AI Glasses Supply Chain and Investment Analysis Report (2025)

Introduction

The AI glasses industry is experiencing rapid growth, driven by technological advancements and market expansion. According to the China Academy of Information and Communications Technology (CAICT) and S-Dream Lab, the AI glasses industry is moving towards standardization and technological innovation. This report provides a comprehensive analysis of the AI glasses supply chain, market opportunities, and investment potential.

Market Overview and Growth Opportunities

Current Market Status and Growth Potential

The AI glasses market saw explosive growth in 2024, with global sales reaching 1.52 million units. This trend is expected to continue, with sales reaching 3.5 million units in 2025, a year - on - year increase of over 130%. The market is driven by three main factors: technological breakthroughs, policy support, and ecosystem development.

Technological Breakthroughs

• AI Model Deployment: Advancements in AI models like DeepSeek have enhanced the functionality and user experience of AI glasses.

• Optical Technologies: Innovations in waveguide and MicroLED display technologies have improved visual interaction and user comfort.

• Material Innovations: The development of lightweight materials, such as nano - crystalline glass by Blue Diamond, has contributed to the comfort and durability of AI glasses.

Policy Support

The CAICT has initiated a certification program for AI glasses, covering performance and privacy standards. This move aims to establish industry norms and promote healthy market development.

Ecosystem Development

The integration of hardware, software, and services is crucial for the growth of the AI glasses market. Major players like Xiaomi, Meta, China Mobile, and China Telecom are actively building ecosystems to enhance user experience and drive market adoption.

Supply Chain and Core Components

Upstream: Key Components

1. SOC Chips

   • Market Landscape: The SOC chip market is dominated by Qualcomm in the high - end segment, with companies like BES and Rockchip competing in the mid - range market.

   • Technical Advancements: The release of Qualcomm's AR1 Gen2 and BES's BES2900 chips in 2025 represents a significant leap in processing power and efficiency.

   • Domestic Players: Domestic companies like BES and Rockchip are gaining market share through innovative solutions and cost - effective strategies.

2. Waveguide Technology

   • Current Status: Waveguide technology is a critical component for visual interaction in AI glasses.

   • Key Players: Companies like Crystal Photonics and舜宇光学 are leading the way in waveguide technology, with significant advancements in display quality and mass production capabilities.

3. Other Components

   • Sensors: Suppliers like韦尔股份 and敏芯股份 are supporting the development of vision and interaction functions in AI glasses.

   • Display Modules: Companies like晶芯科技 are making strides in MicroLED technology, with mass production expected to drive down costs.

   • Storage: Suppliers like兆易创新 and普冉股份 are meeting the growing demand for data storage in AI glasses.

Midstream: Whole - Machine Manufacturing

1. Key Players

   • Goertek: As the exclusive manufacturer for Meta's AI glasses, Goertek has achieved a 95% yield rate in production.

   • Luxshare Precision: Leveraging its experience in TWS earbuds, Luxshare Precision is enhancing the acoustic module yield rate for AI glasses.

   • Blue Diamond: Known for its nano - crystalline glass technology, Blue Diamond is a key supplier for Rokid and other major brands.

2. Cost Structure Optimization

   • BOM Cost Analysis: For a typical AI glasses product priced at $200, the cost structure includes SOC chips (34%), optical modules (25%), structural components (11%), sensors (8%), and other components.

   • Domestic Substitution: Domestic alternatives have reduced overall costs by 22% compared to imported solutions.

Downstream: Brands and Ecosystems

1. Market Segmentation

   • High - End Market: Dominated by Meta and Apple, with products priced above $300.

   • Mid - Range Market: Competed by Xiaomi and Samsung, offering products in the $100 - $200 range.

   • Low - End Market: Startups like Rokid offer cost - effective solutions with hardware costs between $30 - $50.

2. Ecosystem Development

   • China Mobile: Offering API interfaces for its 75B language model to support AI glasses applications.

   • ByteDance: Integrating its PICO OS with AI glasses to create an open platform for developers.

Competitive Landscape and Investment Potential

Brand Competition

• International Giants: Meta and Apple lead the high - end market with advanced technology and strong brand recognition.

• Domestic Players: Xiaomi, Huawei, and Rokid are focusing on cost - effective solutions and ecosystem integration to capture market share.

Emerging Forces

• ByteDance: Leveraging its Douyin ecosystem to rapidly commercialize AI glasses.

• XREAL: Focusing on lightweight designs and mobile - end users.

Investment Opportunities

• Short - Term (1 - 2 years): Focus on companies with high elasticity in capacity expansion and customer binding, such as Goertek and Longxun Semiconductor.

• Medium - Term (3 - 5 years): Invest in platform - based companies that define industry standards, like Goertek and Kunlun Wanhui.

Technical Trends and Market Outlook

Technical Trends

• SOC Chips: Low - power, high - performance, and integrated ISP chips will dominate the market.

• Waveguide Technology: Mass production and new material applications will drive the adoption of AR glasses.

• Interaction: Multi - modal AI will enable more natural user experiences.

Market Outlook

• Price and Penetration Rate: By 2025, AI glasses prices are expected to drop to the $100 - $200 range, with a domestic penetration rate of over 45%.

• Demand Stratification: The market will be segmented into consumer - grade, industrial - grade, and special - needs categories, each with distinct requirements and growth potential.

Conclusion

The AI glasses supply chain is at a critical juncture of technological breakthrough and market expansion. SOC chips and waveguide technology are the core drivers of this growth. Domestic manufacturers, with their rapid response and cost advantages, are well - positioned in the global market. Investors should focus on companies that align with technological and commercialization trends while being cautious of potential risks. Long - term success will likely belong to companies with comprehensive integration capabilities and strategic vision.