Meta is running two glasses tracks at once: a display-free AI glasses line already selling at scale, and a newly launched display-equipped model.
Meta introduced the Ray-Ban Display in US physical retail on September 30, 2025, priced from US$799, pairing a built-in display with a Neural Band wristband that reads electromyography (EMG) signals to enable hand-gesture controlCITE:E1. That launch sits alongside Meta's existing display-free line, which has already found real demand: EssilorLuxottica, Meta's eyewear manufacturing partner, reported in its earnings that Ray-Ban/Oakley Meta smart glasses sold more than 7 million units in 2025, more than triple the units sold in 2024CITE:E2.
IDC data show smart glasses and VR/MR headsets moving in opposite directions in 2025. Smart glasses shipments grew 211.2% year over year in 2025, and IDC projects a 29.3% compound annual growth rate for the category from 2025 through 2029, while VR/MR headset shipments are forecast to fall 42.8% over the same yearCITE:E4.
Apple Vision Pro shipments dropped from about 390,000 units in 2024 to roughly 45,000 units in 2025, according to IDC dataCITE:E5. Reports say Apple is redirecting resources toward smart glasses to compete with Meta, though Apple itself has not confirmed such a shiftCITE:E5.
Meta's Reality Labs division has posted mounting operating losses even as its glasses sales grow. Reality Labs recorded a US$17.7 billion operating loss in 2024, following a US$13.7 billion loss in 2022 and a US$16.1 billion loss in 2023, with cumulative losses since 2020 now in the tens of billions of dollarsCITE:E3.
Chinese brands RayNeo and XREAL are the two largest vendors in the display-equipped AR glasses segment as industry-wide shipments surge. Counterpoint reported that global AR smart glasses shipments grew 148% year over year in the second half of 2025, with RayNeo (雷鳥) holding 42% share of the segment, XREAL following at 28%, and the top three vendors together controlling about 96% of shipmentsCITE:E6. Fully-featured AR glasses such as Meta's Orion remain prototypes and have not reached mass production or retail launchCITE:E6.
| Metric | Value |
|---|---|
| Meta Ray-Ban/Oakley smart glasses sold, 2025 | >7 million units, up >3x YoYCITE:E2 |
| Meta Ray-Ban Display price / launch date | US$799+, September 30, 2025CITE:E1 |
| Meta Reality Labs operating loss, 2024 | US$17.7B (2022: US$13.7B; 2023: US$16.1B)CITE:E3 |
| IDC smart glasses shipment growth, 2025 | +211.2% YoY; 2025–2029 CAGR 29.3%CITE:E4 |
| IDC VR/MR headset shipment forecast, 2025 | -42.8% YoYCITE:E4 |
| Apple Vision Pro shipments, 2025 vs. 2024 | ~45,000 vs. ~390,000 unitsCITE:E5 |
| Counterpoint AR glasses shipment growth, H2 2025 | +148% YoYCITE:E6 |
| RayNeo AR glasses market share, H2 2025 | 42% (No. 1)CITE:E6 |
| XREAL AR glasses market share, H2 2025 | 28% (No. 2)CITE:E6 |
| Top 3 AR brands combined share | ~96%CITE:E6 |
Taken together, the figures point to a bifurcated device category rather than a single "AR/VR" market: display-free smart glasses are already selling in the millions and growing over 200% a year, display-equipped AR glasses are growing even faster off a smaller base and are concentrated in RayNeo and XREAL, while camera/display headsets — including Apple's Vision Pro — are shrinking by double digits. Meta holds a position in both of the growing categories while also absorbing Reality Labs' multi-billion-dollar annual losses, and Apple's reported pivot toward glasses remains unconfirmed by the company itself.
Meta is running two glasses tracks at once: a display-free AI glasses line already selling at scale, and a newly launched display-equipped model.
IDC data show smart glasses and VR/MR headsets moving in opposite directions in 2025. Smart glasses shipments grew 211.
Apple Vision Pro shipments dropped from about 390,000 units in 2024 to roughly 45,000 units in 2025, according to IDC dataCITE:E5.
Meta's Reality Labs division has posted mounting operating losses even as its glasses sales grow. Reality Labs recorded a US$17.
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