DJI, Angriff oder Verteidigung?

On the eve of the "Double 11" shopping festival in 2025, DJI Innovation announced price cuts for multiple products. However, judging from the market feedback, after five days of price cuts, the expected rush to buy did not occur. Instead, it sparked disputes among competitors, and consumers were not entirely convinced.

According to public information, the price cuts for DJI's Mini 4 PRO drone and Osmo Action 4 action camera exceeded 1,000 yuan, and the discounts covered all product categories, with a greater intensity than regular promotions. However, the price protection policies differed between online and offline channels, and some channels refused to compensate for the price difference, which led to dissatisfaction among some consumers.

In response to the market disputes, DJI stated that this price cut was a regular promotional arrangement for the "Double 11" festival and had been announced in advance through relevant channels, not a sudden adjustment. Regarding the difference in price protection policies between online and offline channels, DJI explained that due to the different operating models and cost structures of online and offline channels, it was difficult to implement a unified price protection policy. Currently, it is coordinating with various channels to optimize the after - sales experience.

Behind the price cut, DJI's core business is facing new challenges. DJI's business includes aerial photography drones, handheld photography equipment, energy storage and home technology, and industrial applications. Among them, consumer drones and handheld photography equipment are the main sources of DJI's profits.

DJI started with drones. In 2006, DJI founder Frank Wang founded DJI Innovation in a residential house in Lianhua Village, Shenzhen, focusing on the flight control system of model airplanes. Around 2010, DJI began to develop aerial photography products and quickly established a good reputation in the drone market.

According to the third - party data agency Drone Industry Insights, the global drone market size was approximately $54.6 billion in 2024. DJI has long maintained a market share of over 70% in the global drone market. Although it has declined from the previous peak of 85%, its leading position is still obvious, and no enterprise can truly challenge it for the time being.

In the drone market, the consumer drone market size is approximately $10 billion. There are also more and more competitors in this niche market. XAG Technology's low - cost drones priced at 2,999 yuan have impacted DJI's Mini series. Brands from the Xiaomi and Huawei ecosystems are also competing for the entry - level market.

Compared with the drone market, the overall market size of handheld photography equipment is relatively small. Data from the third - party data agency Frost & Sullivan shows that the global market size of this industry was approximately 42.4 billion yuan in 2024. Among them, the market share of Insta360 increased from 28.4% in 2023 to 35.6% in 2024, making it the fastest - growing leading enterprise; GoPro's market share decreased from 38.2% to 30.1%; and DJI Innovation's market share decreased from 19.1% to 13.2%.

The boundaries of the smart hardware track are gradually blurring, and the competition has become chaotic. DJI has entered the smart cleaning track, challenging Ecovacs, Roborock, and Dreame. Dreame in the smart cleaning field has counterattacked the drone market through its advantages in the home appliance supply chain. Insta360 has entered the action camera market from the panoramic camera and then crossed over to the drone market. Mobile phone manufacturers have also entered the handheld imaging market with their ecological advantages, trying to gain a share in the chaotic competition.

DJI's once - stable business is now facing multiple competitions. DJI's price cut is to clear inventory and make way for new products, and it is also a counter - attack in response to competition. This boundary - less chaotic competition in the smart hardware industry has just begun.

The Chain Reaction of DJI's Price Cut

On October 8, DJI announced a promotional activity through official channels. This price cut covered a wide range of consumer products, including drones, action cameras, gimbal cameras, and outdoor power supplies. The price cuts were significant. The Mini 4 PRO drone had a direct price cut of 1,478 yuan, the Osmo Action 4 action camera had a maximum price cut of 1,129 yuan, the Osmo Pocket 3 all - in - one set had a price cut of 900 yuan, and the discounts for other product categories ranged from 200 yuan to 800 yuan. The overall intensity was significantly higher than regular promotions.

This price cut only lasted for five days and ended on October 14, but it still triggered a chain reaction in the consumer market and the smart imaging industry.

On the consumer side, after the price cut news was announced, many DJI consumers expressed their dissatisfaction on social platforms. The disputes mainly revolved around the inconsistent price protection policies. Online platforms such as JD.com and Taobao supported 7 - 30 - day price protection or no - reason returns. Some users reduced their losses by returning and repurchasing products. However, the policies of offline stores varied. Some stores in Beijing provided 30 - day gradient price protection, while some stores in Guangzhou and Wuhan only supported price compensation within 7 days. In some cities, the price protection policy was only to provide small - value accessory compensation.

Some consumers revealed that Sam's Club refused to refund the price difference or accept returns for DJI products purchased through its channels. To deal with the return wave caused by DJI's price cut, Sam's Club later launched a "special subsidy" to compensate the price difference for recent drone buyers.

DJI's competitors also responded to the price cut event.

On October 13, Insta360 CEO Liu Jingkang posted on social media, saying that "part of DJI's price cut was due to Insta360." He also tried to attract users who had recently purchased DJI products. Users who bought DJI products between October 2 and 8 could receive a 100 - yuan Insta360 voucher by showing their orders.

On the product side, Insta360 simultaneously launched a promotion. The Insta360 Ace Pro 2 had a price cut of 300 yuan, and the GO 3S 4K thumb camera had a price cut of 100 yuan, precisely offsetting DJI's price advantage. Another smart imaging enterprise, GoPro, also quickly followed suit. Its GoPro13 action camera had a price cut of 700 yuan, joining the "price war."

DJI has also had multiple product price cuts in the past.

In 2016, the Phantom 4 had a price cut to make way for new products. In 2021, the price of the Mavic 3 was adjusted six months after its launch. At the beginning of 2024 and during the "618" promotion, DJI also adjusted the prices of several products. However, DJI rarely directly issued a "price cut statement." Most price cuts were achieved through price changes on e - commerce platforms, limited - time promotional activities, or adjustments by channel providers. The price - cut products were also concentrated on older models and entry - level products.

Challenges Faced by DJI's Consumer - Grade Business

In DJI's growth map, the consumer - grade business is the most important segment, including consumer drones and handheld imaging equipment. These two segments not only account for more than half of DJI's revenue but also have established its position as the "global smart imaging giant." Now, DJI's consumer - grade business is being challenged by various competitors.

Smart imaging equipment has evolved from traditional imaging equipment combined with intelligent digital technology. It mainly includes panoramic cameras, action cameras, aerial photography drones, and wearable photography equipment.

In 2012, DJI launched the world's first pre - assembled aerial photography multi - rotor platform, the "Phantom 1," which transformed the once - professional drone into a consumer electronic product. In 2013, DJI's annual sales reached 800 million yuan, an 80 - fold increase compared to 2010.

After that, in the drone field, DJI successively launched the Phantom series, Mavic series, and Mini series, achieving rapid growth. Relying on its advantages in flight control systems, gimbal technology, and image transmission, DJI took the lead in the consumer drone market, with a market share of up to 85% at one time.

Handheld imaging equipment is another pillar of DJI.

In 2015, DJI applied its drone gimbal technology to handheld devices and launched the first Osmo handheld gimbal camera. Then, under the "Osmo" brand, product lines such as the Pocket series of pocket gimbal cameras, Mobile series of mobile phone gimbals, and Action series of action cameras were developed.

Multiple media reported that the sales volume of the Osmo Pocket 3 reached 5 million units in 2024, bringing nearly 20 billion yuan in revenue to DJI.

Since 2018, DJI has stopped publicly disclosing its operating performance. According to the list released by the All - China Federation of Industry and Commerce, its operating income in 2022 was 30.14 billion yuan. According to data cited by "China Entrepreneur" and "LatePost," DJI's revenue exceeded 50 billion yuan in 2024, with a net profit margin of nearly 40%.

DJI has also expanded its business to industrial - grade drones, such as agricultural, security, and surveying drones, and has also tried to provide lidar sensors for autonomous driving and other to - B businesses. These have become new growth engines for DJI since 2019.

Since DJI no longer publishes its operating data, there is no official and clear data on the specific development of its new business. Based on public reports over the years and industry research data, DJI's consumer - grade business remains the main source of its profits.

In the consumer drone field, due to the gradual saturation of the market and the impact of being included in the U.S. "Entity List," DJI's sales in the North American market have been hindered. At the same time, the technological barriers of consumer drones have gradually been overcome by competitors, and DJI's once - leading technologies in obstacle avoidance, image transmission, and gimbal stability have been challenged.

XAG Technology's Consumer 2 series entered the mid - and low - end market with a "half - price for the same configuration" strategy. The entry - level drone priced at 2,999 yuan directly impacted the price moat of DJI's Mini series. Its core parameters are similar to those of the entry - level models of DJI's Mini series, but the price is about 21% lower.

In the mid - and low - end market, some drone brands relying on the Xiaomi and Huawei ecosystems are also competing for the entry - level market.

According to data cited by "LatePost," in 2024, DJI held more than 70% of the global consumer drone market share. Although it still dominates the market, its market share has declined from the peak of 85%.

For DJI, greater competitive pressure may come from handheld smart devices.

Data from the third - party data agency Frost & Sullivan shows that the current handheld imaging equipment market presents a highly concentrated competitive pattern. In 2024, the top three enterprises (CR3) accounted for 78.9% of the market share. They are Insta360 from China, DJI Innovation, and GoPro from the United States. Among them, Insta360 is growing the fastest, while DJI Innovation's market share has declined.

On June 11, 2025, Insta360 was listed on the Shanghai Stock Exchange, with an opening price of 182 yuan, a nearly 300% increase compared to the issue price. Its stock price reached a maximum of 377.8 yuan. As of October 21, the stock price was 277.25 yuan, with a total market value of 111.2 billion yuan.

Similar to DJI, Insta360's rise also relies on differential competition. Facing the fierce competition in the consumer imaging market, Insta360 targeted the panoramic camera field. Data from Frost & Sullivan shows that since 2019, Insta360 has ranked first in the panoramic camera field for six consecutive years, with a global market share of 67.2%. Relying on its advantages in panoramic cameras, Insta360 has gradually penetrated into the action camera and thumb camera markets, directly diverting users from DJI's Action series.

In terms of overall scale, Insta360's revenue in 2024 was 5.574 billion yuan, far behind DJI's 50 billion yuan. However, the two are competing in the same market, and with the support of capital, Insta360 also has the ability to compete with DJI in some fields.

Currently, mobile phone manufacturers have also entered the handheld photography equipment market. According to Jiemian News, vivo launched a project for a handheld gimbal camera product at the end of 2024. Its first product has completed the mold - opening process and is expected to be launched next year. OPPO has also confirmed the launch of a project for this category, and its products will target products from GoPro, DJI, etc. to dominate the handheld smart imaging equipment market.

Whether it is the competitive pressure in the original market pattern or the entry of these cross - border players, it is prompting competitors to cross boundaries.

In August this year, Insta360 officially announced and launched a public test of the panoramic drone "Antigravity A1," which features "panoramic + flight" and creates a new product category, directly entering DJI's core business field. The product is expected to be launched in early 2026.

DJI's situation is an inevitable result of the consumer - grade market evolving from "dominated by one" to "competed by multiple strong players."

The Disappearance of Competition Boundaries

DJI is also actively crossing boundaries.

In July this year, DJI launched its first panoramic camera, the Osmo 360, directly targeting Insta360's core business. In terms of price, its single - body price is 2,999 yuan, 800 yuan cheaper than Insta360's Insta360 X5. Subsequently, Insta360 lowered the price of the X5 by 500 yuan.

By the end of September, DJI launched the lightweight and wearable action camera Osmo Nano. The 64GB version is priced at 1,998 yuan, and the 128GB version is priced at 2,298 yuan. This pricing is not only lower than that of traditional action cameras of the same specification but also significantly lower than that of most competitors focusing on "lightweight."

Moreover, DJI has an important move: entering the robotic vacuum cleaner market.

As early as 2021, the robotic vacuum cleaner project was initiated within DJI, and finally, the DJI ROMO series of products - DJI ROMO S, DJI ROMO A, and DJI ROMO P - were launched this year. As of October 21, 2025, the sales volume of the three models of robotic vacuum cleaners in DJI's official JD.com flagship store exceeded 10,000 units, and more than 7,000 units were sold in the official Taobao flagship store.

DJI's cross - border expansion is not without methodology and logic. Its core is "technology transfer" - starting from the "visual perception + motion control" capabilities accumulated in the drone business, it realizes technology reuse and adaptation in different scenarios. Whether it is the image processing and anti - shake technology continued in the panoramic camera or the drone - sourced environmental perception system installed in the robotic vacuum cleaner, in essence, it is the scene - based transformation of mature technology modules.

At the same time, the hardware such as motors and sensors in drones can be directly adapted to ground - based devices. This hardware reuse not only shortens the R & D cycle of new products but also reduces production costs through the mature supply chain system, enabling cross - border products to achieve mass production quickly and have market competitiveness.

However, it cannot be ignored that there are natural bottlenecks in the reuse value of its technology in non - imaging - related fields. Moreover, as