WI Harper sees display technology limiting growth of full-color AR glasses
QQQ•WI Harper says optical losses and display limitations constrain full-color AR glasses. It identifies LCoS and reflective waveguides as a near-term path, with microLED a leading long-term candidate, and says Meta and EssilorLuxottica sold about 7 million smart glasses in 2025, mostly without displays.
1. Display limits
AR glasses face a split between indoor passthrough devices and outdoor see-through models, with optical losses limiting performance. LCoS displays and reflective waveguides offer a near-term path to full-color outdoor glasses, but require a small image.
2. Long-term display options
Full-color microLED is described as the leading long-term candidate for wide-view daylight glasses. Micro-OLED remains a challenger if its brightness proves durable.
3. Industry landscape
Display engines are described as the industry's scarce strategic layer, making platform acquisitions a realistic exit for startups with proven performance. Meta and EssilorLuxottica sold about 7 million smart glasses in 2025, mostly without displays.
