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国信证券:技术升级推动需求爆发 国内机器人企业群雄逐鹿
智通财经网· 2025-10-09 03:47
国信证券主要观点如下: 智通财经APP获悉,国信证券发布研报称,割草机器人自RTK技术引入以来,产品迎来快速迭代升级, 无边界割草机器人需求快速爆发。泳池机器人领域,无缆产品以便利性和智能性正快速成为行业主流。 技术的迭代推动无边界割草机器人与无缆泳池机器人的需求爆发。我国企业正以快速的产品迭代构建产 品力优势,同时向线上线下全渠道渗透。在割草机器人技术变革大潮中,不断精进产品,构筑产品及渠 道的优势,从而收获增长红利。 海外割草需求旺盛,全球割草机百亿美元规模 欧美草坪文化盛行,私人花园存量达1.8亿个,草坪修剪成为高频刚需,由此催生出规模庞大的割草机 等户外动力工具市场。根据欧睿及公司公告数据测算,预计2024年全球割草机规模在100亿美元,2013- 2023年复合增长2%。虽然行业发展较为成熟,但品类结构的变迁悄然来临。割草机主要三大品类中, 手持式/骑乘式销额占比超40%,割草机器人占比约10%,随着割草机器人技术的迭代升级,其渗透率存 在较大提升空间。 无缆泳池机器人逐步成为行业内的主流,2024年出货量达到200万台,2019-2024年复合增长81%;至2029 年有望达到440万台,复合增长 ...
割草机器人&泳池机器人行业专题:技术升级推动需求爆发,国内企业群雄逐鹿
Guoxin Securities· 2025-10-08 06:51
Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The demand for lawn and pool robots is surging due to technological upgrades, with domestic companies competing vigorously [5] - The global lawn mower market is projected to reach $10 billion by 2024, with a compound annual growth rate (CAGR) of 2% from 2013 to 2023 [3] - The penetration rate of robotic lawn mowers is expected to increase significantly, driven by advancements in technology [3][29] Summary by Sections 1. Overseas Lawn Demand and Market Size - The lawn care culture in Europe and the U.S. has led to a substantial market for lawn mowers, with 180 million private gardens [3][12] - The global lawn mower market is expected to reach approximately $10.8 billion in 2024, with a CAGR of 2.1% from 2013 to 2023 [13][15] 2. Rapid Iteration of Boundaryless Smart Lawn Mowers - The introduction of RTK satellite differential positioning technology has significantly improved the performance of robotic lawn mowers, leading to a sales explosion [3][30] - By the first half of 2025, global sales of robotic lawn mowers are expected to grow by 327% year-on-year, reaching 2.34 million units [29] 3. Competitive Landscape of the Robotic Lawn Mower Industry - Traditional leaders like Husqvarna and Worx still hold significant market share, but domestic companies such as Ninebot, Ecovacs, and Mamotion are rapidly gaining ground [40][42] - Domestic companies are leveraging technological advantages and innovative product iterations to capture market share in overseas markets [42] 4. Pool Robot Market Dynamics - The global pool robot market is projected to reach $2.5 billion by 2024, with a CAGR of 16% from 2019 to 2024 [6] - The penetration rate of pool robots is expected to rise from 18% in 2019 to 26% in 2024, with further growth anticipated by 2029 [6] 5. Investment Recommendations - The report suggests focusing on companies like Stone Technology, Guangfeng Technology, and Ecovacs, which are well-positioned to benefit from the technological advancements in the industry [5]