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1、ab25 September 2025Global ResearchFirst ReadGlobal Robotic Vacuum Cleaner SectorExpert call highlights with a leading cleaning appliances brandExperts take:Easing competition and recovering marginsWe hosted a call with an expert from a leading cleaning appliances company to share his views on the in

2、dustry dynamics and outlook.He foresees the domestic/Europe/US RVC markets to grow at around 20%YoY in 2H25 with easing competition as RVC leaders that had high marketing expenditure and discounts in 1H25 would cut expenses to seek the balance between growth and profitability.Domestic RVC market cou

3、ld face declining growth starting from 2H25 on the high base and fading trade-in subsidies.While Ecovacs has enjoyed first-mover advantages on roller-type live water mopping RVC,the expert expects it to face direct competition from Roborock and Dreame that have launched similar products in September

4、.Europe:strong sales growth and recovering marginsJul-Aug RVC market sales grew at 30%/38%YoY by value/volume per expert,mainly boosted by Amazon Prime Day.Roborock led in Europe with 29%market share in Jul-Aug,followed by Dreame(23%)and Ecovacs(15%.)Intensified competition starting from 3Q24 has re

5、duced margins for Roborock and the experts company(c.9.5%in 8M25),so both cut marketing expense ratio in August.Considering stable competition and offline channel expansion,the expert expects 2H25 Europe market value growth to reach 20-25%(vs.c.30%in 1H25).US:Chinese brands gain shares in the high-p

6、otential marketJul-Aug RVC market sales grew at 27%/35%YoY by value/volume.Chinese brands have gained shares from local brands,with Roborock taking 25%shares followed by Ecovacs(16%)and Dreame(8%)in Jul-Aug.Roborock has increased offline shares from c.10%in 2024 to c.20%.The experts company has c.60