HAIER SMART HOME(SH:600690) Chan Ye Xin Xi Wang·2025-06-23 01:40Core Insights - The electric mop industry is rapidly growing due to technological advancements and increasing consumer demand for efficient home cleaning solutions. The market is supported by government policies promoting innovation and environmental sustainability [1][15]. Industry Overview - Electric mops are defined as cleaning tools powered by electricity, featuring automatic rotation, vibration, or scrubbing functions to enhance cleaning efficiency. They can be categorized into wired and wireless types, as well as different operational principles [3]. - The electric mop market in China is projected to grow from CNY 0.28 billion in 2016 to CNY 1.1 billion by 2024, with a compound annual growth rate (CAGR) of 18.65%. In Q1 2025, the market sales reached CNY 0.3 billion, marking a year-on-year increase of 50.4% [1][15]. Industry Development History - The electric mop industry has evolved significantly since its inception in the late 19th century, transitioning from traditional cleaning methods to incorporating electric technology. The period from 2010 to 2020 saw major technological breakthroughs and market expansion, leading to diverse product offerings [7]. - Recent advancements include the integration of artificial intelligence for improved navigation and cleaning efficiency, as well as enhanced product designs that cater to consumer preferences [7]. Supply Chain and Market Structure - The electric mop supply chain consists of raw materials (metals, plastics, rubber), electronic components (motors, batteries, sensors), manufacturing processes, and various sales channels including e-commerce and retail [9]. - The industry is segmented into three tiers: high-end foreign brands, mid-range domestic brands, and specialized local brands focusing on niche markets [19]. Key Companies - Major players in the electric mop market include Midea Group, Haier, Xiaomi, and Delmar, each leveraging technology and market strategies to capture different segments of the market [1][19][21][23]. Future Trends - The electric mop industry is expected to focus on three main trends: 1. Intelligent Features: Integration of AI for enhanced cleaning capabilities and user control [25]. 2. Environmental Sustainability: Adoption of eco-friendly materials and energy-efficient designs [26]. 3. Customization: Development of tailored products for specific consumer needs, such as pet-friendly models and compact designs for small spaces [28].