Driving Toward Greater Expansion in Overseas Market, ECOVACS Group Inaugurates a New Office in Singapore
SINGAPORE, Nov. 20, 2023 /PRNewswire/ -- ECOVACS Group, a global leading manufacturer of service robotics and smart household appliances, opened its first office in Singapore on November 20^th. The establishment of the Singapore office marks a new milestone in ECOVACS Group's globalization strategy, which aims to enhance its market presence and competitive edge in Southeast Asia as well as in global markets.
"Singapore plays a pivotal role in the Southeast Asian region as well as in the global market. As a commercial hub for our Southeast Asian market, our new office in Singapore will further ECOVACS' global business development in the long run. We will continue to develop innovative technologies and products that cater to both regional and international markets," said Mr. David Cheng Qian, Vice Chairman of ECOVACS Group and CEO of ECOVACS ROBOTICS.
Globalization has always been an integral part of ECOVACS' business strategy as a multinational enterprise, and it has now established a multi-brand strategy with ECOVACS ROBOTICS, TINECO, etc. As a result of the rapid growth of overseas revenue for both ECOVACS ROBOTICS and TINECO brands, the total revenue growth in overseas markets increased significantly by 47% and 53% respectively in the third quarter of 2023.
Statistics show that the smart home appliance market in the APAC region is projected to grow at a CAGR of 22.0% between 2023-2030.^[1] The strong demand makes it an ideal region for ECOVACS Group to develop its globalization strategy and expand further. Since it first entered the Southeast Asian market in 2017, ECOVACS has been taking the lead in key APAC markets like Singapore.
The achievements of ECOVACS Group are attributed to its ongoing efforts in user-centric R&D and innovation capabilities. Founded in 1998, ECOVACS Group is committed to delivering human-centric products designed to enhance the lives of people around the world by providing greater convenience.
The latest ECOVACS robotic vacuum cleaner DEEBOT X2, which redefines the shape, design, and machine vision solutions to deliver thorough and effective cleaning experience, has been acclaimed by global consumer since its debut in August. With this revolutionary product, ECOVACS is spearheading the development of technology in the industry and enhancing the living environments of users. As a pioneer and a leader in the industry of service robotics, ECOVACS ROBOTICS boasts of a product portfolio that extends from indoor to outdoor applications and from home to commercial applications including robotic vacuum cleaners, robotic window cleaners, robotic air purification devices, robotic lawn mowers, etc.
Committed to manufacturing premium smart household appliances, TINECO has been constantly creating new product categories with innovative technologies and broadening the range of application scenarios of its products with the launch of a smart wet-and-dry vacuum cleaner, an all-in-one food processor, and other products.
Besides product innovation, ECOVACS Group also attaches great importance to the establishment of online and offline channels. Leveraging the experience it gained in Chinese e-commerce, ECOVACS Group has collaborated with various e-commerce platforms around the world such as Amazon, Shopee, Lazada. It also actively forges cooperation with key local e-commerce channels, which has contributed greatly to its success in occupying a significant market share in region like Singapore, Vietnam, India, and Indonesia. Meanwhile, ECOVACS Group continues to focus on the construction of other DTC channels, including its official website, mobile APP, and offline retail channels.
At present, ECOVACS Group's products are exported to over 160 countries and regions worldwide, serving more than 50 million household users. Through its global expansion, the group has established an international business network encompassing key markets such as the EU countries, the U.S., and Asia Pacific. With the establishment of its new office in Singapore, ECOVACS Group will continue to leverage its robust manufacturing and innovation capabilities to develop advanced technologies and products that serve the real needs of customers and users worldwide.
*ABOUT ECOVACS Group*
Founded in 1998 and headquartered in Suzhou, China, the ECOVACS Group has developed into a group of listed companies that are driven by independent R&D and innovation, mastering core robotics and intelligent technologies, owning two international consumer technology brands "ECOVACS ROBOTICS" and "TINECO", as well as a complete industrial chain layout.
As a leader and pioneer in the service robot and high-end intelligent household appliances industries, the ECOVACS Group is built on the commitment of being fully people-focused, with a dedication to continuously innovate so that people around the world can enjoy a better life through the benefits of our technology and products. The ECOVACS ROBOTICS brand launched China's first robotics vacuum cleaners DEEBOT and the TINECO brand launched China's first smart wet dry vacuum cleaner Floor One, both of which have won the favor of global market and built up a wide user base. Currently, ECOVACS Group's products are exported to over 160 countries and regions worldwide, serving more than 50 million household users.
^[1] Fortune Business Insights: The Asia Pacific (APAC) smart home market size is projected to grow at a CAGR of 22.0% during the forecast period. https://www.fortunebusinessinsights.com/apac-smart-home-market-107728