Previous review:
According to CMM data, the total sales volume of China’s sweeping robot market in 2018 was 5.77 million units (YoY+42%), with total sales of 8.66 billion yuan (YoY+55%), accounting for more than 30% of the world’s total sales. market share.
The CAGR of sales volume and sales volume from 2012 to 2017 were 55% and 56% respectively, and it is expected to maintain a compound growth rate of 20%-30% in the next five years.
The current global penetration rate of and is less than 10%, and the United States is about 16%. Domestic cities and towns The penetration rate of household sweeping robots is only 6%, and there is still broad room for development.
Second look at concentration
According to 2017 GFK data, globally, iRobot maintains more than 60% of the global market share, and iRobot, the second largest company in the industry, accounts for about 10%-15%.
In the domestic market of the United States, iRobot’s market share is as high as 85%, while other brands such as Xiaomi, neato, and Samsung all have less than 5%.
Looking at the domestic market, in terms of channels, the industry concentration rate CR4 of online channels increased from 70.4% in 2015 to 73.8% in 2017; the industry concentration rate CR4 of offline channels remained at 79.5%.
According to CMM statistics, the combined online and offline retail sales share of Ecovacs and iRobot exceeded 50% from 2015 to 2017.
This concentration level is basically the same as that of the air-conditioning industry. The competition pattern seems to have entered a stable state, which is obviously different from areas such as air purifiers and water purifiers where the competitive pattern is still unclear.
But note that despite the high concentration of the industry, online sales account for as high as 89%. Behind the characteristics of such channels, they are actually very different from traditional white goods:
First, compared with offline channels, online channels are simple and simple. The threshold is low, which means that in the online-based sweeping robot market, the channel advantage of the leader is not as stable as that of the offline-based white goods leader.
Secondly, channel characteristics reflect the structural characteristics of consumers to a certain extent. Online channels are mostly young and price-sensitive. Compared with white goods products, sweeping robots have greater room for improvement in technological innovation and experience, and are more likely to become popular products.
Therefore, the competitive landscape seems stable, but in fact,
Stone Technology , which has greater room for breakthrough, has successfully broken through the pain points of poor experience and inflated prices of sweeping robots.
From this perspective, future industry competition is not limited to competition between existing competitors, especially when the industry entry barriers are lowered.
From a hardware perspective, there are mature suppliers of core components. As for software, as algorithms gradually mature, third-party sweeper overall planning solutions have begun to appear in China, such as Silan Technology (Laser Navigation), Susen Technology (Vision Technology) Companies such as Navigation) that can autonomously locate and navigate robots can provide both sensor modules and supporting algorithms. In this case, the industry entry barrier will be lowered.
Therefore, in the future, as the degree of differentiation decreases and the competitiveness brought by the product itself decreases, the final competition will be a multi-dimensional comprehensive competition among products, channels, brands, etc., and will gradually evolve from a single product to a multi-product matrix. .
In the small home appliance industry chain, the objects that are more worthy of long-term follow-up research are multi-category and multi-brand group companies, such as Midea, French SEB Group, and even Xiaomi, rather than segmented single-track leaders.
Similar logic to this is also found in the fields of fast-moving consumer goods such as beverages, food, clothing, and cosmetics. Relying on single products alone will encounter bottlenecks such as competition and ceilings. The future direction of industry chain evolution will tend to be multi-brand and multi-product lines. Large groups can create synergy effects because they can share channels and technologies.
does not constitute any investment advice. The stock market is risky, so please be cautious when entering the market.
