Citic Securities reported that the technology iteration of robot vacuums will continue in 2022 due to new products released by Kovos (603486.SH) and Roborock (688169.SH), the top two enterprises in the industry, and technology innovations from other leading companies including automatic water supply and mopping component structure
Citic Securities, a leading brokerage firm in China, claimedin a recent research note that in Q1 2022, Kovos and Roborock have successively released a number of new products, deepening their exploration of a growing market for consumer-facing cleaning robots.
Both companies have improved their price matrix, enriched product features, and launched products for different markets, media reported.
The X1 series and T10 series of robot vacuums that Kovos launched in 2021 are aimed at the domestic market. Roborock's S7 MaxV series, released in January, is mainly aimed at overseas markets.
Due to the stronger demand for cleaning robots in overseas markets, Roborock launched the S7 MaxV Plus, which is equipped with an automatic dust collection function, and Kovos X1 is expected to have the same features like S7 MaxV Plus in overseas markets, Citic Securities reported.
According to Citic Securities, due to technology innovations in robot vacuums industry at the beginning of this year, the domestic robot vacuums market is expected to experience expansion in volume and price.
Meanwhile, the overseas market is expected to have more competition from leading domestic companies including Narwal, Dreame, Midea (000333.SZ) and Haier (600690.SH).