According to statistics from CINNO Research, due to the price reduction promotion of the 618 e-commerce platform, the total sales volume of the domestic XR market in the second quarter of 2024 was 0.166 million units, a 1.5% increase from the previous quarter. The biggest highlight of this quarter is the official sale of the domestic version of Apple Vision Pro, which, although not boosting the overall market sales, brings new growth to the XR market with its innovative technology and premium user experience.

In terms of the overall market structure, the sales volume of the domestic XR market in the second quarter of 2024 was 0.166 million units, an increase of 1.5% from the previous quarter. The sales volume of consumer-level VR market was 0.095 million units, a decrease of 3% from the previous quarter. The main reason is that VR devices tend to focus on gaming at the consumer level. Due to the similarity of product functions, users lack motivation to upgrade. The biggest highlight of the second quarter is the launch of Apple Vision Pro domestic version, which attracted market attention. Offline store sales surged in the short term, but subsequent growth was sluggish due to high prices and inadequate content. The sales volume of consumer-level AR devices was 0.071 million units, an increase of 8%, and also faced the problem of insufficient user motivation to upgrade; at the same time, the promotion intensity of channels declined in this quarter, so the growth rate of the AR consumer market was reduced.

In terms of price, Apple Vision Pro pushed up the overall ASP of VR devices to 4390 yuan, and led the consumer electronics industry to enter a new round of industrial innovation cycles from multiple dimensions such as hardware, software systems, content ecology, and application scenarios. In contrast, the consumer-level AR market adopted a more user-friendly price strategy to expand market share and improve popularity. The overall ASP of AR devices dropped slightly to 2601 yuan.

In terms of product form, in the Chinese market, the sales share of VR all-in-one machines chosen by consumers is almost the same as the previous quarter, accounting for 76%. As for AR devices, it is still dominated by split-type headsets, with a slight increase in share, accounting for 84%. On the contrary, the share of AR integrated glasses has a slight decline to 16%, because there were no new products released in the first half of the year.

In terms of brand structure, Pico, Meta and Dapeng continue to maintain the top three rankings, with shares almost the same as the previous quarter. The most noteworthy thing is that Apple sold only three days through formal channels in the second quarter, and its sales ranking rose to fifth, and sales revenue rose to second. In addition, Pico and Meta will release new products in the second half of the year, which will further intensify market competition and undoubtedly become a new focus. As for the AR market, Le Bird Innovation's share increased significantly due to the 618 e-commerce promotion, reaching 38%, and planned to launch a new product, AR integrated glasses Le Bird X3, in the second half of the year, which uses Micro LED screens and deeply integrates AI technology. XREAL's conservative publicity this time has had a certain impact on sales, and its share is 32%; while Ruochi and Yingmu rank third and fourth respectively.

In terms of screen display, the sales volume of Fast LCD in the consumer-level VR market remains stable, accounting for 91%, mainly from Pico, Meta, and Dapeng. Micro OLED's share has slightly dropped. Apple's market share of Micro OLED has played a promoting role but has not been able to completely offset the decline in the market share of other brands. Upstream panel industry, Xitai Technology, Shiyafirst and other enterprises have accelerated the construction of Micro OLED panel production lines, while BOE and JDI have launched 4K ultra-high-definition Fast LCD+LTPO near-eye display screens to further enhance visual experience and cost-effectiveness.

In terms of optical technology, the Pancake solution in the VR field has increased its share to 66%. GoerTek Optical has continued to lay out and break through the Pancake process in an all-round way. The latest product, Interstellar C41, increases the field of view angle from 95° to 105°, equipped with a 4K-level Micro OLED screen to create a more realistic virtual environment immersion. At the same time, it adopts the industry-leading curved film technology, which significantly improves image clarity and contrast. In the AR field, the share of waveguide technology has slightly declined to 16%, but its exploration and promotion in cutting-edge technology has not stopped. For example, Gudong Technology has achieved breakthroughs in miniaturized high-brightness array waveguide technology, improving light efficiency and input brightness while reducing the volume of optical machinery. This has brought significant improvements in portability and comfort of AR devices.

In terms of financing, there were a total of 39 financing activities in Q2'24, of which 27 were related to VR, mainly targeting directional content such as VR training, VR games, and VR medical treatment, and were mainly overseas financing activities; there were 12 AR-related financing activities, mainly concentrated in domestic hardware companies, such as Sitantechnology and JBD, with financing amounts reaching the level of billions of yuan. These financing activities have provided strong support for the sustained development of the XR market.