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3. Smart Glasses Companies - Meta (US) and EssilorLuxottica (France) are the Key Players

The global smart glasses market size is estimated to be USD 878.8 million in 2024 and is projected to reach USD 4,129.3 million by 2030, at a CAGR of 29.4% during the forecast period. The key factors fuelling the growth of this market are the rapid technological advancements, increased demand for AR and MR smart glasses, and growing adoption in industrial sector.

Major players operating in the smart glasses market achieved their positions by launching advanvced smart glasses and innovating advanced technologies for them. Various major players dominating the smart glasses market include Meta (US), Vuzix (US), EssilorLuxottica (France), Seiko Epson Corporation (Japan),  Amazon.com, Inc. (US), Xiaomi (China), TCL Electronics Holdings Limited (China),  Lenovo (China), and LUCYD EYEWEAR (US). Various companies are implementing diverse approaches to thrive in the smart glasses industry. These firms emphasize the utilization of both natural and inorganic expansion tactics, including the introduction and enhancement of products, forging partnerships and contracts, expanding their operations, and acquiring other entities. These strategies aim to bolster their market standing.

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Major Smart Glasses companies include:

• Meta (US)
• EssilorLuxottica (France)
• Seiko Epson Corporation (Japan)
• Amazon.com, Inc. (US)
• TCL Electronics Holdings Limited  (China)
• Vuzix (US)
• Lenovo (China)
• LUCYD EYEWEAR (US)
• Xiaomi (China)
• Huawei Investment & Holding Co., Ltd. (China)

Meta (US): Meta is a technology company that focuses on empowering communities and fostering global connectivity. The company's suite of products includes applications such as Facebook and Instagram and AR and VR devices, and it shares a unified goal of advancing the metaverse. Its strategic investments for 2024 focus on areas which are artificial intelligence, the metaverse, enhancing its discovery engine, optimizing product and service monetization, regulatory preparedness, and improving developer efficiency. It has a strong geographic presence across major regions such as North America, Latin America, Europe, the Middle East & Africa, and Asia Pacific. It has a strong brand reputation and high market presence. It benefits from a vast user base across its platforms, which provides a ready market for its smart glasses. The company has substantial financial resources to invest in research, development, and marketing. Along with Essilor Luxottica (France), the company offers Ray-Ban Meta series of smartglasses. In the smart glasses market, the company has a strong portfolio of product series such as Wayfarer, Skyler, and Headliner. It is one of the most popular brands in the consumer smart glasses industry and are enabled with Meta Al.

EssilorLuxottica (France):  EssilorLuxottica is a multinational company that designs, manufactures and distributes frames, lenses and sunglasses. Its portfolio includes eyewear brands such as Ray-Ban, Oakley, Persol and Vogue eyewear.

It has licenses for fashion brands like Chanel, Prada, and Versace, and leads in lens technologies with brands like Varilux, Transitions, Crizal, and Eyezen. The group manufactures more than 3,500 new eyewear models each year. EssilorLuxottica has a robust global presence with manufacturing and logistics facilities, distribution networks, and a skilled workforce spanning over 150 countries, and owns approximately 13,000 patents.

Seiko Epson Corporation (Japan):  Seiko Epson Corporation focuses on development and manufacturing of products for printing solutions, visual communications, manufacturing-related technology and wearables, and other business segments. It offers a robust portfolio of smart glasses such as Moverio BT-35E, Moverio BT-35ES, Moverio BT-45C, and Moverio BT-45CS smart glasses. The company has offices in Europe, Asia-Pacific, North America and South America. It focuses on organic and inorganic growth strategies to increase the market share in smart glasses market. It invested approximately USD 377.9 million in 2021 and USD 334.4 million in 2022 for research and development of new products and technologies.

TCL Electronics Holdings Limited (China): TCL Electronics Holdings Limited and its main subsidiaries offer television sets, smartphones, smart connected devices, smart commercial displays, smart home products, photovoltaic devices and internet platform operation services. Its internally incubated company - RayNeo offers smart glasses such as NXTWEAR S. The company has offices in major geographies such as North America, Europe, Asia Pacific, Middle East and Africa. It places strong emphasis on research and advanced product development. In 2021, it invested around 3.3% of annual revenue in research and development while in 2022, the percentage increased to 3.5% of annual revenue.

Vuzix (US): Vuzix is a company specializing in the designing, manufacturing, and marketing of smart glasses and augmented reality technologies across sectors including enterprise, medical, defense, and consumer industries. The company has developed innovative thin optics known as waveguides. The company offers a robust portfolio of smart glasses such as M400, M4000, Z100, Blade, and Shield. It has a robust patent portfolio comprising 194 issued patents in the U.S. and along with 178 pending patent applications in the foreign and US. The company has a good geographic presence and has offices in Rochester, NY, Oxford, UK, and Tokyo, Japan.

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Mr. Rohan Salgarkar
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