The smart glasses industry is about to explode, and the optical waveguide + MicroLED solution has become the mainstream technology

As a wearable device with an independent operating system, smart glasses have become an important hardware carrier for the implementation of AI technology due to their ease of use and compact size. Driven by the integration of AI large models and augmented reality technology, global shipments are expected to reach 12.8 million units in 2025, with the Chinese market exceeding 2.75 million units and a year-on-year growth rate of 107%, ranking first in the world.

The industry has developed through four stages: from traditional AR glasses and audio glasses with single functions, to AI+ shooting glasses that will explode in 2025 (such as Rayban-meta shipments exceeding 2 million units), to future AI+AR glasses and spatial computing units such as metaOrion. In the cost structure, the optical display unit of AR glasses accounts for 43% and the computing chip accounts for 31%. The cost of AI shooting glasses is concentrated on the motherboard chip (for example, the Raybanmeta motherboard accounts for 57%).

The competitive landscape presents four types of players: Internet manufacturers (meta, etc.), mobile phone manufacturers (Huawei, etc.), unicorns (Rokid, etc.) and other technology companies (Skyworth Digital, etc.). High-end resin raw materials in the upstream of the industrial chain rely on imports, the concentration of the lens industry in the midstream has increased (Mingyue lenses top the market with a market share of 12.4%), and downstream channels are concentrated in leading chain retailers.

Companies such as Doctor Glasses, Mingyue Lenses, and Kangnaite Optics have made in-depth layouts through channel cooperation and technology research and development. In the future, AI empowerment will promote the iteration of smart glasses along the path of "audio → shooting → AR". The optical waveguide + MicroLED solution will become the mainstream technology. The global penetration rate may reach 70% in 2035, and it is expected to replace smartphones and become the next generation general computing platform.