As per a report from Runto Technology, China's smart projector market (excluding laser TVs) witnessed its second-ever and most severe downturn in 2025. Across all sales channels, the total sales volume hit 5.203 million units, marking a 13.9% year-on-year decline. Meanwhile, sales revenue amounted to RMB 8.36 billion, showing a 16.5% drop compared to the previous year. This situation represents yet another market slump following the one in 2023, with the market remaining weak throughout the entire year. In 2025, despite the ongoing implementation of national subsidy policies, the policy benefits in the fourth quarter of 2024 led to an overdraft of some demand. Additionally, the misalignment between consumption patterns and the contraction of fundamental demand further exacerbated the situation, causing the industry's decline to intensify quarter by quarter. There was a notable increase in market concentration, which accelerated the process of industry consolidation as small and medium-sized brands gradually withdrew from the market. Looking ahead, it is projected that the market sales volume will continue to fall, reaching 5.089 million units in 2026, which implies a roughly 2% year-on-year decrease.