Smart Eyewear Technology Market Size & Share Analysis Forecast 2022-2028

Industry Insights

[224+ Pages Report]  According to the report published by Facts & Factors, the global smart eyewear technology market was worth USD 3,529.40 million in 2021 and is estimated to grow to USD 6855.19 million by 2028, with a compound annual growth rate (CAGR) of approximately 11.70% over the forecast period. The report analyzes the smart eyewear technology market's drivers, restraints/challenges, and their effect on the demands during the projection period. In addition, the report explores emerging opportunities in the smart eyewear technology market.

Market Overview

Smart eyewear technology enables simultaneous information gathering and object viewing. Additionally, in the coming years, it's anticipated that elements including a strong Internet of Things infrastructure, cost savings, long battery life, new advances in virtual reality, and advancements in hardware & ergonomics will impact the growth of smart eyewear technology. Smart eyewear technology also aids in our understanding of the relevance of virtual reality. Moreover, smart eyewear technology aids in task completion by providing information and virtual instructions to workers. It is used for eCommerce logistics and harmonizing factory procedures with seasonal workforce changes. Using smart eyewear technology by employees aids them in carrying out challenging tasks. The enormous development potential of wearable technology's next-generation displays will create fresh growth prospects for the smart eyewear technology sector over the projection period.

COVID-19 Impact:

In recent months, the COVID-19 outbreak has led to a serious strategic threat to businesses in the industrial and electronics industries. The supply of raw materials has been disrupted, manufacturing facilities have been temporarily shut down, insufficient funding, and consumer demand has been sluggish. All of these concerns are hampering the size of the global market for smart eyewear technology.

Key Insights

• As per the analysis shared by our research analyst, the global smart eyewear technology market value is expected to grow at a CAGR of 11.70% over the forecast period.
• In terms of revenue, the global smart eyewear technology market size was valued at around USD 3,529.40 million in 2021 and is projected to reach USD 6,855.19 million by 2028.
• The enormous development potential of wearable technology's next-generation displays will create fresh growth prospects for the smart eyewear technology sector over the projection period.
• By product type, the head-mounted displays category dominated the market in 2021.
• By end-user, the consumer electronics category dominated the market in 2021.
• North America dominated the global smart eyewear technology market in 2021.

Growth Drivers

• Huge acceptance of VR & AR technologies drives the market growth

Over the projected period, it is expected that smartphones, iPhones, and mobile devices with AR and VR systems will propel the growth of the global smart eyewear technology market. In addition, the widespread preference for portable consumer electronics and the rising popularity of electric vehicles are projected to create new potential opportunities for the market for smart eyewear technology over the forecast period. Furthermore, the sector is projected to rise during the period because of significant expenditures made by major companies in developing smart eyewear.

Restraints

• Huge initial costs for developing the technology may hinder the market growth

Over the forecast period, the requirement of high initial investment for developing new technologies for smart eyewear is expected to hamper the market expansion globally.

Segmentation Analysis

The global smart eyewear technology market has been technology, product type, application, end-user, and region segments are included.

Based on the technology, the smart eyewear market is segregated into augmented reality, virtual reality, and others. Among these, the other segment led the market in 2021 and is expected to maintain its dominance throughout the forecast period. It includes mixed reality. The best physical and digital worlds can be made available to company personnel thanks to mixed reality technology. Mapping the virtual environment, language processing for voice recognition, tracking gestures, and other elements are all part of mixed reality. In the years to come, features like this will fuel the expansion of the mixed reality market.

Based on the product type, the smart eyewear technology market is segregated into head-mounted displays, assisted reality glasses, mixed reality holographic displays, smart helmets, and others. Among these, the head-mounted displays segment led the market in 2021 and is expected to maintain its dominance throughout the forecast period. The segmental expansion over the anticipated period is attributable to the rising demand for small, portable equipment end-users. Additionally, during the projection period, the market will expand due to the increasing acceptance of AR & VR technologies in smart eyewear systems.

Based on the application, the global smart eyewear technology market is into industrial applications and others. Among these, the industrial applications segment led the market in 2021 and is expected to maintain its dominance throughout the forecast period.

The global smart eyewear technology market is segmented based on end-users: consumer electronics, healthcare, and enterprise. Among these, the consumer electronics segment led the market in 2021 and is expected to maintain its dominance throughout the forecast period. Businesses' significant investment in virtual reality has contributed to the segment's rise throughout the projection timeline. The segmental growth will also be driven by the growing tendency to use electronic devices for everyday tasks.

Report Scope

Regional Landscape

• North America dominated the smart eyewear technology market in 2021

In 2021, North America dominated the global smart eyewear technology market. The introduction of new products and the rising demand for smart wearable technology from consumers and the medical industry contribute to the regional market's growth throughout the projected period. The market in North America will increase due to the presence of major international players and the rising demand for consumer electronics items. In addition, the substantial presence of major companies in nations like the U.S. and the increasing demand for electronic devices with AR & VR systems will hasten the regional market's growth. The booming popularity of smart devices and gaming equipment will positively leverage the market's expansion in the North American region.

Competitive Landscape

• Google Inc 
• Sony Corporation 
• Meta Company 
• Optinvent SA 
• Osterhout Design Group 
• Microsoft Corporation 
• Epson America Inc 
• Lumus Ltd 
• Vuzix Corporation 
• Kopin Corporation 
• Lenovo 
• Recon Instruments 
• Samsung Electronics Co. Ltd.

Global Smart Eyewear Technology Market is segmented as follows:

By Technology

• Augmented Reality
• Virtual Reality
• Other

By Product Type

• Head-Mounted Displays
• Assisted Reality Glasses
• Mixed Reality Holographic Displays
• Smart Helmets
• Others

By Application

• Industrial Applications
• Others

By End-User

• Consumer Electronics
• Healthcare
• Enterprise

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America