market players in the
global smart glasses market include:
- EssilorLuxottica
- Titan Company Limited
- Lenovo Group Limited
- Alphabet Inc.
- Goertek Inc.
- Bose Corporation
- Huawei Technologies Co. Ltd
- Razer Inc.
- Vuzix Corporation
- Vigo Technologies, Inc.
Many brands are introducing
new, innovative, and distinctive products into the market to grab consumers'
attention and significantly boost their market shares in light of the fierce
competition in the global market for smart glasses. As an illustration, Snap
unveiled its new smart glasses in 2022. These glasses feature augmented reality
and virtual reality.
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Furthermore, the COVID-19
pandemic hindered the growth of the smart glasses sector. The market's demand
for eyeglass accessories decreased as a result of the pandemic and store
closings. The scale of manufacturing in the smart glasses was impacted by the
lockdown due to changes in labor and resource availability. The supply chain
for smart glasses was hampered by transportation issues. Additionally, fewer
employees, financial constraints, and higher service prices all contributed to
the worsening of the logistics problems. Mobility issues caused supply networks
to break down during the lockdown, and the significant collapse within the
export facilities had a negative impact on the market for smart glasses
worldwide. This affected a number of import shipments in different nations.
In order to grow their
businesses, many of the brands in the global smart glasses market are forming
alliances with other organizations. For instance, Facebook Inc. and
EssilorLuxottica launched their smart glasses in 2021. Additionally, in 2022,
Facebook purchased Luxexcel, a business that makes 3D-printed prescription
lenses for smart glasses. With this acquisition, the company hopes to grow its
market share in this industry. Additionally, Google acquired North in 2022 to
help it expand its business in the global market for smart glasses.
“Global Smart
Glasses Market is expected to grow at a robust pace during the forecast period
due to surging marketing tactics, and growing awareness for the availability of
the smart glasses category across the world. Furthermore, the emerging trends
in the global smart glasses market are growing demand from the young generation
and millennials, and are boosting the sales of smart glasses.,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Smart Glasses Market –
Global Industry Size, Share, Trends, Opportunity and Forecast, 2018-2028 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.)), By
Region, Competition”, has evaluated the future growth
potential of global smart glasses market and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in global smart glasses market.
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