Gf Securities has released a research report stating that, from a product comparison perspective, the technological pathways for pool robots have not yet converged among different manufacturers. However, the trend is moving towards solutions primarily based on acoustics with multi-sensor integration. Referencing US data, the products of Aiper and WYBOT exhibit leading cost-performance ratios and reputation compared to overseas industry leaders. Regarding offline channel expansion, Aiper benefits from cooperation with foreign partners and is expected to expand into offline markets more rapidly. Meanwhile, companies such as WYBOT, ZMP, and others are also seeking gradual breakthroughs in the offline sector. The main viewpoints of Gf Securities are as follows:
The demand for pool cleaning in Europe and America is inelastic, providing strong momentum for increased penetration of pool robots. In Europe and America, most households possess independent yards, with pools being a standard feature in many, totaling approximately 32.9 million globally. Due to high disposable income and strong acceptance of smart products in these regions, there is a pressing need for efficient and convenient pool cleaning solutions. The core drivers for the increased adoption of pool robots stem from their economic advantages and superior cleaning capabilities. Referencing CIC's 2024 pool data, the report estimates that assuming a 2% compound annual growth rate in the number of pools from 2024 to 2029, a 3-year replacement cycle for pool robots, and a 50% penetration rate, the industry's annual retail volume could reach 6.05 million units by 2029.
The core competitive factors for pool robots are: product quality serves as the entry ticket, while channels determine the final outcome. Cleaning power and intelligence, including environmental perception and path planning, constitute the core capabilities of pool robot products. This is primarily because the underwater environment is three-dimensional compared to ground-level cleaning, and perception is more complex due to disturbances like water flow, requiring comprehensive capabilities in structure, electronics, and software algorithms. The high proportion of offline specialty stores in Europe and America, coupled with long-term dominance by European and American companies in these channels, creates significant barriers to entry. Breaking into the offline specialty store channel is crucial for long-term success.
Chinese players are rising rapidly, with the combination of Chinese technology and global channels reshaping the industry landscape through powerful synergies. Chinese brands are quickly gaining market share due to low-cost supply chains, strong technological innovation capabilities, and expertise in online channel operations, while also demonstrating stronger profitability. Leading Chinese pool robot companies Aiper and WYBOT are projected to achieve high revenue growth in 2024-2025, whereas overseas leaders Maytronics and Fluidra are experiencing pressure on their revenues during the same period. Strategic collaborations, such as the one between Fluidra, SCP, and Aiper, and Maytronics seeking OEM partnerships for new brands, suggest that future industry market share may consolidate towards a few leading manufacturers, with smaller players gradually exiting the market.
Risk warnings include intensified market competition, geopolitical risks, and a downturn in overseas demand.
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