Abstract:     The realization of disruptive innovation by latecomer firms not only involves the transgression of technological performance but also needs to break the disadvantage of market cognition and be tested by the market. However, existing studies have not yet paid attention to the importance of market cognition and have not systematically analyzed its mechanism and evolution. Therefore, this paper adopted a longitudinal multi-case approach, by selecting cases of corporate disruptive innovations such as Didi, Meituan, and Airbnb to examine the evolutionary path of market cognition. The findings of this paper are as follows: (1) the market cognition of latecomer firms shows an evolution of states such as differentiated image, excellent status, and leader status to drive firms through start-up, catch-up, and maturity phases to achieve disruption of traditional incumbents; (2) during the start-up period, driven by niche-inducing motivations, latecomer firms adopt shaping mechanisms such as detachment actions and value construction. In turn, they can achieve new market entry by forming a differentiated image; (3) during the catch-up period, driven by competition-driven factors, latecomer firms adopt transformative mechanisms such as intensified actions and reorientation. In turn, they realize new market advancement by establishing the status of excellence; (4) during the maturity period, driven by future trend-led factors, latecomer firms adopt segregation mechanisms such as separation actions and future leadership. In turn, they become emerging industry leaders and complete the evolution of market cognition. The theoretical research model in this paper has provided some valuable managerial insights to guide latecomer firms to break through the market cognition disadvantage and realize disruptive innovation. 

Key words: disruptive innovation, market cognition, latecomer firms, evolution mechanism