CINNO Research首席分析师周华表示，2025年第三季度，中国消费级AR/VR眼镜市场销量达16.9万台，环比增长17%，同比增长57%。市场增长主要得益 于AR设备新品的持续推出、上游产业链成本优化以及AI技术的深度融合。 Micro OLED技术虽面临高成本与生态适配挑战，短期内销量份额有所下滑，但其在高端市场的潜力仍不容忽视。AR设备中，Micro OLED屏幕份额占比 达73%，成为BB观影类分体头显的主流选择； 随着Meta Display新品发布，采用的LCoS技术逐渐崭露头角，预计会在短期内销量迎来一波增长； 单绿色Micro LED技术在提示类AR眼镜中快速渗透，销量环比增长149%，乐奇、影目(INMO)等品牌的产品成为主要推动力； Pancake光学方案在短期内市场份额有所收缩，但仍以49%的份额保持领先。歌尔光学在今年光博会上推出多系列VR Pancake光学方案，进一步满足了市 场对轻量化与画质的需求。 AR品牌雷鸟持续领跑，乐奇新品强势崛起；VR头部品牌差距缩短 市场销量持续攀升，AR设备表现亮眼 在销量方面，2025年第三季度国内XR整体市场达到16.9万台，环比增长17 ...

Core Insights - The domestic XR consumer market in China is experiencing a significant divergence, with VR device sales declining while AR device sales are growing rapidly [1] VR Market - In the first half of 2025, domestic consumer-grade VR device sales reached only 75,000 units, marking the lowest sales for the same period in nearly three years [2] - The decline is attributed to insufficient investment in the domestic VR content ecosystem and a lack of major new product releases [2] - The market share is relatively stable, with PICO leading at 46%, followed by Meta at 28%, and Goovis at 7% [2] - Major VR manufacturers are focusing on cost control and ecosystem integration to maintain their core market shares [2] - Fast LCD screens regained an 87% market share in VR devices, while Micro OLED screens remain primarily in high-end products [2] AR Market - In contrast to VR, domestic consumer-grade AR device sales reached 186,000 units in the first half of 2025, showing a year-on-year growth of 35% and a quarter-on-quarter growth of 28% [3] - This growth is driven by the continuous release of new AR glasses and government subsidies combined with promotional events like the "618" e-commerce festival [3] - The AR market is becoming increasingly competitive, with Thunder Innovation leading at 35% market share, followed by XREAL at 22% and Xingji Meizu in third place [3] - Micro OLED screens dominate the AR device market with an 87% share, while domestic screen manufacturer Visionary Technology has increased its market share by 30 percentage points through partnerships [3] - The market share for waveguide technology remains stable at 13%, with companies like Kunyou Optoelectronics and Zhige Technology reducing costs and enhancing product features [3] Annual Forecast - CINNO Research predicts that the overall sales of domestic consumer-grade XR devices will reach 606,000 units in 2025, representing a year-on-year growth of 6.5%, primarily driven by the continued strength of AR devices [4]