行业深度报告：泳池机器人：渗透空间广阔，关注技术壁垒已显+产品落地兑现的优质企业

Investment Rating - The investment rating for the home appliance industry is optimistic (maintained) [1] Core Insights - The report emphasizes the significant growth potential in the pool cleaning robot sector, driven by technological advancements and the emergence of quality enterprises with established products [4][5] - The global pool cleaning robot market is expected to grow at a compound annual growth rate (CAGR) of 15.7% from 2019 to 2024, significantly outpacing the growth of the global pool count [5][18] - The penetration rate of pool cleaning robots is projected to reach 34.2% by 2029, with retail sales expected to hit $4.2 billion during the 2024-2029 period, growing at a CAGR of 11.1% [5][23] Industry Overview - The global pool market is expected to grow steadily, with a projected increase from approximately 32.9 million pools in 2024 to 39.3 million by 2029, reflecting a CAGR of 3.6% [15] - The pool cleaning expenditure is anticipated to rise from $9 billion in 2019 to $12.9 billion in 2024, with a CAGR of 7.5% [22] - The report highlights that the average annual maintenance cost for pool owners is around $1,432, while the average price of pool robots is approximately $600, indicating a cost advantage for robotic solutions [23] Industry Evolution - The report outlines the evolution of pool cleaning robots, noting that the industry has transitioned from early models relying on random navigation to advanced models utilizing laser radar and AI technologies [29][30] - Wireless pool robots are becoming the mainstream, with an expected shipment of 2 million units in 2024, representing 44.5% of total shipments [5][34] Industry Chain - The pool robot industry chain consists of upstream core component manufacturing, midstream machine research and production, and downstream sales and application [40] - Chinese pool cleaning robot companies benefit from concentrated procurement advantages and continuous technological upgrades, enhancing their competitiveness in the global market [42] Beneficiary Companies - The report identifies two key companies: - Light Peak Technology: Recently launched two underwater laser radar products, enhancing the capabilities of consumer-grade underwater robots [46][48] - Wangyuan Technology: The leading supplier of pool cleaning robots in China, has successfully transitioned to its own brand strategy, with revenue from self-branded products growing significantly [50][63]