According to research data from the authoritative technology industry research institution Luotu Technology, the sales volume of smart door locks in China in 2020 is 16.4 million sets, an increase of 17% year-on-year. Following the slight decline in 2019, the growth was resumed, mainly due to the rapid development of the retail market.

According to the "Chinese Smart Lock Retail Market Monthly Tracker" report, China's smart door lock online market sales in 2020 will be 2.88 million sets, a year-on-year increase of 42%; online market sales will be 4.23 billion yuan, a year-on-year increase of 37%.

While newly entering brands bring vitality to the market, they also reduce market concentration. In 2020, the market share of TOP4 brands in the smart door lock market is 49.4%, which is a middle (lower) concentrated oligopoly (35% <CR4<50%); the share of TOP10 brands is 62.8%.

Xiaomi has a leading advantage by virtue of high cost performance, comprehensive channels, rich ecological chain linkage and other factors, with a sales share of over 30% and a sales volume exceeding 1 billion yuan. In 2020, Xiaomi will accelerate the product layout of smart door locks and release 3 new products, including one thousand yuan product and two mid-range products above 1,500 yuan.

RUNTO predicts that China's smart door lock market will continue to grow in 2021, with omni-channel sales reaching 19.5 million sets, a year-on-year increase of 19%; the online retail market will reach 3.9 million sets, a year-on-year increase of 35%.