China AR/VR/Smart Glasses Market Analysis, Q1 2023
Overview:
In 2022, China's VR market grew by over 30% Year-over-year (YoY), mainly propelled by the extensive promotion of Pico devices such as Pico 4 and Pico Neo 3. Meanwhile, China’s AR/smart glasses market has seen remarkable growth of 150%, attributed to the commercialization of a variety of consumer AR glasses offered by Chinese OEMs like TCL-RayNeo, Xreal (previously known as Nreal), INMO and Rokid since H2 2022. Nevertheless, VR shipments in China fell 42% YoY in Q1 2023. China’s AR/smart glasses market continued to experience YoY growth in Q1 2023. However, compared to the preceding quarter, it declined by 36%. This report analyzes the market changes, OEMs’ performances, top-selling models, and recent developments within China's AR/VR supply chain and ecosystem during the first quarter of 2023. Additionally, we present our forecast on the growth of China's AR/VR market until CY2024, highlighting the key growth drivers and anticipated challenges.
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Author
Flora Tang
Flora is a Research Analyst at Counterpoint Research based out of Hong Kong. She started her career as an analyst for new market development with LeEco APAC, where she conducted market research regarding telecommunications, smart devices, internet and OTT business across APAC region. Furthermore, she moved to China Mobile International (CMI) to support globalization of the leading Chinese telecom giant, and help with strategic cooperation between CMI and global carriers. To pursue her line of interest in smart devices, IoT and mobile ecosystem, she joined Counterpoint Research team. In academics Flora holds a Master in Corporate Communications with the Chinese University of Hong Kong, and Bachelor of Law in International Relations and Regional Studies with Sun Yat-sen University.
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