Global AR/VR Market Insights and Development Trends, Q3 2024
Overview: In Q3 2024, global VR headset shipments declined 4% year-over-year (YoY) and 16% quarter-over-quarter (QoQ) . The YoY decline was primarily caused by a sharp reduction in the tethered VR segment. In contrast, the standalone VR segment recorded 14% YoY growth. Shipments of Meta’s Quest 3 experienced a sequential decline, falling short of expectations. Meanwhile, Apple’s Vision Pro showed a modest recovery following its international launch.
In Q3 2024, the YoY decline in global AR smart glasses shipments widened to over 30%. The primary driver of this decline was weak sales of waveguide-based products, which saw a YoY drop, largely due to sluggish performance from INMO’s glasses. The market's underperformance this quarter was in line with our expectations, as we had previously warned of potential weakened demand in this segment during our last report update.
Despite the lackluster performance in both the VR and AR smart glasses segments during the third quarter, the period marked a pivotal moment for the industry, drawing significant attention within the tech sector. Key events and developments included Meta’s launch of the Quest 3S and Orion AR glasses, Snap’s unveiling of the Spectacle’ 24 AR glasses, the international launch of Apple’s Vision Pro, and Pico’s introduction of the Pico 4 Ultra. Detailed analysis of these events and product launches are provided in the report.
Table of Contents:
- Key Takeaways and Themes of the Quarter
- Global VR Market Analysis, Q3 2024
- Global AR Smart Glasses Market Analysis, Q3 2024
- Component and Specification Trends, Q3 2024
- Industrial Intelligence Update, Q3 2024
- Market Forecast Update
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Category
Industry
Emerging technologies
Report Type
Report
Time period
Quarterly
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Author
Flora Tang
Flora is a Senior Analyst at Counterpoint Research, based in Hong Kong. With over nine years of experience in the mobile industry, she specializes in analyzing the consumer electronics market and the Chinese supply chain. Flora has held various roles in the market intelligence and business strategy functions with leading Chinese smartphone OEMs, internet company and telecom operator. She initially joined Counterpoint Research in 2017 but later moved on to play key roles in OPPO’s international business strategy in 2021 and HONOR’s corporate strategy planning in 2022. Flora has since returned to Counterpoint, where she now serves a broader array of global technology players. Academically, Flora holds a bachelor’s degree in International Relations from Sun Yat-Sen University and a master’s degree from The Chinese University of Hong Kong.
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