Maoyan Large-Screen Smart Door Locks to Reach 30% Penetration Rate in 2023

Xiaomi has launched its latest smart door lock, the M20 large-screen cat's eye version, which features a 3.97-inch screen. The retail price of the M20 is 1999 yuan, with a pre-sale price of 1899 yuan. This is the second product in the M20 series, following the release of the M20 basic model in June 2022.

Rapid Growth in Sales of Door Locks with Smart Peepholes and Large Screens

According to RUNTO Technology's online data, door locks equipped with smart peepholes and large indoor screens have experienced a surge in sales. In 2022, online sales of these types of door locks are expected to reach 780,000 sets, an increase of 72.8% year-on-year, with sales of 1.33 billion yuan, a year-on-year increase of 103.8%. The average market price has increased by 257 yuan over the same period last year, to 1693 yuan.

Increased Number of Door Lock Brands Selling Maoyan Large Screens

The number of door lock brands selling Maoyan large screens is set to increase from 195 in 2021 to 271 in 2022. Consumer electronics brands such as Huawei, Hisense, and LeTV are all expected to deploy this product line in 2022. Traditional manufacturers, such as Cadiz and Magic Couple, are also set to increase the number of their Maoyan large screen locks available for sale in 2022.

Rapid Increase in Penetration Rate of Maoyan Large-Screen Door Locks

The penetration rate of Maoyan large-screen door locks has rapidly increased in the past two years, from 8% in January 2021 to 18.7% in January 2023. This shows a rapid upward trend, with a predicted 30% penetration rate in the online market in 2023.

Low-Concentration Competition

Despite the increasing popularity of Maoyan large-screen door locks, the competition in the market is still relatively low. The total brand share (CR4) of TOP4 is only 26.3%, with most shares still held by traditional door lock brands such as Cadiz and Deschmann, as well as home appliance brands such as TCL.

Room for Improvement in Product Quality

While the Maoyan large-screen door lock has shown great potential, there is still room for improvement in product quality, including screen clarity and parts replacement. Some smart door locks are only equipped with smart peepholes, which can be inconvenient when checking the monitoring outside the door.

Predicted Steady Growth in Maoyan Large-Screen Door Lock Market

RUNTO predicts that the Maoyan large-screen door lock market will continue to maintain steady growth in 2023, with a predicted penetration rate of 30% in the online market. With the cooperation of traditional door lock brands and emerging brands, this emerging consumer electronics or tech product has great traction and growth prospects.

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