In recent years, various industrial policies issued at the national level have provided a good environment for the development of the smart lock industry, supporting and promoting the high-quality development of China's smart lock industry. In the emerging stage of the industry, it coincides with the development boom of smart home. As a new force in smart home, a new blue ocean of smart door locks has been formed. In the past few years, the emergence of smart door locks has brought higher security, convenience and intelligent experience to consumers. China's smart door lock industry has achieved significant development and has grown into a popular category.
Currently, China's smart door lock industry is in the early stages of development, with characteristics such as low penetration rate, high growth potential, and large market potential. Its huge market space has attracted more players to enter the game, and the enthusiasm in the capital market further proves the broad prospects of China's smart door lock industry. 2023 has ended. This year, China's smart door lock industry has maintained a steady expansion trend in market size, driven by many positive factors.
AVC Consumer Electronics Division will summarize China's household smart door lock market in 2023 from five major dimensions, and forecast the market in 2024.
Scale Chapter: Demand is improving, and the market is growing steadily
In 2023, engineering projects in the real estate industry gradually resumed work, and delayed projects began to be gradually delivered. The industry ushered in a wave of housing deliveries, reaching a new high in the past five years. At the same time, the scale of smart door lock supporting projects in my country's fine decoration market has narrowed, and the matching rate has increased significantly for five consecutive years. Moreover, with the popularization of the smart home concept and consumers' pursuit of intelligent life, the demand for smart door locks has also increased.
According to total data from AVC, China’s omni-channel retail sales of household smart door locks will reach 18.7 million units in 2023, a year-on-year increase of 3.6%. Among them, online channels accounted for nearly 35%, which is the key driving force for the growth of omni-channel scale. The main manifestations are: the retail volume of online channels was 6.533 million units, a year-on-year increase of 19.0%; under the influence of low prices, retail sales The scale was 7.27 billion yuan, a year-on-year increase of 10.3%.
Price article: Market competition is fierce, prices continue to drop
As the scale of the smart door lock industry continues to increase, the production costs of products continue to decrease, and price competition has become an inevitable link when the industry develops to a certain stage; Moreover, there are many new brands Open the market with cost-effective products and increase promotion efforts to achieve sales targets.
According to AVC online monitoring data, in 2023, the overall average online market price of China's household smart door lock industry will be 1,092 yuan, a year-on-year decrease of 8.4%; although the average price of emerging channels shows a growth trend, the overall price The average annual price is 912 yuan, which is below 1,000 yuan. For the industry, on the one hand, fierce price competition will bring challenges to the profitability of the entire smart door lock industry chain. On the other hand, the drop in product prices will also stimulate an increase in sales and further increase the market penetration of smart door locks. Price is only one factor that consumers consider. From a long-term development perspective, higher product quality, safety and better after-sales service are the key.
Channel article: Multiple channels coexist, stabilizing the traditional and expanding the emerging
The rise of China's household smart door lock industry is in a period of channel transformation. Traditional e-commerce is developing steadily, emerging e-commerce continues to expand, and the rate of hardcover installation is gradually increasing. The industry has shifted from being mainly offline, to dual-line collaboration, to global retail.
Traditional e-commerce: Affected by industry scale development, cost reduction, brand competition and other factors, the price of traditional e-commerce channels has declined. From the perspective of product price segment structure, the proportion of low-end products has increased significantly. According to online monitoring data from AVC, the retail sales of products priced at RMB 800 and below accounted for 45.6%, an increase of 14.1 percentage points from last year. However, with the presence of brands such as Cadiz, Deschmann, Lucker, and Huawei in the high-end market, the proportion of retail sales in the market above 2,500 yuan was basically the same as last year, and the proportion of retail sales reached 19.4%, an increase from last year 1.9 percentage points. At the same time, the average price of high-end price segments shows an upward trend.
Emerging e-commerce: At present, emerging e-commerce is booming and various industries are actively expanding, and China's household smart door lock industry is no exception.According to online monitoring data from AVC, in 2023, the proportion of emerging e-commerce in the online market will further increase. Among them, retail volume accounted for 29%, an increase of 4 percentage points from last year; retail sales accounted for 24%, an increase of 6 percentage points from last year. And looking at the price segment structure, the increase in the proportion of high-end products in emerging e-commerce is also one of the main reasons for the increase in average prices throughout the year.
Fine decoration channel: The matching rate of smart door locks in fine decoration channels has shown a growing trend year after year. According to AVC real estate big data, from January to November 2023, the matching rate reached 82.2%. In the smart door lock supporting brand structure in the fine decoration market, Cadiz brand occupies the first place. Compared with the same period last year, the rankings of Yale and Deschmann improved, and Sakura entered the top 10 rankings.
Product article: Iterative upgrade of functions, seizing the technological dividends
smart door lock is the first threshold to enter the home. Through intelligent unlocking method, users no longer rely on traditional keys. Technological innovation drives the development of the industry. Companies in the field of smart door locks in China continue to launch products with innovative functions and higher security to promote the development of the entire industry, such as face recognition, finger palm veins, cat-eye large screens, etc., providing users with Provides a more convenient and safe smart life experience.
According to online monitoring data from AVC, the penetration of new technology products in traditional e-commerce channels continues to increase. Among them, facial recognition retail sales accounted for 24.7%, an increase of 13.0 percentage points from last year; palmar veins Retail sales accounted for 6.6%, an increase of 3.5 percentage points from last year; Maoyan large-screen retail sales accounted for 30.4%, an increase of 10.4% from last year. Compared with the average price of traditional e-commerce channels, the price of technology products is higher, which can bring more value increments to the industry.
Brand chapter: Industry structure reorganization, market positioning differentiation
At present, China’s smart door lock market includes multiple types of brands, such as professional brands, Internet brands, comprehensive brands, security companies, and joint venture brands. The industry is dominated by well-known brands and leading new brands. technology products. According to online monitoring data from AVC, in 2023 through traditional e-commerce channels, the retail sales of the top 10 brands in China's home smart door lock market will account for 66.6%, a decrease of 0.2 percentage points from last year; the retail sales will account for 75.2%. %, an increase of 2.1 percentage points compared with last year. The positioning of brands in the market is divided. Deschmann, Caddis, Huawei and Luke mainly promote mid-to-high-end price products, while waist brands compete for market share with more attractive prices.
Xiaomi: Relying on its strong fan economy and cost-effective products, it will occupy the first place in China’s domestic smart door lock online traditional e-commerce channel sales in 2023 with an 18% retail sales share.
Deschman: Continuously promote the development of the industry through technological innovation and upgrade the user's smart home experience. As a professional smart door lock brand, Deschman will continue to deepen its efforts in the high-end field in 2023. Among the retail sales of traditional online e-commerce channels, with 19 % of retail sales share ranks first, and in the mid-to-high-end price range above 2,000 yuan, Desman has a large leading advantage in both retail volume and retail sales. At the same time, in the past year, Deschmann has continued to explore channel diversification and improve its brand's coverage.
Kaidis: Currently, it has 1,000+ high-end supermarkets, 3,000+ specialty stores and counters, and 10,000+ terminal outlets covering the country. Adhering to a stable and high-quality terminal channel innovation and development strategy, and continuing to strengthen the ecological product layout of each channel, we are at the forefront of the industry in government and enterprise, engineering, fine decoration and other channels, especially the fine decoration channel ranking first. In 2023, Kaidis will optimize its product system and launch trendy intelligent products. In the current new technology field of smart door locks, we have a comprehensive layout, focusing on the mid-to-high-end market to promote the improvement of the brand price structure.
Huawei: It entered the smart lock industry relatively late, but it relies on its large user base and excellent technical content. Among the online traditional e-commerce channels in 2023, only 4 models will rank among the top five brands in the industry's retail sales, with rapid growth. Huawei door locks are all equipped with harmony os financial-level security protection, and with the support of harmony os connect, Huawei smart door locks can be linked in all scenarios, providing certain advantages in terms of security and convenience.
Luke: Among the leading brands, it is relatively younger and more exploratory and creative. At present, Luke is favored by the capital market. As of 2023, it has raised more than 1 billion yuan; Luke is one of the first domestic companies to release vein lock products, and has led the vein lock track for many years. The palm vein v5 released in 2023 series, was highly sought after by the market as soon as it was launched, and quickly established a foothold in the field of high-end locks. At the same time, the golden curve design of the v5 series was the first in the country and won many domestic and foreign awards.
Forecast: The growth momentum will continue in 2024, and retail sales will exceed 20 million sets
Looking back on 2023, China's household smart door lock industry has delivered a satisfactory answer. Looking forward to 2024, with the continuous advancement of technology and growing consumer demand, the smart door lock industry will continue to maintain its growth momentum.
According to forecast data from AVC, the retail volume of China's household smart door lock market will reach 20.5 million units in 2024, a year-on-year increase of 9.6%. At the same time, we also look forward to the smart door lock industry chain launching more new technologies and new functions in 2024 to provide users with more comprehensive home security solutions.
