According to the "China Projector Market Shipment Analysis Quarterly Report" released by RUNTO, in the third quarter of 2022, China's overall projector market Shipment was 1.7 million units, a slight increase of 1.2% year-on-year and a decrease of 12.6% month-on-month. Among them, the penetration rate of intelligence reached 83%, an increase of 2.3 percentage points from the second quarter and an increase of 5.2 percentage points from the first quarter.
The data caliber in this article is shipping transactions, corresponding to retail sales. Product caliber is the widest range of projection products, which can be divided into intelligent and non-intelligent categories from the system aspect; from the light source, it can be divided into the laser, LED light, traditional light bulb, etc.; from the technology, it can be divided into LCD, DLP, LCOS, etc.; In terms of application scenarios, it can be divided into home use and pan-commercial use, and pan-commercial use also includes business, engineering, cinema, education, and other fields.
Scenario: The proportion of home use in the overall market has dropped to 86%
Application scenarios: Home projection products accounted for 86% of the overall market shipments, which was lower than 89% in the first quarter and 88% in the second quarter. The main reason is that the consumption of external terminals is weak and the shipment of internal DLP products has decreased significantly.
Commercial projection products accounted for 14%, and the demand for some projects delayed in the first half of the year was released in the third quarter, driving the share to increase month-on-month.
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| Scene structure of Chinese projector market shipments by a quarter in 2022, unit: % |
Brands: XGIMI, JMGO, Epson, and Huiqu are listed in the TOP4
According to RUNTO data, in the third quarter of 2022, the TOP4 brands in the overall projector market shipments are XGIMI, JMGO, Epson, and Huiqu, with a combined share of only 27.1%. Driven by factors such as a mature supply chain, rapid growth in user awareness, and huge development potential, the number of brands participating in the projector market has continued to increase, and market competition has become increasingly fierce. No brand has a share of more than 10% in the current quarter.
Brands: XGIMI still maintains the top spot, but its lead has weakened. Nuts entered the 1LCD market through its sub-brand Weiguo. It has taken actions in product layout, channel expansion, and marketing promotion, and its share has increased compared with the previous quarter. Epson ranks third in the overall market. With the opening of the new fiscal year and the continuation of the business transformation strategy, the household market has grown rapidly, and its shipments have increased by 88% year-on-year in the quarter while ranking first in the commercial market.
Fengmi has perfected the layout of products with different technologies and different light sources. In the third quarter, the new laser product S5 was quickly distributed; Xiaoming 1LCD products gradually became the backbone, ranking fifth in the merger. With the outstanding performance of X3 series and D3X series, Dangbei ranked seventh. As a new entrant, Zhima quickly broke through the LCD brand camp, ranking eighth in the third quarter.
In addition, there are still a number of brands in the market that focus on e-commerce channels, whose product technology is based on 1LCD, and whose prices are low. Their brand recognition and loyalty are relatively low, so the brand ranking changes every quarter. In the third quarter of 2022, Huiqu, Xianke, Ruishida, etc. will enter the top ten.
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| 2022Q3 Shipment share of major brands in China's projector market, unit: % |
Projection light sources: With the maturity of the laser supply chain, the cost continues to decrease and the application scenarios continue to expand. In the third quarter of 2022, laser light source products penetrated rapidly, and the proportion of shipments exceeded 10% for the first time, an increase of 1.7 percentage points from the previous quarter; the share of LED lights remained at 80%; the share of light bulbs declined.
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| Light source structure of Chinese projector market shipments by a quarter in 2022, unit: % |
Outlook: 2022 Overall Projector Shipment Forecast Downgraded to 7.67 Million Units
According to the performance in the third quarter and the internal and external environment in the fourth quarter, RUNTO lowered its forecast for China's overall projector market shipments in 2022 to 7.67 million units, a year-on-year increase of about 4%.
Judging from market performance data, the shrinking of the education scene is a foregone conclusion; smart products in the business scene bring a certain new increase, and engineering products are also displayed in lighting projects, smart cultural tourism, virtual exhibition halls, immersive experience halls, and other scenes, however, the overall pan-commercial market can only be called relatively stable; while DLP products in the home market have declined significantly, and the growth rate of 1LCD has also begun to slow down.
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