Changjiang Securities·2025-07-17 15:24Investment Rating - The investment rating for the home appliance industry is "Positive" and maintained [10] Core Insights - The European market for robotic vacuum cleaners holds a significant share in the global market, with a projected size of USD 2.069 billion in 2024, accounting for nearly one-third of the global total. The market has shown a stable growth trend since 2022, with a year-on-year sales increase of 8.82% in 2024, indicating substantial growth potential [6][20][25] - The penetration rates across various European countries remain relatively low, but there is an accelerating trend in year-on-year growth, suggesting ample market development opportunities. The competition is intensifying as emerging Chinese brands gradually capture market share from established international brands [3][6][8] Market Overview - The European robotic vacuum cleaner market is diverse and fragmented, with specific geographic regions exhibiting similar market characteristics. Germany and Norway are high-penetration markets with stable growth, while Italy and Russia are experiencing rapid growth. The overall download trends of vacuum cleaner apps indicate active market engagement by leading brands [6][20][27] - In 2024, Europe will have six of the top ten countries in terms of robotic vacuum penetration rates globally, with Norway leading at 27.1% and Spain at 23.2%. This reflects a high acceptance level of robotic vacuum products among European consumers [25][37] Competitive Landscape - The market is witnessing a trend where emerging Chinese brands like Roborock, Ecovacs, and Dreame are increasing their market shares at the expense of established brands like iRobot, which is experiencing a decline in several countries. Roborock has a significant market share advantage in Germany and Norway, while Ecovacs focuses on Central and Western Europe [7][48] - The competitive dynamics are characterized by aggressive pricing strategies among leading brands, with a focus on broadening product price ranges to capture a wider consumer base. Roborock's strategy includes launching lower-priced products to penetrate the market further [7][72] Investment Recommendations - The European robotic vacuum cleaner market has substantial growth potential, with overall penetration rates still at relatively low levels. The demand growth trend is positive, although short-term competition is intense, leading to pressure on industry profitability. Companies like Roborock and Ecovacs are well-positioned to benefit from product innovation and effective channel management, which could lead to sustained market share growth and profitability recovery [8][80]