Hikvision 2018 Revenue Tops $7 Billion USD But Growth Slows To Low

By: Charles Rollet, Published on Feb 15, 2019

Hikvision's annual revenue topped $7 billion for the first time in 2018, although growth slowed sharply. In this post, we analyze the latest figures, including:

  • Revenue vs Growth
  • Comparison to Axis
  • Reasons for Lower Growth

Overall, the numbers indicate that Hikvision is facing tough challenges from a variety of areas, although its vastly greater size than its competitors continues.

Revenue Up, Growth Down

hikvision growth chart

Total 2018 revenue for Hikvision was over $7.3 billion USD, but the most recent quarter growth was down to 12.9%, decelerating every quarter of 2018:

  • Q1 - 33%
  • Q2 - 22%
  • Q3 - 14.6%
  • Q4 - 12.9%

At 18.8% annual growth for 2018, this is Hikvision's slowest growth in many years:

Despite this, Hikvision remains comfortably at the top of the video surveillance industry in revenue terms. While its closest rival Dahua has not released its full 2018 report yet, its revenue for the first three quarters of 2018 stood at around $2.2 billion (though Dahua has already made significant job cuts in China, portending its own challenges).

Lower Growth Challenges

For many years, Hikvision has powered itself by 30%+ growth, driven by the robust Chinese domestic market. This has allowed them to be far more aggressive in International expansion than any of their domestic or overseas rivals. If the 'new normal' for Hikvision is ~10% growth, Hikvision will likely to be more cautious in their expansion plans (e.g., just months ago Hikvision's President said that "we need to focus on how to survive").

Axis Growing Faster Now

Get Notified of Video Surveillance Breaking News
Get Notified of Video Surveillance Breaking News

By comparison, annual revenue for Axis (the largest Western video surveillance manufacturer) topped $1.1 billion in 2018. That's a 19.7% increase compared to 2017, slightly higher than Hikvision's 18.8% growth.

However, Axis' revenue growth eclipsed Hikvision's for the last two quarters. In Q4 of 2018, when Hikvision only grew about 13% year-on-year, Axis grew 31%. Hikvision's Q3 growth was also substantially lower, at 14.6% compared to 20% for Axis.

Reasons for Lower Growth

Hikvision's latest disclosure is limited to data and offers no further context. However, there are a wide variety of explanations:

Outlook Going Forward

A few major uncertainties remain on the horizon for Hikvision's growth/continued dominance in 2019:

  • How much will the Chinese government spend on video surveillance and how strong will the Chinese economy be? Even after years of International expansion, 70% of Hikvision's revenue comes from within China, so how much Beijing buys is far more important, in pure financial terms, than Boston or Barcelona.
  • Will Hikvision be hit by US sanctions over the Xinjiang human rights crisis? If so, Hikvision may not only be shut out of the US, its global supply chains will be harmed as well.
  • How serious is Huawei about video surveillance? The Chinese telecom giant says it wants to be among the "top 3" global video surveillance providers over the next few years, but Hikvision's CEO has dismissed the idea. The possible competition remains a significant worry for Hikvision's Chinese investors, though.
  • To what extent will the national security concerns that have hit Huawei over 5G play out when it comes to Hikvision? Will Hikvision see itself completely shut out of some Western markets, as has been the case for Huawei?


Even slower growth is a distinct possibility in 2019 and this may fundamentally change how Hikvision operates and expands. While Hikvision's vast size advantage is not threatened, their ability to outspend the market in aggressive expansion might.

8 reports cite this report:

RaySharp Revealed - Major China OEM For Western Consumer Video Surveillance on Jul 02, 2019
RaySharp is mostly unknown, even among people in the video surveillance industry, though it is a major supplier of OEM surveillance equipment such...
2019 Mid-Year Video Surveillance Guide on Jul 01, 2019
IPVM's new 400+ page Mid-Year Industry Guide brings all of these issues and events together in a single resource to read and review. It can be...
Hikvision USA Giving Free Cameras In Biggest Flash Sale on Jun 26, 2019
Hikvision redefined sales promotions in the US video surveillance market, starting at the end of 2015, with across the board discounts. Now,...
Alibaba Makes Major Investment Into Uniview on May 30, 2019
China's e-commerce and cloud services giant Alibaba has bought 15% of the shares of Uniview's parent company, TransInfo, in a deal worth ~$500...
Vivotek Talks About Taiwan, China, Bans, AI And Business Development on May 10, 2019
Vivotek, Taiwan's biggest manufacturer by revenue, did not have a booth at Taiwan's Secutech 2019 (which we are covering). However,...
Hikvision Favorability Results 2019 on Mar 18, 2019
Hikvision favorability results declined significantly in IPVM's 2019 study of 200+ integrators. While in 2017 Hikvision's favorability was...
Hikvision Chairman Warns Of AI New Entrants Victimizing Customers on Mar 12, 2019
Hikvision chairman Chen Zongnian has warned that customers will become “victims” of AI hype from new industry entrants, even saying such newcomers...
Dahua Posts Slowing But Strong Revenue Growth 2018 on Mar 04, 2019
Despite significant job cuts in China, Dahua's revenues grew more than 25% last year hitting a total of ~$3.5 billion USD, according to its latest...
Comments (13) : PRO Members only. Login. or Join.

Related Reports

Top Manufacturers Gaining and Losing 2019 on Nov 18, 2019
2019 has been an explosive year for video surveillance, with the world's two largest manufacturers, Dahua and Hikvision, being sanctioned for human...
Hikvision CEO And Vice-Chair Under PRC Government Investigation on Nov 14, 2019
In a surprising and globally covered move, Hikvision CEO Hu Yangzhong and Vice-Chairman Gong Hongjia are being investigated by China's securities...
Hikvision Global News Reports Directory on Nov 11, 2019
Hikvision has received the most global news reporting of any video surveillance company, ever, ranging from the WSJ, the Financial Times, Reuters,...
Hikvision Markets Uyghur Ethnicity Analytics, Now Covers Up on Nov 11, 2019
Hikvision has marketed an AI camera that automatically identifies Uyghurs, on its China website, only covering it up days ago after IPVM questioned...
US Issues Criminal Charges For Fraudulently Selling Hikvision And Other China Products on Nov 07, 2019
The US government has made an unprecedented move on the video surveillance supply chain, charging a US company, Aventura for "having conspired with...
Senator Vitter Becomes "Proud Member Of The Hikvision Team", Calls Out "Anti-China" Rubio on Oct 29, 2019
Senator turned China lobbyist David Vitter has become a self-proclaimed 'proud member of the Hikvision team', a China (PRC) government-owned...
Dahua Co-Founder Says Human Rights Sanctions Shows Strong Dahua Technology on Oct 29, 2019
Despite Dahua doing nearly a billion dollars of projects in Xinjiang, including building and operating police stations, Dahua not only denies 'any...
Covert Elevator Face Recognition on Oct 24, 2019
Covert elevator facial recognition has the potential to solve the cost and complexity of elevator surveillance while engendering immense privacy...
Government-Owned Hikvision Wants To Keep Politics Out Of Security on Oct 21, 2019
'Politics' made Hikvision the goliath it is today. It was PRC China 'politics' that created Hikvision, funded it, and blocked its foreign...
US DoD Comments on Huawei, Hikvision, Dahua Cyber Security Concerns on Oct 16, 2019
A senior DoD official said the US is "concerned" with the cybersecurity of Hikvision, Dahua, and Huawei due to "CCP" (China Communist Party)...

Most Recent Industry Reports

Hidden Camera Detectors Tested on Nov 18, 2019
Hidden cameras are a growing problem as cameras become smaller, cheaper and easier to access. However, some companies claim to be able to detect...
Wyze Fires Back at JCI - Your Patents Are Invalid, Pay All Of Our Costs on Nov 18, 2019
Goliath JCI targeted startup Wyze this summer alleging the fast-growing consumer startup was violating a slew of JCI's patents. Now, Wyze has...
ADT Stock Surges - "Leading The Commercial Space" on Nov 15, 2019
Don't call it comeback... but maybe call it a commercial provider. ADT, whose stock dropped by as much as 2/3rds since IPOing in 2018, has now...
Gatekeeper Security Company Profile - Detecting Faces Inside Vehicles on Nov 14, 2019
Border security is a common discussion in mainstream US news and politics, as is the use of banned Chinese equipment by US Government agencies....
Hikvision CEO And Vice-Chair Under PRC Government Investigation on Nov 14, 2019
In a surprising and globally covered move, Hikvision CEO Hu Yangzhong and Vice-Chairman Gong Hongjia are being investigated by China's securities...
Camera Field of View (FoV) Guide on Nov 13, 2019
Field of View (FoV) and Angle of View (AoV), are deceptively complex. At their most basic, they simply describe what the camera can "see" and seem...
UK Big Brother Watch: Hikvision Is 'Morally Bankrupt' on Nov 13, 2019
UK civil liberties advocate Big Brother Watch has condemned Hikvision as being 'morally bankrupt' following IPVM exposing Hikvision marketing...
Color Low Light Mega Camera Shootout - Avigilon, Axis, Bosch, Dahua, Hanwha, Hikvision, Panasonic, Speco, Sony, Vivotek on Nov 12, 2019
This is the biggest color low light shootout ever, testing 20+ super low light models from 10 manufacturers: Increasingly, each manufacturer...
Wireless / WiFi Access Lock Guide on Nov 12, 2019
For some access openings, running wires can add thousands in cost, and wireless alternatives that avoid it becomes appealing. But using wireless...