Gearbest Tech
[House Secret News]Stalling is a key word for many categories in the home appliance industry in the first half of this year, and smart projectors, which were once popular, have not been able to escape. According to the latest data from industry organization Luotu Technology, in the first half of 2023, China's smart projection (excluding laser TV) market sales were 2.791 million units, a year-on-year decrease of 7.3%; sales were 5.3 billion yuan, a year-on-year decrease of 15.4%.
Regarding the reason why smart projectors faced a “fall in volume” in the first half of the year, Luotu Technology believes that there are two reasons:
First, in terms of external factors, the macro-economy is showing a weak recovery and the endogenous growth momentum is insufficient. At the same time, there is also an obvious time lag in the transmission of economic recovery to corporate performance, residents' income and market confidence. In the consumer market, demand for services and contacts has grown significantly, but purchasing power for home appliances and consumer electronics has been weak.
Second, in terms of “internal factors”, the smart projection market has begun to consolidate in this year's downturn after experiencing rapid growth in the past few years. In addition, the fading of e-commerce dividends and the two-way exhaustion of marketing have also weakened consumers' desire to purchase.
Against the background of slowing market growth, Zhaimi noticed that the brand pattern of the smart projector market was relatively stable in the first half of the year. Specifically, among the brands dominated by DLP projection technology, XGIMI has an absolute advantage, with a market share of almost Reaching 50%, followed by nuts and dangbei. It is worth mentioning that Vidda, which joined the smart projection industry in early 2022, ranked fourth.
Different from the brand structure of DLP projection, where one company dominates, 1LCD competition is more intense and the brand structure is full of variables. According to data from Luotu Technology, in the first half of 2023, the number of brands on sale in the online market for 1LCD projection reached 215, including 96 new brands. The TOP4 brands are Xiaoming, Xiaomi, Patriot and Zhima, with a total share of 32.6%. , an increase of 4.1 percentage points from the same period last year, but no brand share exceeded 10%.
This also means that in the smart projection market dominated by 1LCD technology, no brand has absolute market control. Subsequent brands have the opportunity to achieve overtake in share with high cost-effective products, such as those that joined the smart projection market this year. Kukai, with its cost-effective pricing strategy and superior product experience, has received good market feedback.
In addition, RUNTO also predicts that the smart projection industry will have sales of 5.85 million units in 2023, a year-on-year decrease of 5.3%. It is not difficult to see from this that the smart projection industry has ushered in its own “structural adjustment period.” If you want to get rid of this predicament, you not only need to work hard on the product side, but perhaps it is more important to expand on the market side.
The development of the smart projection market in the past few years has actually benefited from the explosion of demand from users in first- and second-tier cities, which has led to the rapid development of the smart projection market. As market demand is met, smart projection products are essentially home appliances. Its replacement cycle is longer. Therefore, before the emergence of leap-forward technologies, the first- and second-tier markets have insufficient motivation to renew, and there is still broad room for demand in the sinking market. If the sinking market can be captured, it may wake the industry back to the path of growth.
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