Core Viewpoint - The domestic smart glasses, positioned as a budget version of Ray-Ban Meta, have failed to meet expectations in terms of performance and user satisfaction, leading to significant customer disappointment and operational challenges for the company [2][3][8]. Product Launch and Market Context - The launch of the smart glasses by the company was highly anticipated, especially after the success of Ray-Ban Meta, which sold over one million units within a year [2]. - The domestic market for smart glasses is becoming increasingly competitive, with various tech giants and startups entering the space, leading to a "battle of the glasses" in 2024 [2][18]. User Experience and Product Issues - Users have reported multiple issues with the smart glasses, including problems with powering on, hardware defects, and subpar camera quality, which have hindered the overall user experience [5][10][11]. - Many users experienced delays in receiving their products, with some waiting over seven months, leading to frustration and negative perceptions of the brand [11][13]. Technical Challenges - The company underestimated the engineering and supply chain complexities involved in producing smart glasses, resulting in delays and quality control issues [13][14]. - The choice of hardware, specifically the chip used in the glasses, has been criticized for its performance, impacting connectivity and battery life [14]. Competitive Landscape - The competitive landscape is intensifying, with new entrants like Thunderbird and Rokid launching their own smart glasses with advanced features, further challenging the company's market position [16][17]. - The company faces increasing pressure to improve product quality and meet sales targets, with ambitious goals of selling 500,000 units and achieving over 600 million yuan in revenue within the first year [18][19].

Core Insights - The global smart glasses market is projected to experience a significant growth of 210% year-on-year in 2024, driven primarily by strong demand for Ray-Ban Meta smart glasses, marking a historic milestone of over 2 million units shipped [1][3][8] - The success of Ray-Ban Meta smart glasses has prompted major tech companies like Xiaomi, Samsung, Baidu, and ByteDance to enter the smart glasses market, indicating a competitive landscape emerging by 2025 [3][9] - The smart glasses market is expected to continue its upward trajectory, with a forecasted growth of 60% in 2025 and maintaining an annual growth rate of over 60% from 2025 to 2029, supported by diverse applications and an expanding ecosystem of players [3][9] Market Overview - In 2023, the global smart glasses market saw a year-on-year growth of 156%, with Ray-Ban Meta smart glasses capturing over 60% of the market share in 2024 [3][8] - The definition of smart glasses excludes augmented reality (AR) devices, focusing instead on wearable computing devices that integrate electronic components into traditional eyewear [4][11] - AI smart glasses, a subcategory of smart glasses, incorporate AI technology to enhance functionality and user experience, requiring specific standards such as integrated AI processors and voice interaction capabilities [4][6][7] Product Evolution - Ray-Ban Meta smart glasses are recognized as the first AI smart glasses on the market, featuring advanced technology such as integrated NPU, sophisticated cameras, and audio components, enabling functionalities like photo/video capture and audio playback [6][8] - The evolution of smart glasses has shifted from basic improvements in hardware to redefining user experience through AI integration, leading to a surge in demand following the launch of Ray-Ban Meta smart glasses [8][9] Competitive Landscape - The competitive dynamics of the smart glasses market are evolving, with Meta expected to adopt a more aggressive expansion strategy in 2025, aiming to grow its smart glasses business through product diversification [9] - The entry of numerous new AI smart glasses models, particularly from Chinese companies, indicates a proactive approach to capitalize on emerging market opportunities [9]