Continuously accumulate technology "potential energy" Siasun Robot&Automation, a domestic floor cleaning robot, is flourishing on the path of going overseas.

In recent years, the global smart home and service Siasun Robot&Automation market has been flourishing. Compared to the domestic market's "roll", the high premium in the overseas market is attracting more and more Chinese robotic vacuum cleaner manufacturers to expand their business abroad. Well-known Chinese robotic vacuum cleaner manufacturers such as Beijing Roborock Technology (688169.SH) and Ecovacs Robotics (603486.SH) have gained market share in many countries while expanding into the overseas market. For example, products from Beijing Roborock Technology have entered more than 170 countries and 15 million households globally. Their globalization strategy has not only increased brand international influence but also secured top three positions in markets in multiple countries and regions through precise channel strategies and excellent product performance. Looking at the overall global market, the global shipment volume of robotic vacuum cleaners reached 4.554 million units in the first quarter of 2024, a year-on-year growth of 11.1%. Chinese manufacturers' shipment share in the global market has exceeded 60%. Earlier, according to international data analysis agency GfK, by the end of 2022, domestic robotic vacuum cleaners had captured over 50% of the overseas market share. In specific markets like Southeast Asia and Europe, the market share of Chinese robotic vacuum cleaners reached 68% and 55% respectively. IDC predicts that the smart robotic vacuum cleaner market will continue to grow at a compound annual rate of 6% in the next five years, with global shipments approaching 25 million units by 2028. Expanding overseas has made Chinese robotic vacuum cleaner manufacturers exemplary in Chinese enterprises. But why can this category stand firm in overseas markets? And why can their influence surpass local brands? Analysts from Ovum Cloud believe that technological innovation is the key to the success of Chinese robotic vacuum cleaner manufacturers in international markets. Chinese manufacturers are leading in the research and application of robotic vacuum cleaner technology, with features such as self-cleaning capability, high-precision mapping, autonomous path planning, intelligent obstacle avoidance, along with artificial intelligence (AI) and 3D Tof technologies. Their potential in research and development allows Chinese manufacturers to provide consumers with the best product experience, capturing the mid-to-high-end market. In contrast, foreign local brands may lack some advanced features and their products are often more expensive, providing less satisfying experiences than domestic brands. According to IDC data, the USA remains the largest market for smart robotic vacuum cleaners. It is worth noting that when journalists searched for "robotic vacuum cleaners" on the Amazon platform in the USA, they found that 80% of the top ten brands in the sales rankings were from China. This contrasts sharply with the global presence of the well-known US home service robot company iRobot, which previously had a market share of over 50% for several years. However, Euromonitor data shows that from 2012 to 2021, iRobot's global market share has dropped from around 83% to about 30%. Taking the example of domestic technology appliance company Beijing Roborock Technology, according to Mirror Meya data, in the high-end market above $800, Beijing Roborock Technology and iRobot hold market shares of 57.3% and 26% respectively. This puts Beijing Roborock Technology far ahead of the leading foreign brand iRobot. In the price range above $1000, iRobot has almost no product layouts or products without full mapping stations, while Beijing Roborock Technology almost completely dominates the market share in this price range. Additionally, according to Beijing Roborock Technology's official website, the company successfully entered the offline retail chain Target in the USA in 2023, and is expected to enter over 1000 Target stores in 2024. This indicates that Beijing Roborock Technology is likely to achieve significant breakthroughs in the US market in the future. Not only in the US market, but also in Europe and Southeast Asia, Chinese manufacturers like Beijing Roborock Technology, Ecovacs Robotics, and Yunjing have surpassed other regional markets and claimed the top spot. Particularly in the Korean market, according to the data from the Korean Robotics Industry Association, over 70% of the service robotics active in the Korean workplace are manufactured in China. In the robotic vacuum cleaner sector, Beijing Roborock Technology holds the number one market share in the Korean market. Research data from the market research firm Euromonitor International shows that in 2023, Beijing Roborock TSiasun Robot & Automation's sales revenue in technology floor sweeping ranks first in the world.Obviously, with the continuous accumulation of "potential energy" on the technical side, Chinese floor sweeping Siasun Robot & Automation manufacturers are becoming the "leader" in the global floor sweeping Siasun Robot & Automation field, gradually gaining the upper hand in the global market competition. In the stage of steady and upward development of global smart home, more and more Chinese manufacturers are continuing to write their own overseas stories. Looking ahead to the market performance and performance growth space in the second half of 2024, with the continuous upgrading of global consumer demand, the brand influence of Chinese floor sweeping Siasun Robot & Automation is expected to continue to expand, achieving sustainable development from products to brands, and reaching consumers.