Recently, IDC released the "China Projector Market Tracking Report for the Fourth Quarter of 2022". The report shows that the total shipments of China's projector market in 2022 will be 5.05 million units, a year-on-year increase of 7.4%. Among them, the smart projector market (projector equipment equipped with an OS operating system) shipped 3.775 million units, a year-on-year increase of 15.2%. IDC predicts that the sales volume of China's projector market is expected to exceed 5.57 million units in 2023, a year-on-year increase of 10.3%, and the compound growth rate of the projector market will still exceed 18% by 2027.
In 2022, the top five manufacturers in the overall projector market shipments will be XGIMI, Epson, JMGO, Fengmi, and Dangbei, with a combined market share of more than 45%. As a leading brand in the industry, XGIMI once again won the double champion of China's projector market in terms of shipments and sales, and the proportion of sales continued to grow. This is after breaking the monopoly of foreign brands in the Chinese market in 2018, XGIMI has won the first place in shipments for five consecutive years, and the first in both shipments and sales for three consecutive years.
At the same time, the list of the best-selling models in the Chinese projection market in 2022 is also dominated by XGIMI. Among the top 10 models with the highest shipment volume, XGIMI occupies 5 places, including NEW Z6X, H3S, Z8X, Z6X Pro and Play Special Edition; among the top 10 models with the highest sales volume, XGIMI occupies 6 places, including NEW Z6X, H3S , Z8X, RS Pro2, Z6X Pro and H5. Among them, XGIMI NEW Z6X will become the double crown of shipments and sales in the Chinese projection market in 2022, followed by H3S, and the two products have become the best-selling projectors in the Chinese market for two consecutive years.
In the first quarter of 2023, XGIMI Z series and H series will have new products on the market. XGIMI Z7X is currently on pre-sale. While maintaining the same thin and light volume, the brightness has increased by 57.89% compared with the previous generation product, reaching 600CCB lumens. It once again broke through the brightness limit of the Z series and became the brightest thin and light projector at the same price. This is a thin and light flagship projector that users can buy with their eyes closed. The XGIMI H6 4K optical zoom version equipped with optical lossless zoom is also on sale now. IDC pointed out that the sales of consumer-grade 4K high-resolution products will increase by 12% year-on-year in 2022; with product iteration and upstream and downstream cost reduction, it is believed that the 4K projection market will bring consumers a better visual perception in the mid-to-high-end field in 2023 experience.
Such success is inseparable from XGIMI’s long-term investment and deep cultivation in the field of research and development. Relevant data show that the R&D expense ratio of XGIMI has increased from 4.3% in Q1 of 2020 to 10.7% in Q3 of 2022, and the R&D expense ratio in a single quarter has exceeded 10%. In 2021, XGIMI’s research and development expenses in the four quarters are: 48.54 million yuan, 63.79 million yuan, 62.99 million yuan and 87.54 million yuan, a year-on-year increase of 125%, 112%, 75% and 70%, showing explosive growth in R&D investment , the single-quarter growth rate is above 70%. In the first quarter of 2022 alone, the research and development expenses of XGIMI Technology will be as high as 93.7734 million yuan, an increase of 93.15% over the same period last year.
It is worth mentioning that in August 2022, XGIMI released the movie color brightness standard (CCB standard Cinema Color Bright), breaking the unspoken rule of the projection industry that only white field brightness is used, and promoting a qualitative change in experience with color brightness standards. XGIMI Technology switched all its products to the CCB standard, and made effective exploration and attempts to standardize the light output (brightness) test standard of the projection industry. Not only that, XGIMI Technology has also joined hands with the China Electronic Video Association to draw up the power of the entire industry to formulate the "Projector Light Output Technical Requirements and Test Methods", committed to maintaining industry order and protecting the legitimate rights and interests of consumers. In order to promote the implementation of the standard, XGIMI Chairman Zhong Bo jointly signed a number of deputies to the National People's Congress during the two sessions in 2023 to submit the "Suggestions on Formulating Mandatory National Standards for Home Smart Projectors".
On March 17th, approved by the China Electronic Video Industry Association, XGIMI Technology, as the only representative of the industry participating in the drafting, invited industry associations and review experts to participate in the group standard expert review meeting of "Projector Light Output Technical Requirements and Test Methods" And unanimously passed the report of the standard. This standard is China's first group standard specially developed for the brightness of projectors. It is led by XGIMI, the chairman of the Projection Industry Branch of China Electronic Video Industry Association, and jointly participated in the formulation by multiple brands and various e-commerce platforms. "Projector Light Output Technical Requirements and Test Methods" pointed out that on the premise of existing international standards and national standards, a more complete and unified description of the logo, technical requirements and test methods on the light output indicators of projectors And specifications, so that the brightness measurement is carried out under the color performance that the user can normally watch the movie.
IDC analysts believe that XGIMI’s strategy is stable in the face of market demand and supplier fluctuations. As the chairman unit of the Projection Industry Branch of the China Electronic Video Industry Association, XGIMI Technology has led the formulation and promotion of smart projection, game projectors, and the first domestic projector brightness group standard CVIA. I believe that under the leadership of leading companies, my country's projection The industry will enter a more benign and healthy development track.