2023-06-06 19:51:13
© Reuters. Apple CEO Tim Cook speaks under an image of the Apple Vision Pro at Apple Park in Cupertino, California, USA 6/5/2023 Joe Pugliese/Apple Inc./Handout via REUTERS
Por Aditya Soni
(Reuters) – Analysts on Tuesday praised Apple Inc’s Vision Pro (NASDAQ:) for its impressive technology but warned it will be a few years before the $3,499 augmented reality glasses are widely adopted.
The device, which investors received with little enthusiasm, marked the company’s first new product lineup since the launch of the Apple Watch nearly a decade ago.
Chief Executive Tim Cook said the device could spark the rise of “spatial computing”, where digital content blends into the physical world, just as the iPhone changed the world of cellphones.
That vision, analysts say, could take some time to materialize, as the high price is likely to deter most buyers, and the product has no clear use other than entertainment in a still nascent augmented reality market.
“Apple has proven that it has a vision for the role that augmented reality technology can play for consumers… and the Vision Pro looks classy/different from existing ones and has clear potential,” analysts at Apple said. Morgan Stanley (NYSE:).
“However, the Vision Pro is not ready for mass consumption,” they added, pointing to, among other issues, a bulky external battery and the lack of a “viral app”.
Some analysts have also warned that market-leading Meta’s cheaper augmented reality offerings could be a deterrent, as Meta Quest 2 retails for $299 and its successor, unveiled last week, Meta Quest 3, is priced at $299. 499 dollars.
“While Apple poses Meta’s biggest challenge since Facebook’s (NASDAQ:) owner entered the space, it will not be able to outperform Meta in terms of shipping,” said Harmeet Singh Walia, senior analyst at Counterpoint Research.
However, he added that Apple may not need to dominate the market in terms of shipments to become the most prominent player.
“As with smartphones, where Apple typically has more than 80% of the revenue share with around 20% of the share of shipments, this could become the most successful player without becoming the most widely adopted.” , said Wallia.
(Reporting by Aditya Soni)
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