Core Insights - The next revolutionary display device after smartphones is likely to be mixed reality (MR) headsets, with companies like Apple and Samsung showing interest in this direction [1] - Vivo has launched the Vivo Vision mixed reality headset exploration version, becoming the first domestic smartphone manufacturer to do so, but it will not be sold publicly due to various factors [1][2] Group 1: Product Development and Features - Vivo Vision exploration version has been in development for four years, featuring the OriginOS Vision system and a Micro-OLED screen, powered by Qualcomm's second-generation Snapdragon XR2+ platform [1] - The weight of the Vivo Vision exploration version is only 398 grams, significantly lighter than the industry average of 600-700 grams, and its dimensions are 26% smaller than the average [1] - Vivo's MR device aims to meet user demands for large screens and immersive experiences, with a development team that has grown to 500 people [2] Group 2: Market Position and Strategy - Vivo does not plan to sell the headset immediately, as the product's overall evaluation is below 60 points, with a target of reaching 80 points in 2-3 years [3] - The MR industry has seen early entrants like Microsoft and Apple, but their products have not achieved the revolutionary success of the iPhone [4] - The commercial viability of MR devices is hindered by high prices and heavy weight, with Apple's Vision Pro priced at $3,499 and weighing 600-650 grams [4] Group 3: Industry Challenges and Future Outlook - The price reduction of MR devices relies on lower costs of upstream components, but sales volume remains low, with PICO's MR product not achieving blockbuster status despite a lower price point [5] - The development of a rich content ecosystem is crucial for MR commercialization, and Vivo's strategy focuses on providing experiences to attract developers and build this ecosystem [5] - Current challenges in the MR industry include price, comfort, content availability, and application scenarios, which need to be addressed over the next few years [5]

Core Viewpoint - The next revolutionary display device after smartphones appears to be mixed reality (MR) headsets, with major smartphone manufacturers like Apple, Samsung, and vivo entering the market [1][2]. Company Developments - Vivo has become the first domestic smartphone manufacturer to launch an MR headset, the vivo Vision Exploration Edition, which features a Micro-OLED screen and is powered by Qualcomm's second-generation Snapdragon XR2+ platform [2][3]. - The vivo Vision Exploration Edition weighs only 398 grams, significantly lighter than the industry average of 600-700 grams, and its dimensions are 26% smaller than the average [2]. - Vivo's MR development team has grown to 500 members, indicating a strong commitment to this technology [2]. Market Challenges - Vivo does not plan to sell the MR headset immediately, opting instead to offer it for experience in select cities, citing the need for improved product quality before consumer sales [3][4]. - The current evaluation of the product is below 60 out of 100, with a target of reaching 80 within 2-3 years [3]. - The MR industry faces challenges such as heavy weight, high prices, and a lack of content ecosystem, which hinder the adoption of MR products [4][6]. Industry Insights - Previous MR products from Microsoft and Apple have not achieved significant market success, with Apple’s Vision Pro expected to sell fewer than 500,000 units globally in 2024 [4]. - The price of MR devices is expected to decrease as upstream costs for screens, chips, and optics decline, but achieving volume sales is crucial for further price reductions [5][6]. - The development of a rich content ecosystem is essential for the commercialization of MR technology, and companies like vivo are focusing on building this ecosystem before launching products for sale [6].

Core Insights - The global augmented reality (AR) glasses market is expected to grow significantly by 2025, driven by the entry of various tech giants and startups [1] - In 2023, global AR shipments reached approximately 510,000 units, marking a year-on-year increase of 35.1% [1] - The market is experiencing a shift with the rise of non-display AI smart glasses in 2024, leading to a decline in traditional B-end AR glasses demand [1] Global Market Size - The global AR glasses market is projected to see a shipment of over 560,000 units in 2024, despite a relatively subdued demand [1] - The market is characterized by a significant contribution from the B-end market, which has maintained steady growth [1] Regional Market Share - In 2023, Asia and North America led the global AR glasses market, with Asia's share increasing due to explosive growth in consumer AR products in China [2] - China alone accounted for 240,000 units shipped in 2023, reflecting a year-on-year growth of 133.9% [2] Brand Market Share - The AR market is dominated by three main groups: international tech giants (e.g., Microsoft, Meta, Apple), domestic smartphone manufacturers (e.g., Huawei, OPPO, Xiaomi), and emerging AR companies (e.g., Xreal, Rokid) [6] - In 2023, Xreal held a 45% market share in global AR glasses, followed by Rokid at 14% and 雷鸟创新 at 13% [6] Pricing Trends - From 2021 to 2024, AR glasses transitioned from "technology novelty" to "mass consumer products," with consumer acceptance highest for products priced between $300 and $500 [9] - The average price of consumer-grade AR glasses is expected to drop from $2,000 in 2021 to around $400 by 2025 [9] Market Forecast - The penetration rate of waveguide technology is projected to reach 95% by 2024, with costs decreasing by 70% since 2021, facilitating the development of lightweight consumer products [10] - Despite short-term market slowdowns, long-term technological advancements and price reductions are anticipated to drive the AR glasses market into a growth phase, with shipments expected to reach 1.8 million units by 2027, reflecting a compound annual growth rate (CAGR) of 37.7% [11]