洛图科技：全球投影机出货量上半年下滑4%，下调全年预测至2034万台

Core Insights - The global projector market has entered an upward trend since 2020, driven by the rise of a new generation of consumers, increased awareness of smart and mini projectors, and the growth of cross-border e-commerce [1] - However, a decline in sales volume and revenue is expected in the first half of 2025, with shipments dropping to 9.003 million units (down 4.2% year-on-year) and sales revenue falling to $4.05 billion (down 8.6% year-on-year) [1] Market Decline Reasons - The decline in the projector market is attributed to three main factors: 1. Increased global uncertainty due to geopolitical tensions and tariff issues affecting supply and pricing, leading to reduced consumer purchasing intent [4] 2. The high base effect from last year's sports events, with 2025 lacking similar global sporting events to stimulate demand [4] 3. The weakening momentum of low-cost "99-dollar cannon projectors," impacted by e-commerce algorithm changes and negative user feedback [5] Regional Performance - In the first half of 2025, China's projector shipments were 2.850 million units, down 13.5%, with its market share decreasing from 35.1% to 31.7% [6] - North America, the second-largest market, saw a slight increase of 1.3% in shipments to 1.937 million units, driven by strong high-end demand for 4K laser projectors, which surged by 70.6% [6] - Western Europe became the third-largest market with shipments of 1.804 million units, achieving an 8.0% year-on-year growth despite the decline of cannon projectors [6] - The Asia-Pacific region experienced a 7.3% decline in shipments to 1.484 million units, while India saw a 9% increase due to demographic advantages [7] Technology Trends - The market for different projector technologies is under pressure, with 1LCD products accounting for 69.6% of shipments, showing a slight decline of 0.8% [11] - DLP products saw a 9.6% decrease in shipments, while 3LCD products dropped by 14.4% [11] - LED light source products maintained a 79.0% share despite a 3.2% decline, while laser light source products grew by 7.7%, reaching an 11.7% market share [13] - The market for bulb light sources fell significantly, with shipments down 21.7%, marking a historic low share of 9.3% [14] Market Outlook - The annual shipment forecast for the projector market has been revised down from 22.08 million units to 20.34 million units due to the current market conditions [17] - Positive signals for the second half of the year include the upcoming holiday shopping season and economic stabilization in certain regions, with North America and Western Europe expected to drive demand [17]