The AI glasses track is heating up with fierce competition, as listed companies chase the trend with "GPT on the nose bridge"

With the rapid development of large model technology and the impressive shipment volume of blockbuster products like Meta Ray-Ban smart glasses, a new wave of AI glasses is set to surge in 2024.

As a new blue ocean in the smart wearable market, AI glasses have attracted major tech giants like Apple, Samsung, and Amazon to invest. Domestically, Huawei, Meizu, and other manufacturers are also actively deploying AI glasses. Recently, Baidu launched the native AI glasses—Xiaodu AI Glasses—equipped with a Chinese large model, adding fuel to this hot track. The AI glasses boom has energized the industry chain, with listed companies eager to seize the opportunity.

In the capital market, the concept of AI glasses has garnered significant attention. Since late September, AI glasses concept stocks have risen for three consecutive months. Recently, these stocks have been active, with several hitting daily limit-ups, including Zhuoyi Technology.

Despite the enthusiasm, the industry is still in the pre-explosion stage. Western Securities’ research report indicates that 2025 is expected to be the year of AI glasses’ breakout. According to WellsennXR data and forecasts, starting in 2025, AI smart glasses will rapidly penetrate traditional eyewear sales, which are expected to remain stable. By 2035, sales could reach 1.4 billion pairs.

New products from various manufacturers emerge, marking the start of the “Hundred Glasses Battle”

The earliest AI glasses trace back to 2012 when Google launched Google Glass. However, due to underwhelming market performance, Google suspended sales of the consumer version in 2015. Later, in September 2021, Meta and Ray-Ban collaborated to release the first-generation Ray-Ban Stories, which had sold about 300,000 units by February 2023.

In September 2023, Meta and Ray-Ban launched the second-generation Meta Ray-Ban, weighing less than 50g and starting at $299. The product quickly became a hit, especially after adding AI features in April 2024, leading to rapid sales growth. According to IDC, in Q4 2023 and Q1 2024, Meta Ray-Ban shipped 360,000 and 100,000 units respectively; by Q2 2024, shipments exceeded 1 million units.

The popularity of Meta Ray-Ban has ignited market enthusiasm for AI glasses, prompting domestic manufacturers to follow suit.

In May this year, Huawei held its summer full-scenario new product launch, unveiling Huawei Smart Glasses 2 with a square frame, priced at 2,299 yuan. The device runs HarmonyOS 4 and is integrated with Huawei’s Pangu AI large model. In August, Fengchao Technology launched the Jiehuan AI Audio Glasses. In September, Meizu released the StarV Air2 AI+AR smart glasses, featuring a stylish design and built-in AI capable of real-time translation, voice recognition, and smart assistant functions.

Since November, domestic companies have been intensively announcing AI glasses-related developments, indicating fierce competition.

First, Baidu announced at the 2024 Baidu World Conference its native AI glasses—Xiaodu AI Glasses—powered by a Chinese large model, with features like first-person shooting, walk-and-ask, object recognition, audiovisual translation, and smart memos, expected to launch in the first half of 2025.

Subsequently, Recar Technology released Looktech AI smart glasses on November 16; Rokid announced the RokidGlasses AI+AR glasses on November 18, integrating Alibaba’s Tongyi Qianwen large model; on November 20, Shanjie Technology announced a multi-million RMB Series A funding round and plans to launch the first mass-produced AI shooting glasses in China on December 19 in collaboration with LOHO and iFlytek.

Notably, according to Wellsenn Information, Samsung Electronics also finalized an AI smart glasses project plan in early November, equipped with Google Gemini large model, with product launch planned for Q3 2025.

AI glasses concept heats up, industry chain listed companies compete for the opportunity

Major smartphone and internet giants are entering the AI glasses race, pushing the industry’s heat to new heights. Industry chain listed companies are also eager to act, aiming to seize the opportunity.

Looking at the composition of AI glasses, the display lens is undoubtedly a key component, involving optics, displays, and chips. Listed companies like Crystal-Optech and Sunny Optical Technology supply critical optical parts such as lenses and waveguides; companies like Hengxuan Technology and Rockchip provide SoC chips for processing and computation.

Leyard has stated on investor platforms that its optical motion capture technology can be used for positioning and 4D gesture tracking in AI glasses, with current products supplied to domestic and international AR/VR headset manufacturers.

In sensors, Well Data revealed that its image sensors excel in small size and low power consumption, fitting well with AR, VR, and AI glasses needs. Additionally, its LCOS products, known for high resolution, compactness, low power, and low cost, will support emerging markets like AR and VR, including AI glasses, in terms of affordability and feasibility.

Gooao, Luxshare Precision, and Qorvo, with strong assembly capabilities, are key manufacturers of smart glasses.

Among traditional eyewear brands, Dr. Glasses began exploring smart glasses in 2022, establishing partnerships with brands like Raybird Innovation, Rokid, and Meizu, providing lens fitting and sales channels. In August, Dr. Glasses and Raybird Innovation jointly established a joint venture, focusing on R&D, sales, marketing, and service of new-generation AI glasses, with the first model expected by late 2024.

Recently, several listed companies have disclosed their latest plans in AI glasses.

Jingwang Electronics stated that its HDI/Anylayer, flexible and rigid boards, and similar products can be used in AI glasses. The company is closely monitoring the trend of terminal intelligence and actively exploring related solutions to prepare for future product expansion.

Huanxu Electronics noted that AI glasses require lightweight, compact, and uniquely shaped components, which SiP module technology can meet. Its SiP modules are already used in similar products, and its wireless communication SiP modules are planned for mass production in 2025.

Tianjian Co. recently announced it has open audio and spatial audio technologies and can produce various headphones and smart glasses. The company continues to focus on AI technology development and applications, planning related business expansion based on market demand and technological needs. Due to confidentiality, it cannot disclose details about OEM or potential clients for AI glasses.

“Currently, our company has cooperation agreements with several domestic and international eyewear brands for AI glasses. Our products are still in prototype and optimization stages, not yet mass-produced. The market is in early development, and consumer habits need cultivation, so there are uncertainties in market expansion,” said Yidao Information.

On November 25, Yingqu Technology stated on investor platforms that it is actively researching AI glasses products. On November 26, Xingchen Technology announced it has invested in R&D for AI glasses chips and is engaging with some clients, planning to launch products in 2025. Its low-power technology, industry-leading ISP visual effects, and advanced SOC capabilities, developed for security and outdoor scenarios without network or power, will be applied to AI glasses.

With many companies entering the scene, AI glasses concept stocks have repeatedly surged in the secondary market this year.

In mid-August, AI glasses concept stocks experienced a surge, with multiple stocks hitting daily limit-ups. Dr. Glasses saw four consecutive “20CM” limit-ups from August 13 to 16, with over 107% increase in four days; Yashiguang Electronics hit four consecutive limit-ups on August 16. Since late September, these stocks have risen for three months straight, with 65 of 68 listed AI glasses stocks increasing in value.

Recently, the trend continues, with on November 28, Zhuoyi Technology hit a daily limit, closing up 5.28%; Zhongke Laxun rose over 10%, Mingyue Lenses up over 6%, and others like Dr. Glasses, Yidao Information, Juxin Technology, and Hengxuan Technology also gained.

2025 is expected to be the year of AI glasses’ explosion

Despite many manufacturers actively deploying AI glasses, the industry is still in the pre-explosion phase. Experts generally believe that 2025 will be the year of AI glasses’ breakout.

CMB Securities’ research report suggests that recent entrants into AI glasses have strong hardware and software capabilities and benefit from the smartphone ecosystem. Their involvement will accelerate industry trends: improving application scenarios and hardware design, and expanding interaction with mature ecosystems (like app integration), enhancing practicality. AI glasses are poised to become a new hardware terminal from “0 to 1,” with 2025 likely marking the release of major products.

“Although AI glasses are still in early development, industry enthusiasm is rising, and the potential is large,” the report states.

Western Securities’ research indicates that tech giants’ active deployment may make 2025 the year of AI glasses’ explosion. With multimodal large models enabling more natural interaction, the shift from “hardware serving users” to “large models serving users” will occur. These models can understand voice, images, and other inputs, enabling more efficient and streamlined human-computer interaction, thus increasing user acceptance.

From the industry chain perspective, Everbright Securities notes that since AI smart glasses currently do not require displays, removing upstream AR optical display and optical components, the upstream industry chain is mature and well-developed domestically. This could lead to a breakthrough moment for AI glasses.

According to Wellsenn XR data and forecasts, global eyewear sales in 2023 are about 1.56 billion pairs; in ten years, sales could reach around 2 billion pairs. Starting in 2025, AI smart glasses will rapidly penetrate traditional eyewear sales, which are expected to grow steadily. By 2029, annual sales may reach 55 million pairs; by 2035, sales could hit 1.4 billion pairs.

However, according to Zhongguancun Online’s analyst Yin Hang, the development of AI glasses faces significant challenges.

“Technologically, as AI applications deepen, the demand for chip performance increases. Real-time computing and cloud AI add to the power consumption challenge. Comfort-wise, although AI glasses have greatly improved over headsets, there’s still room for further enhancement,” Yin Hang said.

He believes that the long-term future of AI glasses depends on technological progress and innovation. Large models play a crucial role, as they are the underlying force driving the development of niche segments. Their diversification and hardware optimization directly impact the application ecosystem and user experience. Future AI glasses will need powerful local computing and compatibility with multiple devices to support diverse development paths.