In the first quarter of 2024, the world has shown signs of financial recovery, with most economies achieving positive GDP growth.
A reflection of this recovery is data from RUNTO, which shows global projector market shipments reached 4503K units in the first quarter of 2024, a year-on-year increase of 2.4%.
Global Projector Market Quarterly Shipments, 2023-2024Q1
Data source: RUNTO, Unit: K
Home Projector Market is the Main Source of Growth
The rapid penetration of home projectors is the main driver of overall market growth. In the early stages of projector development, they were predominately used in the business or education sectors.. However, in recent years the significant improvement in the intelligence and image quality of projectors has seen them gain far more prominence with consumers.
According to data from RUNTO, shipments in the home projector market reached 3833K units in the first quarter of 2024, a year-on-year increase of 8.5%.
In contrast, the commercial projector has been affected by reduced corporate procurement and engineering projects. Additionally, the emergence of differentiated competing products such as corporate interactive boards, LED displays, and conference TVs, as well as the cross-scenario application of home projectors, have impacted the market space of commercial projectors.
In the first quarter of 2024, shipments in the commercial projector market were 670K units, a year-on-year decrease of 22.7%.
Global Projector Market Quarterly Shipments by Scenario, 2023-2024Q1
Data source: RUNTO, Unit: K
The Brand Concentration in the Global Projector Market is Low
Data from RUNTO also found that, in the first quarter of 2024, the top four brands in the global projector market were Epson, XGIMI, JMGO, and ViewSonic, with a combined market share (CR4) of 19.3%. This indicates a dispersed competitive market.
Both in China and overseas markets, there are many small and medium-sized brands mainly targeting e-commerce platforms, occupying a market share with low-end, low-price products, which lowers the brand concentration.
XGIMI Ranks First in the Global Home Projector Market
XGIMI, a Chinese brand, ranks first in shipments in the global home projector market. It has long been the leader in the Chinese market but has accelerated its expansion overseas in recent years. XGIMI has continuously increased the proportion of self-developed core components and now has the capability to develop and mass-produce both light engines and complete projectors. Its products have entered markets including Japan, Europe, and the United States. In addition to online channels Amazon and Rakuten Japan, it also covers offline retail channels including BestBuy, MediaMarkt, Saturn, Fnac, Darty, and El Corte Inglés.
Market Share of Major Brands in the Global Home Projector Market, 2024Q1
Data source: RUNTO, Unit: %
In the global commercial projector market, the Japanese brand Epson holds a leading position. Epson's outstanding advantages are its early market entry and complete supply chain.
Shipments Expected to Approach 9350K Units in 2024H1
Despite the uncertain impacts of geopolitics and conflicts that have plagued 2024, positive signals are emerging. 2024 is a big year for sports, with events such as the Olympics, Copa América, and UEFA Euro boosting business transactions and consumer sentiment. The impacts of these events on the projector market will be two-fold. Firstly they will drive the recovery of the commercial projector market for engineering and cultural tourism projects. But also,event promotions will stimulate consumers to purchase or upgrade large-screen devices for better viewing experiences.
RUNTO forecasts that the global projector market will continue to perform well. In the half year of 2024, shipments will be 9350K units, a year-on-year increase of 4%.
Note:
This is an excerpt from the report. For the full version, please contact RUNTO.
Keyword： AIoT
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