AI终端跟踪报告之二：AI眼镜：AI端侧最佳落地场景之一

Industry Investment Rating - The report maintains a Buy rating for the electronics industry, specifically focusing on AI glasses as a key application for AI at the edge [1] Core Viewpoints - AI glasses are identified as one of the best scenarios for AI at the edge, with significant market potential driven by the integration of AI technology into everyday eyewear [1] - The success of Ray-Ban Meta smart glasses, with over 1 million units shipped by Q2 2024, validates the product logic and market demand for AI glasses [3] - Major tech companies, including Meta, Apple, Google, Samsung, and Amazon, are actively investing in AI glasses, indicating strong industry momentum [6] - The global eyewear market, including both prescription and sunglasses, is projected to grow steadily, with AI glasses expected to penetrate this market significantly by 2035 [7][10][13] - Collaboration between traditional eyewear manufacturers and tech companies is accelerating the development and adoption of AI glasses [18][19] - The technology for AI glasses is relatively mature, with a well-established supply chain, particularly in China [21][23][24] - The report forecasts that AI glasses will see rapid growth, with annual sales potentially reaching 550 million units by 2029 and 1.4 billion units by 2035 [33] Market and Product Analysis - Ray-Ban Meta smart glasses have seen strong sales, with 360,000 units shipped in Q4 2023 and 100,000 units in Q1 2024, surpassing expectations [3] - The global prescription eyewear market is stable at around 700-800 million units annually, with a market size of $80-90 billion [7] - The global sunglasses market is slightly larger, with 800 million units sold in 2023 and a projected growth to 1.04 billion units by 2035, with a market size of approximately $25 billion [10] - The combined global eyewear market is estimated at 1.56 billion units in 2023, with a market size of $150 billion, expected to grow to 2 billion units and $200 billion by 2035 [13] Key Collaborations and Innovations - Meta and Ray-Ban's collaboration has been highly successful, with the second-generation Ray-Ban Meta glasses achieving significant market traction [3] - Thunderbird Innovation and Boshi Glasses have formed a joint venture to develop next-generation AI glasses, with the first product expected by the end of 2024 [18] - Rokid has partnered with BOLON to launch new AI glasses, aiming to expand the market for AR glasses [19] - Looktech has introduced AI glasses with integrated AI assistant Memo, offering features like real-time translation, health management, and more [37][39] Technology and Supply Chain - AI glasses technology is relatively mature, with a well-established supply chain in China, covering hardware components like optical modules, display modules, and sensors [21][23][24] - The supply chain is divided into upstream (hardware components), midstream (ODM/OEM and software solutions), and downstream (sales and distribution) [24] - Three main technical solutions for AI glasses are identified: system-level SOC, MCU-level SOC+ISP, and SOC+MCU, each with different levels of integration and power consumption [27][28][29] Future Outlook and Product Launches - The report predicts that AI glasses will see rapid growth, with annual sales potentially reaching 550 million units by 2029 and 1.4 billion units by 2035 [33] - Several new AI glasses products were launched in late 2024, including Baidu's XiaoDu AI glasses, Looktech's AI glasses, and Rokid's new AR glasses [34][37][43] - INMO is set to release new AR glasses, INMO Air 3 and INMO Go 2, further expanding the market for AI and AR glasses [45]