Global XR Market Insights & Outlook, October 2024 Update
Overview:
In H1 2024, the global VR market faced a contraction of over 20%, primarily due to weak performance in the tethered VR segment. However, the standalone VR category managed a 15% YoY increase, with Meta solidifying its dominant position. The AR smart glasses sector maintained steady growth since late 2023 but encountered a 9% YoY decline in Q2 2024, signaling the end of its initial surge and emphasizing the need for more compelling features and applications to sustain broader consumer interest.
In the near term, moderate growth in the XR market is anticipated, driven by upcoming product launches from key players. However, sustainable, long-term growth in the XR sector will rely on significant technological advancements. Progress in lightweight materials, high-energy-density battery technologies, nano-optics, and diopter adjustment solutions will be essential to create highly functional, consumer-friendly devices that meet the evolving demands of users and drive widespread market adoption.
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Category
Industry
Emerging technologies
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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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