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China AR/VR/Smart Glasses Market Analysis, Q3 2023
Overview:
VR shipments in the Chinese market dropped 66% YoY during the initial nine months of 2023. We forecast full-year 2023 VR headset shipments to decline 60% YoY based on factors such as iQiyi's departure from the VR market in August and Pico's reduced investment since October. In 2024, we anticipate the Chinese VR market to deliver modest performance. In contrast to the stagnation in China's VR market in Q3 2023, the AR smart glasses market experienced a 60% YoY increase during the quarter. It also witnessed a remarkable 62% YoY surge in the first nine months of 2023. Based on the continuous launch of new products and aggressive promotions by AR OEMs to stimulate sales during the 11.11 e-Commerce festival, we maintain our 53% YoY growth forecast for China's AR smart glasses market in the calendar year 2023 and over 50% YoY growth in 2024.
Within China's supply chain ecosystem, innovations persist in the optical and display sectors. Goertek introduced a new pancake optical module series on July 29, while it is reported that Apple is seeking BOE and SeeYa Technology for additional supply of its MR headset displays. For a comprehensive understanding of the market dynamics, please refer to the complete report for detailed insights.
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Category
Industry
Emerging technologies
Report Type
Report
Time period
Quarterly
Summary
Published
Jan 9, 2024
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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