Smart Door Lock Annual Report: Five Highlights for 2023---Part 2
Price section: The market competition is fierce, and prices continue to decline
With the continuous increase in the scale of the intelligent door lock industry, the production cost of products is constantly decreasing, and price competition has become an inevitable link in the development of the industry to a certain stage; moreover, new brands often open up the market through cost-effective products and increased promotional efforts to achieve sales targets.
According to online monitoring data from AVC, in 2023, the overall average online market price of China's home smart door lock industry was 1092 yuan, a year-on-year decrease of 8.4%; Although the average price of emerging channels is showing an increasing trend, the annual average price is 912 yuan, which is below 1000 yuan. For the industry, on the one hand, fierce price competition will pose challenges to the profitability of the entire intelligent door lock industry chain. On the other hand, the downward trend in product prices will also stimulate an increase in sales and further enhance the market penetration rate of smart door locks. Price is just a factor that consumers consider. In the long run, higher product quality, safety, and better after-sales service are the key.
Product section: Functional iteration and upgrading, seizing technological dividends
As the first threshold to enter a home, smart door locks enable users to no longer rely on traditional keys through intelligent unlocking methods. The innovation of technology is driving the development of the industry, and various enterprises in the field of intelligent door locks in China are continuously launching products with innovative functions and higher security to promote the development of the entire industry, such as facial recognition, digital veins, cat eye screens, etc., providing users with a more convenient and secure intelligent life experience.
According to online monitoring data from AVC, the penetration of new technology products in traditional e-commerce channels continues to increase, with facial recognition retail accounting for 24.7%, an increase of 13.0 percentage points from last year; The retail sales of digital and palmar veins accounted for 6.6%, an increase of 3.5 percentage points from last year; The retail sales of cat's eye large screens accounted for 30.4%, an increase of 10.4% compared to last year. Compared to the average price of traditional e-commerce channels, the price of technological products is higher, which can bring more value increment to the industry.
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