Counterpoint：2025年下半年全球智能眼镜出货同比增长139%

Core Insights - Global smart glasses shipments are expected to grow by 139% year-on-year in the second half of 2025, with AI smart glasses accounting for 88% of total shipments, driven by seasonal demand, Meta's product line expansion, and new product launches from Chinese manufacturers [1][3] - The average selling price (ASP) of AI smart glasses increased from $347 to $360, primarily due to higher pricing of new Meta products, while the ASP of basic smart glasses decreased to $63 due to reduced shipments from Huawei and Amazon [1][3] Group 1 - Meta continues to dominate the market with a 82% market share in the second half of 2025, with the first generation of Ray-Ban Meta AI glasses peaking in shipments in Q3 2025 and the second generation quickly gaining market acceptance after its launch in September 2025 [2][3] - The Oakley Meta HSTN and Vanguard models accounted for over 30% of Meta's total shipments in Q4 2025, reinforcing Meta's leadership in the global smart glasses market [2] Group 2 - User feedback indicates significant improvements in the video performance of the second generation Ray-Ban Meta AI glasses, including an upgrade in resolution from 1080p to 3K and enhanced stabilization features [3] - Xiaomi ranks second globally, with its AI glasses driving a shipment increase of over 200% following software optimizations [3] - North America is the largest market for smart glasses, accounting for 37% of shipments, followed by Western Europe at 30%. India saw a 15-fold increase in shipments, but its overall market share remains at only 2% [3] Group 3 - The global smart glasses market is expected to maintain rapid growth beyond 2026, driven by Meta's expansion and the entry of more manufacturers, although rising storage chip prices may have some impact [3]