PUBLISHER: The Business Research Company | PRODUCT CODE: 1428384
PUBLISHER: The Business Research Company | PRODUCT CODE: 1428384
Consumer robotics involves the application of robotic technology to consumer products, encompassing a diverse range of items designed for personal or domestic use. Examples include vacuum cleaners, floor cleaners, window cleaners, lawn mowing robots, pool cleaning robots, personal assistant robots, and toy and educational robots. These robots serve to assist, entertain, or provide services to consumers, enhancing the convenience, enjoyment, and efficiency of their daily lives.
The main types of consumer robotics are autonomous and semi-autonomous. Autonomous robots are machines or devices capable of performing tasks and making decisions without direct human intervention. These robots may utilize various connectivity options, such as Wi-Fi, Bluetooth, and others, which can be channeled through offline and online modes. Consumer robotics finds applications in domestic tasks, education, healthcare, and other areas, and is utilized in industries such as oil and gas, process industry, chemical and petrochemical, power generation, among others.
The consumer robotics market research report is one of a series of new reports from The Business Research Company that provides consumer robotics market statistics, including consumer robotics industry global market size, regional shares, competitors with a consumer robotics market share, detailed consumer robotics market segments, market trends and opportunities, and any further data you may need to thrive in the consumer robotics industry. This consumer robotics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The consumer robotics market size has grown exponentially in recent years. It will grow from $11.58 billion in 2023 to $14.89 billion in 2024 at a compound annual growth rate (CAGR) of 28.6%. The growth observed in the historical period can be attributed to increased disposable income, a rising interest in home automation, growth in the aging population, expansion of the smart home market, and improvements in battery technology.
The consumer robotics market size is expected to see exponential growth in the next few years. It will grow to $40.92 billion in 2028 at a compound annual growth rate (CAGR) of 28.8%. The anticipated growth in the forecast period can be attributed to the development of affordable and versatile robotic platforms, expanding applications in healthcare and education, rising demand for cleaning and maintenance robots, advancements in human-robot collaboration, and an increased focus on companion robots. Major trends expected in the forecast period include the adoption of social robots, personalized and customizable robotic solutions, the emergence of swarm robotics, a focus on sustainable and eco-friendly robotics, and the growth of robotic-as-a-service (RaaS) models.
The anticipated rise in the adoption of smart home appliances is poised to drive the growth of the consumer robotics market. Smart homes, equipped with internet-connected devices and systems, empower homeowners to control, monitor, and automate various aspects of their living space. Consumer robots play a crucial role in smart homes, enhancing automation and assisting with various tasks. According to the State of the Connected Home report, based on a survey by techUK, a UK-based non-profit trade association, 77% of UK adults own at least one smart home appliance, marking an increase from 67% in 2020 and 76% in 2021. The number of advanced adopters of smart home devices has reached 26% in 2022, up from 24% in 2021 and 17% in 2020. Consequently, the growing adoption of smart homes is fueling the demand for consumer robotics.
The significant shift towards remote work is a key contributor to the consumer robotics market's growth. Remote working, where employees can work from home or any location outside the office, has led to increased demand for consumer robots that facilitate home management. This trend has created a market for robotic solutions catering to the needs of remote workers. A study by AT&T reveals that the adoption of a hybrid work model, combining remote work and office work, is projected to increase from 42% in 2021 to 81% in 2024. Therefore, the adoption of remote work is expected to be a driving force for the consumer robotics market.
A notable trend in the consumer robotics market is the focus on product innovations. Major companies in this market are leveraging artificial intelligence technology to develop innovative robots, sustaining their market position. For example, Avalon SteriTech Limited and SoftBank Robotics Group Corp introduced Whiz Gambit in March 2021-a 2-in-1 AI-powered cleaning and disinfection robotics solution. This solution redefines cleaning and disinfection procedures, providing consistent and sustainable performance with the flexibility to adjust frequency, intensity, and practices.
Companies in the consumer robotics market are actively introducing next-generation solutions, such as robot vacuum cleaners, to offer reliable services to customers. Robot vacuum cleaners, equipped with autonomous features, sensors, and AI-driven technology, contribute to floor cleaning. Ecovacs Robotics launched DEEBOT X2 OMNI in September 2023-a robot vacuum and mop with a slim design for easy access to hard-to-reach areas. The robot employs dual-laser Lidar navigation technology, complemented by a built-in light detection and ranging (LiDAR) sensor.
In January 2022, Furhat Robotics, a Sweden-based social robotics company, acquired Misty Robotics in an undisclosed deal. This strategic acquisition enabled Furhat Robotics to expand its operations in the US and advance the development of next-generation social robotics technologies. Misty Robotics, based in the US, is known for manufacturing consumer robots.
Major companies operating in the consumer robotics market report are Amazon.com Inc., Alphabet Inc., Toyota Motor Corporation, Samsung Electronics Co. Ltd., Honda Motor Co. Ltd., Nippon Telegraph and Telephone Corp., LG Electronics Inc., Xiaomi Inc., Sharp Corporation, Dyson Ltd., Intuitive Surgical Inc., Hasbro Inc., JS Global Lifestyle Co. Ltd., Ecovacs Robotics Co. Ltd, iRobot Corp., Ubtech Robotics Inc, MAKO Surgical Corp., Yujin Robot Co. Ltd., Starship Technologies Inc, Cyberdyne Inc., WowWee Group Ltd., Bossa Nova Robotics Inc, Blue Frog Robotics SAS, 3D Robotics Inc., Hanson Robotics Limited, Robosen Robotics Inc, Hoaloha Robotics LLC, Jibo Inc., Pai Technology Limited, Cecotec Innovaciones S.L.
North America was the largest region in the consumer robotics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the consumer robotics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the consumer robotics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The consumer robotics market consists of sales of home care robotics, floor care robotics, lawn care robotics, and personal assistant robotics. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Consumer Robotics Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on consumer robotics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for consumer robotics ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The consumer robotics market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.