70 players, a new product every 9 days: what the AI glasses 'No.1' claims are really worth
创业邦 · wechat · 2026-09-27
- Nearly 70 companies have entered the AI glasses race (a new product every 9 days); smart-glasses funding topped 4B RMB in the first 11 months of 2025.
- Five research firms (Counterpoint, IDC, CINNO, Luotu, AVC) rank leaders differently — shipments vs revenue, global vs China online, AR vs AI glasses definitions — so both Thunderbird (Rayscene) and Rokid have claimed "No.1." Cross-checking: Thunderbird leads units via sub-2,000-yuan products and mixed AR/AI lines; Rokid leads online revenue at 120M yuan but at a 3,178-yuan average price.
- Why fight for No.1: market share anchors valuations (10–15x PS in a loss-making industry), and cash reserves matter amid price wars — July 2026 online retail revenue fell 25.8% YoY — plus entrance-logic user scale and supplier leverage (storage chips up 400%+ over 15 months).
- Real demand is growing (shipments: 380K in 2023 → 15M projected in 2026) but no killer use case yet; audio leakage, light leakage and high BOM (1,000+ yuan even without display) persist, and Xreal has lost 1.06B RMB over three years. Until glasses prove irreplaceability, they remain an expensive toy — and investors are betting on the toy growing up.
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