Tech firms expand business with the VR/AR wave

Tech companies are expanding their business using the VR/AR wave

Ti Gong

Fiture Space opened its flagship store in Shanghai on Sunday. The company offers home gym services using VR fitness mirrors

Chinese technology companies offering comprehensive VR/AR services in entertainment, fitness and tourism are expanding globally with increasing market demand and government policy support.

Fiture, a provider of home fitness equipment and services, opened Fiture Space as its global flagship store in Shanghai on Sunday.

The room features the company’s interactive home fitness mirrors, or Magic Mirrors, which contain motion-sensing technology that offers real-time feedback through form correction, as well as rhythm, timing and movement feedback. In addition to the hardware, Fiture will host a variety of community-friendly events.

Fiture Fitness Mirror was showcased at the recently concluded China International Import Expo and attracted quite a few visitors at CIIE. Users can follow the movements of the “virtual trainer” in the mirror and will also get the result of their mobility condition test.

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Fiture users now cover 345 cities across the country. Thanks to booming demand during the pandemic, they did a total of 53.8 million minutes of exercise at home in the past year, 2.5 times the previous year.

By 2026, China’s virtual reality industry will exceed 350 billion yuan ($48.6 billion). Meanwhile, investments in virtual reality (VR) and augmented reality (AR) in China more than doubled in 2021, according to data from the Ministry of Industry and Information Technology.

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Also, over the weekend, a total of 107 projects worth 71.7 billion yuan were signed at the 2022 World VR Industry Conference, which concluded in Nanchang, capital of Jiangxi province, on Sunday.

HTC Vive, an exhibitor at the VR conference, showcased its metaverse vision and products it calls VR “opening the door to the future metaverse.” Its exhibits include the Full Body Avatar tool, which allows anyone to create digital avatars.

Nreal AR glasses sold well during the Singles Day online campaign on Friday, with the company taking a leading 34 percent market share.

The standard size and lightweight design of Nreal glasses allow users to experience real spatial integration, physical interaction and full-scene AR applications from anywhere. Some glasses are shown in “virtual tourism” projects.

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Brands such as Fiture and Nreal are also actively expanding into foreign markets.

On Amazon, Nreal is the top-selling brand in the AR glasses category in both the US and Japanese markets.

The Fiture store debuted at the Westchester County Mall on Friday as the company’s first U.S. store.

According to China’s national plan, the country will have 100 AR/VR companies with strong innovation ability and influence on the industry, while sales of VR terminals are expected to exceed 25 million units by 2026, compared to less than 10 million units now.

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