Smart Door Lock Annual Report: Five Highlights for 2023---Part 4
Brand section: Industry restructuring and market positioning differentiation
At present, the Chinese smart door lock market includes multiple types of brands, such as professional brands, internet brands, comprehensive brands, security enterprises, and joint venture brands. The industry is dominated by well-known brands and leading new technology products. According to online monitoring data from AVC, in 2023, the top 10 brands in China's home smart door lock market accounted for 66.6% of retail sales through traditional e-commerce channels, a decrease of 0.2 percentage points from last year; The proportion of retail sales was 75.2%, an increase of 2.1 percentage points from last year. The positioning performance of brands in the market is differentiated, with Desman, Kaadas, Huawei, and Lockin mainly promoting mid to high end price range products, while waist brands compete for market share with more attractive prices.
Xiaomi: With its strong fan economy and high cost performance products, it occupies the top position in sales of traditional e-commerce channels for home smart door locks in China in 2023 with an 18% retail share.
Desman: Through technological innovation, we continuously promote industry development and upgrade the user's smart home experience. As a professional smart door lock brand, Deshmann continues to deepen its cultivation in the high-end field in 2023. In terms of online traditional e-commerce channel retail sales, with a 19% share of retail sales, Deshmann ranks first. In the mid to high end price range of over 2000 yuan, Deshman has a significant leading advantage in retail volume and retail sales. Meanwhile, over the past year, Deshmann has been continuously exploring channel diversification to increase its brand coverage among the target audience.
Kaadas: Currently, it has over 1000 high-end supermarkets covering the whole country, 3000+specialty store counters, and 10000+terminal branches. Adhere to a stable and high-quality terminal channel innovation and development strategy, strengthen the ecological product layout of various channels, and stay at the forefront of the industry in channels such as government and enterprise, engineering, and fine decoration, especially ranking first in the fine decoration channel. In 2023, Kaadas will optimize its product system and launch trendy intelligent products. In the current field of intelligent door lock new technology, we will comprehensively layout and focus on promoting the improvement of brand price structure in the mid to high-end market.
Huawei entered the smart lock industry relatively late, but with a large user base and strong technological content. In the traditional online e-commerce channels in 2023, only four models were ranked among the top 5 brands in the industry's retail sales, with a rapid growth trend. Huawei door locks are equipped with Harmony OS financial level security protection, and with the support of Harmony OS Connect, Huawei smart door locks can achieve full scene linkage, which has certain advantages in security and convenience.
Lockin: Among the top brands, it is relatively younger and more exploratory and creative. At present, Lockin is highly favored by the capital market, and as of 2023, it has raised over 1 billion yuan in financing; Luke is one of the earliest companies in China to release venous lock products, and has been leading the venous lock industry for many years. The V5 series of palmar veins, released in 2023, was immediately sought after by the market and quickly established itself in the high-end lock field. At the same time, the golden curve design of the V5 series opened a precedent in China and won multiple awards at home and abroad.
Prediction section: The growth momentum continues in 2024, with retail sales exceeding 20 million units
Looking back at 2023, the Chinese household smart door lock industry has delivered a satisfactory answer sheet. Looking ahead to 2024, with the continuous advancement of technology and the increasing demand from consumers, the intelligent door lock industry will continue to maintain its growth momentum.
According to AVC's forecast data, the retail volume of China's home smart door lock market will reach 20.5 million sets in 2024, with an expected year-on-year growth of 9.6%. We also look forward to the launch of more new technologies and functions in the smart door lock industry chain in 2024, providing users with more comprehensive home safety solutions.
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