When hardware firms with global ambitions talk about competition, they increasingly point to China. The conversation has shifted away from traditional global rivals toward successive waves of Chinese manufacturers. These companies share strengths in supply chains, rapid product iteration, and cost efficiency.
Creality has lived this shift.
Founded in 2014 by four partners who met at a trade show, the Shenzhen-based company has grown into a major player in consumer 3D printing. Now, it’s preparing for an IPO in Hong Kong.
But the competitive landscape has evolved. Bambu Lab, a newer entrant, has surged ahead. Meanwhile, earlier peers like Anycubic and Elegoo remain strong competitors.
China’s consumer 3D printing sector saw its most rapid expansion around 2015. Dozens of companies emerged during that period, including Anycubic and Elegoo. Although the boom was followed by a contraction, the underlying infrastructure and technical knowledge endured. Creality and Anycubic leveraged Shenzhen’s export-friendly environment to scale quickly, reaching annual revenues above RMB 1 billion (USD 140 million) within five years.
Bambu Lab’s market entry in April 2022 marked a turning point. Its first product disrupted the segment, and by 2024, the company was estimated to have generated RMB 5.5 billion (USD 770 million) in revenue, more than double Creality’s RMB 2.288 billion (USD 320.3 million). The gap between first movers and fast followers is widening.
Creality is now banking on its head start and pressing ahead with its IPO plans. Notably, its four founders (Chen Chun, Ao Danjun, Liu Huilin, and Tang Jingke) continue to hold stakes of 21.31%, 19.67%, 19.67%, and 21.31%, respectively. This ownership structure may present governance challenges.
Creality could become the first 3D printing company to go public on the Hong Kong Stock Exchange. But its prospects after listing remain an open question.
A leading brand, for now
In consumer 3D printing, the primary competitors identified by exporters are all based in China, particularly in Shenzhen. According to market intelligence and analytics firm Context, Creality, Bambu Lab, Anycubic, and Elegoo accounted for over 90% of global entry-level 3D printer shipments as of the second quarter of 2024. This reflects the market’s increasing concentration.
Creality’s IPO prospectus cites data showing it held a cumulative global market share of 27.9% in consumer 3D printers from 2020–2024, positioning itself as the segment’s largest player by total shipments. It also claims to be the only company offering consumer-grade 3D printing, scanning, and laser engraving devices at scale.
However, that cumulative figure masks recent trends. In 2023, Bambu Lab shipped approximately 1.2 million units, capturing 29% of the market. Creality shipped around 700,000 units, which was less than 60% of Bambu Lab’s volume, and held a 16.9% share.
While Bambu Lab has overtaken it, Creality still maintains a lead over older competitors like Anycubic and Elegoo.
Creality attributes its shipment decline from 870,000 units in 2023 to 720,000 in 2024 to a strategic shift toward higher-end products. That move reduced unit volumes but raised average selling prices.
As a result, revenue from 3D printers now makes up a smaller portion of the business. In 2022, printers contributed 81.7% of revenue. By 2024, that figure had dropped to 61.9%.
Although revenue has grown modestly and gross margins have slightly improved, profits have declined. Between 2022–2024, Creality posted revenues of RMB 1.346 billion (USD 188.4 million), RMB 1.883 billion (USD 263.6 million), and RMB 2.288 billion (USD 320.3 million), respectively, while profits went from RMB 104 million (USD 14.6 million) to RMB 129 million before falling to RMB 88.66 million (USD 12.4 million). Gross margin rose from 28.8% to 31.8% before dipping slightly to 30.9%.
Creality may still claim the top spot based on historical shipments, but that position is losing its strategic weight. The company needs new growth drivers.
Pushing into new verticals
In 2024, Creality became the world’s top supplier of consumer-grade 3D scanners by shipments and the third largest in consumer laser engraving.
These categories, too, are dominated by Chinese firms.
Though still niche, consumer 3D scanners are seen as entry points into 3D content creation. They allow users to digitize physical objects without complex modeling, making them accessible to hobbyists and designers.
Creality’s prospectus shows global scanner shipments rose from 39,000 in 2020 to 186,000 in 2024, a compound annual growth rate of 47.8%. Creality held a 37.7% share in 2024, with the top three firms accounting for 83.5% of shipments.
However, revenue from scanners reached only RMB 208 million (USD 29.1 million) in 2024, which was less than the revenue generated from consumables. The average selling price fell from RMB 2,700 (USD 378) in 2022 to RMB 1,700 (USD 238) in 2023, reflecting a shift from crowdfunding to distributor-based sales. This decline underscores the company’s limited pricing power.
The laser engraving segment is also fiercely competitive.
Momentum in the category picked up in 2022 when xTool reported over RMB 1 billion (USD 140 million) in annual revenue. A consumer laser engraver typically comprises a frame, rails, control systems, and a laser module. The latter is the costliest component, often accounting for half the product’s price. China’s capabilities in laser manufacturing have enabled local firms to challenge global incumbents.
Demand is strongest in the US and Europe, while the Asia Pacific region is growing the fastest. The customer base largely overlaps with that of 3D printing, including tinkerers, hobbyists, and small B2B users.
Creality entered this market in response to xTool’s rise. In 2024, its laser engraver sales reached RMB 160 million (USD 22.4 million), about 7.1% of total revenue. The top five vendors held 40.7% of shipments and 54.9% of global GMV.
Zheshang Securities estimates xTool’s 2024 revenue at RMB 2–3 billion (USD 280–420 million), with projections reaching RMB 5 billion (USD 700 million) in 2025. Market concentration remains high.
Creality’s advantage lies in distribution. It has long operated through cross-border e-commerce and trade channels and has made sustained investments in both online and offline sales.
Since 2018, the company has focused on brand building. In the first quarter of 2025, online channels such as its website, Amazon, JD.com, and Taobao accounted for 47.9% of revenue. Creality operated 74 self-run webstores and partnered with more than 2,100 distributors across approximately 140 countries. The number of its overseas webstores grew from six in 2022 to 58.
Still, in hardware-heavy sectors, distribution can only go so far. Product quality and innovation remain key differentiators. The rise of Bambu Lab and xTool underlines this.
Creality’s selling expenses rose from 8.1% of revenue in 2022 to 16.7% in 2024. R&D spending also increased but remained below 7% of revenue, a modest level by the standards of a product-led company.
That figure suggests the company may need to prioritize product development more aggressively.
Back in 2014, co-founder Liu noticed that most consumer 3D printers cost RMB 30,000–40,000 (USD 4,200–5,600). That insight led to the development of lower-cost alternatives and eventually to Creality’s global footprint.
The Covid-19 pandemic further boosted international demand and catalyzed growth. But it also intensified competition.
Going public may provide Creality with new resources and credibility. But as competition heats up across every category it touches, the IPO is just the beginning of a new challenge.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This article was written by Leslie Zhang for 36Kr.