image credit: Bamboo Works
Key Takeaways:
Wybotics' updated Hong Kong IPO application shows it ranks third globally in robotic pool cleaners and holds the top spot for cordless models
The company's gross profit margin has risen steadily over the last three years as it builds up its own brands and downplays its legacy ODM business
The race is on. Robotic pool cleaner maker Wybotics Co. Ltd. applied to float shares in Hong Kong late last month, beating out a similar filing from rival pool equipment maker Fairland Corp. by just days.
Wybotics is the world's third largest maker of robotic pool cleaners with 9.2% of the market in 2024, according to third-party research in its listing document. But the company is better positioned in cordless products, an area where it is the top name globally, positioning it to challenge the industry leaders over the long run.
Established in 2006, Wybotics jumped into cordless product development and made related patent applications as early as 2009, launching its first products in 2014. Those items accounted for nearly all of its revenue last year, around 97.5% of the total. In terms of cordless robotic pool cleaners, Wybotics is the clear leader with 19.7% of the global market.
Robotic pool cleaner shipments reached 4.9 million units last year, with the market growing at an average annual rate of 11.3% between 2020 and 2025. The annual growth rate is expected to slow but still be brisk at about 7.6% from 2025 to 2030. Notably, cordless robotic pool cleaners recorded far higher average annual growth of 67.9% from 2020 to 2025, with their market penetration climbing above 50% for the first time in 2025 to 51.5%. That rate is forecast to rise to 71% by 2030, underscoring the steady displacement of models connected via ...
