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 equipped with a Chinese large model—Xiaodu AI Glasses, 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 trend’s crest.

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-viral stage. Western Securities’ research report indicates that 2025 is expected to be the year of AI glasses’ breakout. According to 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, 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 partnered in September 2021 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 a sharp increase in sales. 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 product launch, unveiling the Huawei Smart Glasses 2 with a square frame, priced at 2,299 yuan. It runs on HarmonyOS 4 and is integrated with Huawei’s Pangu AI large model. In August, Fengchao Technology released the Jiehuan AI Audio Glasses. In September, Meizu launched the StarV Air2, a stylish AI+AR smart glasses with features like real-time translation, voice recognition, and a smart assistant.

Since November, domestic companies have been actively announcing AI glasses developments, indicating fierce competition.

First, Baidu announced at the 2024 Baidu World Conference its native AI glasses equipped with a Chinese large model—Xiaodu AI Glasses, capable of first-person shooting, asking questions while walking, object recognition, audiovisual translation, and smart memos, with a planned release in the first half of 2025.

Subsequently, Recar Technology announced the Looktech AI smart glasses on November 16; Rokid released the AI+AR glasses RokidGlasses on November 18, integrating Alibaba’s Tongyi Qianwen large model; on November 20, Shanjie Technology announced a multi-million RMB Series A funding round, planning 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, featuring Google Gemini large model, with a planned release in Q3 2025.

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

Major smartphone and internet giants entering the AI glasses arena have pushed the industry’s heat to new heights. Industry chain listed companies are also eager to seize the moment.

Looking at the components, the display lens is undoubtedly crucial, involving optics, displays, and chips. Listed companies like Crystal-Optech and Sunny Optical Technology supply key optical components 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, fitting well with AR, VR, and AI glasses. Its LCOS products, with high resolution, compact form, low power, and low cost, will support emerging markets like AR and VR, including AI glasses, in terms of economic adaptability and feasibility.

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

Among traditional eyewear brands, Dr. Optic began exploring smart glasses in 2022, establishing partnerships with brands like LeBird Innovation, Rokid, and Meizu, providing lens fitting and sales channels. In August, Dr. Optic and LeBird Innovation jointly established a joint venture to develop, sell, and market new 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 expected to be mass-produced in 2025.

Tianjian Co. recently announced it has open audio and spatial audio technologies, with the capacity to 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 signed 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,” Yidao Information said.

On November 25, Yingqu Technology stated on its investor platform that it is actively researching AI glasses-related products. On November 26, Xingchen Technology announced it has invested in R&D for AI glasses chips and is engaging with some clients, with products expected in 2025. Its low-power technology, industry-leading ISP visual effects, and advanced SOC capabilities from security and outdoor scenarios will be applied to AI glasses.

As more companies enter, the 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 days from August 13 to 16, with four consecutive “20CM” limit-ups. On August 16, Yashiguang Electronics hit four consecutive limit-ups. Since late September, these stocks have been rising for three months, with 65 of 68 AI glasses stocks on Eastmoney showing gains.

Recently, the trend continues, with on November 28, Zhuoyi Technology hit a daily limit, closing up 5.28%; Zhongke Lankun rose over 10%, Mingyue Lenses up over 6%, along with Dr. Optic, Yidao, Juxin, and Hengxuan Technology following the rally.

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

Despite the intense preparations by various manufacturers, the industry is still in the early stages of development. Experts generally believe that 2025 will be the year of AI glasses’ breakout.

Zhongyin 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 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 large,” the report states.

Western Securities’ research indicates that tech giants’ active involvement may make 2025 the year of AI glasses’ explosion. With multimodal large models enabling richer 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 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 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 markets, which are expected to grow steadily. By 2029, annual sales could reach 55 million pairs; by 2035, sales may 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 power consumption challenges. 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, as they underpin 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 capabilities and compatibility with multiple devices, supporting diverse development paths.