China's smart speaker market fell into a downturn in early 2024, with sales falling sharply

News on April 1st, a recent authoritative market research report revealed the sluggish trend of China’s smart speaker market. The report pointed out that in the first two months of this year, the sales situation of domestic smart speakers was not optimistic, and the overall market showed an obvious downward trend.

According to data provided by "RUNTO", the sales volume of the smart speaker market from January to February 2024 was only 2.609 million units, a decrease of 32.4% from the same period last year. At the same time, sales also suffered a heavy blow, only 740 million yuan, a year-on-year plunge of 34.9%. Especially in February, the market performance was even weaker, with monthly sales falling to 1.12 million units, a year-on-year decrease of 41.4%, setting a new low in recent years.

Report analysis believes that the continued decline of China’s smart speaker market since 2021 is not caused by a single factor. In addition to changes in the products themselves and user consumption habits, the high concentration of brands in the market has also intensified competitive pressure. According to the editor's understanding, the four major brands in the current market, Xiaomi, Baidu, Tmall Elf and Huawei, have occupied the vast majority of the market share, totaling up to 98%. Among them, Xiaomi and Baidu each hold 38% of the market share, showing the duopoly structure of the market.

The smart speaker industry faces severe challenges in the market. Enterprises need to re-examine the role of smart speakers in cutting-edge technologies such as large model training, and actively explore in-depth integration with applications. Only through continuous innovation and differentiated competition strategies can small and medium-sized brands stand out in the fierce market competition and jointly promote the recovery and prosperity of the smart speaker market.

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