Unitree Robotics and Cloud Depth Technology: In-Depth Analysis of the Global Quadruped Robot Duopoly

Based on collected authoritative data and market information, I have prepared this in-depth analysis report on the duopoly pattern of Unitree Robotics and Cloud Depth Technology in the quadruped robot market.

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According to the Global Quadruped Robot Market Share report released by International Data Corporation (IDC) in June 2024, the global quadruped robot market size reached approximately USD 180 million in 2024, with sales volume of around 20,000 units [1]. In this emerging market, two Chinese enterprises have established prominent competitive advantages:

Enterprise	Global Market Share	Estimated Shipment Volume	Market Position
Unitree Robotics	32.4%	~23,700 units/year	Global No.1
Cloud Depth Technology	18.9%	Thousands of units	Global No.2
Combined Total	51.3%	-	Duopoly Dominance
Boston Dynamics	~10-15%	-	Third Tier

Key Data

: According to data from GGII (Gao Gong Robot Industry Research Institute), Unitree Robotics’ annual sales of quadruped robots reached 23,700 units in 2024, accounting for approximately 69.75% of the global market share [2]. The discrepancy between this data and IDC’s figures mainly stems from different statistical standards: the former focuses on overall shipment volume, while the latter focuses on sales revenue.

Both Unitree Robotics and Cloud Depth Technology are based in Hangzhou, and are core members of the “Hangzhou Six Dragons”:

• Unitree Robotics
  (founded in 2016): Founded by Wang Xingxing, headquartered in Hangzhou, its latest valuation is reportedly over USD 8 billion
• Cloud Depth Technology
  (founded in 2017): Founded by Associate Professor Zhu Qiuguo of Zhejiang University, it just completed a Series C financing of over RMB 500 million in December 2025, and has submitted IPO tutoring filing to the Zhejiang Securities Regulatory Bureau [1]

Together, they hold over 50% of the market share, forming a de facto duopoly in the global quadruped robot sector.

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is reflected in:

Dimension	Performance of Advantages
Core Components	Fully self-developed key core components such as motors, reducers, and controllers
Cost Control	Reduced the price of its quadruped robots to below RMB 10,000 two years ago, nearly RMB 3,000 cheaper than peers; reduced the price of its humanoid robot to RMB 99,000 (the average price of peers is about RMB 500,000)
Supply Chain	Robust supply chain system, enabling timely delivery and cost optimization
Large-Scale Production	Annual production capacity exceeds 20,000 units, with significant scale effects [2]

is reflected in:

• Strong technical background from the College of Control Science and Engineering, Zhejiang University
• Large-scale deployment in typical scenarios such as power inspection, public security, and emergency rescue
• Its Jueying X20, the first domestic industrial-grade waterproof quadruped robot, has been regularly used in multiple substations of State Grid and China Southern Power Grid [3]

Enterprise	Core Positioning	Main Application Scenarios
Unitree Robotics	Cost-effective consumer-grade + industry-grade	Express delivery, mountain cargo carrying, education and research, power inspection
Cloud Depth Technology	Industrial-grade professional applications	Power inspection, fire rescue, park security, special operations

Unitree Robotics holds an absolute advantage in the consumer and education markets with its price advantage, while Cloud Depth Technology has established a first-mover advantage in industrial scenarios.

• Unitree Robotics
  : Its business covers more than 50% of countries and regions worldwide, and it received orders from leading clients such as NVIDIA and Google as early as 2020 [2]
• Cloud Depth Technology
  : Has formed standard solutions in intelligent inspection, emergency rescue, security and other fields, and cooperates deeply with local partners to solve localized service problems [4]

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(July 2025): Launched its first quadruped robot, Deep Robotics D1 Ultra, built specifically for special and industrial applications, with a maximum running speed of 3.7m/s, and is recruiting partners [5]

(July 2025): Launched its wheeled quadruped robot MagicDog-W, with 17 degrees of freedom across its body, capable of crossing vertical obstacles ≥60cm and climbing slopes ≥40 degrees, claiming to be “the strongest wheeled quadruped robot in the same industry category” [5]

Key Observation

: Multiple humanoid robot enterprises such as Deep Robotics and MagicLab are accelerating their layout in the quadruped robot track, aiming to gain a share in the field where Unitree has long been deeply engaged.

According to industry analysis reports:

“The number of financing events in the domestic robot industry chain has surged, and the influx of capital has spawned product homogenization and low-price competition. Some peers’ similar quadruped robot products are priced much lower than Cloud Depth Technology. The continuous squeeze from price wars has further narrowed the already meager profit margin of the industry.” [3]

• Boston Dynamics
  : A world-renowned robotics enterprise with star products such as Atlas, with advantages in technical accumulation and brand influence
• Japan’s Fanuc, Yaskawa Electric
  : Traditional industrial robot giants are accelerating local production, forming external pressure [3]

The National Development and Reform Commission recently issued a special risk warning targeting the robot track, pointing directly to problems such as

in the industry, hitting the brakes on the overheated industry development [3].

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Factor	Analysis
First-Mover Advantage	Unitree and Cloud Depth have established mature supply chains, channels, and brand recognition
Scale Effect	The scale of annual sales of 20,000 units brings significant cost advantages
Technical Barriers	The motion control algorithms, perception and motion control technologies accumulated over years are difficult to replicate quickly
Capital Market Support	Unitree Robotics has a valuation of over USD 8 billion, and Cloud Depth Technology has completed RMB 500 million in financing, with obvious capital advantages
IPO Expectations	Both have launched IPO processes, accelerating their capitalization [1][3]

Risk	Potential Impact
Technological Iteration	The rapid development of AI technology may allow latecomers to overtake via a different path
Scenario Limitations	Current commercialization is mainly concentrated in specific scenarios such as inspection, with limited market capacity
Homogeneous Competition	The increase in new entrants weakens product differentiation
Policy Risk	Overheated industry development may lead to stricter regulation

According to forecasts from GGII:

• The global quadruped robot market size reached RMB 1.074 billion in 2023 (a year-on-year increase of 42.95%)
• The Zhongshang Industry Research Institute predicts that the market size of China’s quadruped robot industry will increase to RMB 850 million by 2025 [5]
• It is expected that by 2030, the industrial and consumer markets will show significant expansion

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: The duopoly will persist

• Unitree Robotics will continue to dominate the consumer market with its cost advantage and brand recognition
• Cloud Depth Technology’s first-mover advantage in industrial scenarios cannot be quickly surpassed
• Their combined market share is expected to remain above 50%

: The landscape may evolve

• New entrants (such as Deep Robotics and MagicLab) will gradually erode market share
• Price wars may intensify, putting pressure on industry profit margins
• Technological iteration capability will be the key to success

: High Uncertainty

• The market may evolve from a duopoly to multi-player competition
• The pace of internationalization and scenario expansion capability will determine the upper limit of enterprises
• Industry consolidation cannot be ruled out

For investors and enterprises focusing on this field, it is recommended to pay attention to the following key indicators:

1. R&D Investment Ratio
   : The speed of technological iteration is the core of maintaining advantages
2. Gross Margin Changes
   : The extent of profit erosion caused by price wars
3. Scenario Expansion Capability
   : Breakthroughs from inspection to more commercial scenarios
4. Overseas Revenue Ratio
   : The effectiveness of global layout
5. Humanoid Robot Progress
   : Cultivation of the second growth curve

As industry analysts have pointed out, quadruped robots are entering a critical turning point of the “iPhone Moment” [4]. With technological maturity, cost reduction, and expansion of application scenarios, this field is expected to accelerate from the current “technology verification phase” to the “commercialization phase”. For Unitree Robotics and Cloud Depth Technology, how to consolidate their existing advantages while actively responding to challenges from new entrants will determine whether the duopoly can persist.

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[1] Southern Metropolis Daily - “Cloud Depth, One of the Hangzhou Six Dragons, Launches IPO, Tightly Following Unitree in Global Quadruped Robot Market Share” (https://www.nfnews.com/content/voAp2gDa6R.html)

[2] China-Support.com - Unitree Robotics: Global Leader in Quadruped Robots (https://china-support.com/fr/blog/technology-trends/unitree-robotics-global-leader/)

[3] CNFOL Finance Channel - “Embodied Intelligence ‘Midfield War’ Begins: Cloud Depth Technology Sounds the IPO ‘Charge Horn’” (http://mp.cnfol.com/27172/article/1767187811-142194767.html)

[4] National Business Daily - “Unitree ‘Awakens’, Cloud Depth ‘Goes Global’: Mass Application of Quadruped Robots Expected to Enter the ‘iPhone Moment’” (https://www.nbd.com.cn/articles/2024-12-26/3700147.html)

[5] Securities Times - “Another ‘New Launch’! Latest Release from Unitree Robotics!” (https://stcn.com/article/detail/2952084.html)