Counterpoint: Global smart glasses shipments to grow 210% year-on-year in 2024

According to Counterpoint's tracking report, global smart glasses shipments will increase by 210% year-on-year in 2024, mainly due to the strong demand for Ray-Ban Meta smart glasses. The market has exceeded the 2 million mark for the first time, marking an unprecedented growth rate.

Counterpoint defines smart glasses as wearable computing devices that integrate electronic components into traditional glasses to provide "smart" functions beyond standard glasses. In a broad sense, any glasses with such functions can be called smart glasses. However, in a narrow sense, the term "smart glasses" generally does not include devices that support AR functions, which are separately classified as AR glasses. In this text, smart glasses only refer to glasses without transparent displays and optical systems.

AI smart glasses are a subcategory of smart glasses that integrate AI technology to provide enhanced functionality and a smarter, more interactive user experience. According to Counterpoint’s definition, a device must meet the following criteria to be considered AI smart glasses:

Integrated AI processor

Voice Interaction

Visual AI Assistance

Ray-Ban Meta smart glasses drive global smart glasses market growth

Ray-Ban Meta smart glasses are the first AI smart glasses on the market, by our definition. They integrate an NPU-based SoC, advanced cameras, and audio components. These technologies support core smart features such as photo/video capture and audio playback, while leveraging on-device AI algorithms, smartphone-based edge AI, and Llama AI models to support a wide range of applications.

After the release of Ray-Ban Meta smart glasses, the global market demand for smart glasses has surged. According to Counterpoint's tracking, global smart glasses shipments will increase by 156% year-on-year in 2023 and 210% year-on-year in 2024, of which Meta will account for more than 60% of the market share in 2024.

Main player groups

Against the backdrop of intensifying market competition, market leader Meta is expected to adopt a more aggressive expansion strategy for its smart glasses business by expanding its product portfolio starting in 2025. As major industry players accelerate their growth and product launch plans, the global smart glasses market is expected to flourish in the future, achieving a year-on-year growth rate of 60% in 2025 and maintaining a compound annual growth rate (CAGR) of more than 60% by 2029.

Despite the supply chain's optimism about the market outlook, our analysis of the AI ​​smart glasses ecosystem shows that despite relatively low barriers to entry, success is far from easy. Ray-Ban Meta's success in the North American market may not be directly replicated in other companies, especially in the Asian market. In addition, since most AI smart glasses are expected to rely on standardized components from mainstream suppliers, differentiation will be both a challenge and the key to long-term success.

To stay competitive, industry players need to not only learn the key success factors of Ray-Ban Meta smart glasses, but also gain a deep understanding of the evolving technology ecosystem and market dynamics.