消费级设备系列报告之七：消费级雕刻机企业xTool拟赴港IPO，建议关注产业链机会

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector compared to the overall market performance [2][9]. Core Insights - The report highlights that xTool holds the largest market share in the laser engraving machine segment, with a market share of approximately 47% in the first nine months of 2025 based on GMV [3]. - Demand is driven by emotional consumption, the rise of the creative economy, and maker culture, which are shifting consumer preferences towards personalized and unique designs [3]. - The supply side benefits from advancements in AI technology, integration of software and hardware ecosystems, and cost reductions from domestic supply chains, enhancing market penetration [3]. - The global market for technology-enabled personal creative tools is projected to grow from $6.8 billion in 2024 to $39.1 billion by 2030, with a compound annual growth rate (CAGR) of 33.8% [3]. - The laser personal creative tools market is expected to expand from $1 billion in 2024 to $3.6 billion by 2030, with a CAGR of 23.1% [3]. Summary by Sections Market Demand - The demand for personal creative tools is influenced by trends in emotional value consumption, the growth of the creative economy, and the emergence of maker culture and social media [3]. Market Supply - Innovations in AI and automation, along with the digital integration of software and hardware, are lowering barriers to entry and improving user experience [3]. Market Size and Growth - The market for personal creative tools is expected to see rapid growth, with significant increases in both overall market size and specific segments like laser tools [3]. Industry Chain - The industry chain includes upstream suppliers of core hardware, midstream product providers like xTool, and downstream users such as individual creators and small businesses [3]. Investment Opportunities - Key investment targets include laser engraving machine manufacturers like xTool and component suppliers such as JPT and Raycus Laser, as well as consumer-level 3D printing companies [3][4].