野村东方国际 耐用消费品AI专题研究

Investment Rating - The report indicates a positive outlook for the smart glasses and AI mattress markets, suggesting significant growth potential in these sectors [1][22]. Core Insights - The smart glasses market is diversifying, with a shift towards all-in-one AI audio/camera glasses, while demand for display-enabled smart glasses is rapidly increasing [1][4]. - The global AR device market is dominated by VR/MR technologies, with AR glasses showing strong performance in China, projected to ship approximately 280,000 to 290,000 units in 2024 [1][5]. - AI smart mattresses are emerging as a new durable consumer product, with market growth influenced by usage scenarios and pricing strategies [1][6]. - The AI glasses face challenges in functionality and user experience, particularly in weight, design, and battery life, impacting their market appeal [1][10]. - The report highlights the competitive landscape of the domestic AR device market, with leading companies holding significant market shares and continuing to innovate [3][13]. Summary by Sections Smart Glasses Types and Development - Smart glasses are categorized into three types: split AR glasses, all-in-one AI audio/camera glasses, and display-enabled smart glasses, with the latter experiencing rapid growth [3][4]. - The domestic split AR device market is stable, with leading companies like Thunderbird Innovation and XREAL capturing 60%-70% of the market share [3][13]. Market Growth Projections - Domestic sales of split AR glasses are expected to grow by approximately 36% year-on-year, while all-in-one AI smart glasses are projected to grow by about 42% [17]. - The AI smart mattress market is anticipated to grow by around 14% by 2025, although its growth potential may be weaker compared to smart glasses [20]. Competitive Landscape - Leading companies in the smart glasses sector include Thunderbird Innovation and X6, which together hold over 60% of the market share [21]. - In the AI smart mattress market, Mousse Co. is positioned as a leader, with its latest product expected to generate significant revenue [21]. Investment Opportunities - The report suggests that both smart glasses and AI mattresses present substantial investment opportunities, particularly as they are expected to catalyze growth in their respective industries [22][23].