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 sales 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, companies such as Huawei and Meizu are also actively entering the AI glasses space. 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 at this critical moment.

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 on the cusp of explosive growth. Western Securities’ research report indicates that 2025 is expected to be the year of AI glasses’ breakout. Based on Wellsenn XR 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 one after another, 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. Afterwards, Meta and Ray-Ban collaborated in September 2021 to release the first-generation Ray-Ban Stories, which sold about 300,000 pairs by February 2023.

In September 2023, Meta and Ray-Ban launched the second-generation Meta Ray-Ban, weighing less than 50 grams 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, shipments of Meta Ray-Ban reached 360,000 units in Q4 2023 and 100,000 in Q1 2024; by Q2 2024, total 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 the Huawei Smart Glasses 2 square sunglasses 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 actively announcing AI glasses-related developments, indicating intense 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 including 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 XR, 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, listed companies in the industry chain seize the opportunity

Major smartphone and internet giants entering the AI glasses market have pushed the industry to new heights. Industry chain listed companies are also eager to act, aiming to capture the market at this critical juncture.

Looking at the composition of AI glasses, the display lenses are undoubtedly key components, 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 Electronics revealed that its image sensors excel in small size and low power consumption, making them highly suitable for AR, VR, and AI glasses. 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.

Gaoer, Lixun Precision, and Huaxin Technology, with strong assembly capabilities, are key manufacturers of smart glasses.

Among traditional eyewear brands, Dr. Optic began exploring the smart glasses sector in 2022. It has established partnerships with industry AI glasses brands such as Thunderbird Innovation, Rokid, and Meizu, providing lens fitting and sales channels. In August, Dr. Optic and Thunderbird Innovation jointly established a joint venture, focusing on R&D, sales, marketing, and service of new-generation AI glasses. The first AI glasses are expected to be released by late 2024.

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

Jingwang Electronics stated that its HDI/Anylayer, flexible and rigid-flex 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 that are easy to assemble. Its SiP module technology meets these needs and is already used in similar products. Its wireless communication SiP modules are also suitable for AI glasses, with mass production planned for 2025.

Tianjian Co. recently announced it has open-source audio and spatial audio technologies and the capacity to produce various audio-visual products like 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 signed cooperation agreements with several domestic and international eyewear brands in the AI glasses category. Our products are still in prototype and optimization stages, not yet mass-produced. The market is in its early development phase, and consumer habits need cultivation, so there are uncertainties in market expansion,” Yidao Information said.

On November 25, Yingqu Technology stated on investor platforms that it is actively conducting pre-research on AI glasses products. On November 26, Xingchen Technology announced it has invested R&D resources into 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, accumulated in security and outdoor scenarios, will be applied to AI glasses.

With multiple 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 in limit-ups, with several stocks hitting daily limits. Dr. Optic’s stock rose over 107% in four trading days from August 13 to 16, with four consecutive limit-ups. On August 16, Yashiguang Electronics hit four consecutive limit-ups. Since late September, the stocks have been rising for three months straight, with 65 of 68 AI glasses concept stocks on Eastmoney showing gains.

Recently, the trend continued, 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 other companies like Dr. Optic, Yidao, Juxin, and Hengxuan also gained.

2025 is expected to be the year of AI glasses’ explosive growth

Despite the intense preparations by various manufacturers, the industry is still on the verge of a breakout. Experts generally believe that 2025 will be the year when AI glasses truly explode.

According to China Securities Research, companies entering the AI glasses space recently possess 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 (such as app integration), enhancing practicality. AI glasses are poised to become a new type of hardware terminal from “0 to 1,” with 2025 likely marking the release of major new products.

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

Western Securities also predicts that 2025 could be the breakout year, as major tech giants actively deploy. With multimodal large models enabling more interactive experiences, the interaction mode of AI glasses will shift from “hardware serving users” to “large models serving users.” 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, Guoda Securities notes that since AI smart glasses currently do not require displays, removing upstream AR optical display and optical components, the upstream technology is mature, and the entire domestic industry chain is well-developed. This could lead to a breakthrough moment for AI glasses.

Based on Wellsenn XR data and forecasts, global eyewear sales are about 1.56 billion pairs in 2023; projected to reach around 2 billion in 10 years. Starting in 2025, AI smart glasses will rapidly penetrate traditional eyewear sales, which are expected to grow steadily. By 2029, annual sales could reach 55 million pairs; by 2035, sales might hit 1.4 billion pairs.

However, industry expert Yin Hang from Zhongguancun Online warns that there are significant challenges ahead.

“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 believes that the long-term development of AI glasses depends on technological progress and innovation. Large models play a crucial role, serving as the underlying force driving niche developments. Their diversification and hardware optimization directly impact the application ecosystem and user experience. Future AI glasses will need not only powerful local computing but also compatibility with multiple devices, supporting diverse development paths.