Apple plans to disrupt glasses the way it changed smartwatches
What's the story
Apple is gearing up to take on the entire eyewear industry, not just Meta, with its upcoming smart glasses. The company's strategy for this new product is similar to what it did with the Apple Watch. When the Apple Watch was launched, it didn't just compete against Pebbles and Motorolas but also Swatch, Fossil, and Seiko. Now, Apple plans to take on Oakley, Ray-Ban in the $200-$500 segment with its smart glasses.
Market potential
The eyewear market is even bigger than the watch market
The watch market is estimated to be worth $132 billion, according to Mordor Intelligence. However, the eyewear industry is even bigger, raking in between $180 and $200 billion annually. However, Apple isn't targeting the high-end segment of the market. The company had previously tried its hand at luxury watches with a $10,000 gold Apple Watch but didn't see much success.
Target audience
Apple's strategy for smart glasses similar to the Apple Watch
This time, Apple is focusing on mainstream consumers for its smart glasses. The company believes that its strong brand, industrial design, and iPhone integration will entice people looking for new regular glasses to opt for an Apple pair instead. The promise of AI features that could help users interact with the world around them also adds to the appeal of Apple's upcoming product.