Industry Insight
The study on the global household robot market in 2020 by Market Research Future has been conducted with the bird’s eye view of the current proceeding within the household robot industry. The report also considers the impact of the novel COVID-19 pandemic on the Desktop Hypervisor market. It offers a clear assessment of the projected market fluctuations during the forecast period (2017-2023) at a pace of 15.5% CAGR while anticipating a valuation of USD 8.5 Billion in the same years.
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Segmentation of Market
The segmentation of the global Household Robot Market Growth has been done in the following ways:
In terms of component: The market has included products and services. The product segment by size as well as growth, products encapsulates all versions of domestic robots. The services, though not commanding the large share of the products segment, are critical as it oversees the installation, maintenance, and reprogramming of robots.
In terms of type segment, the market has included domestic and entertainment. In the domestic version, domestic robots find escalating utility for performing menial chores such as lawn-mowing, vacuuming, pool cleaning, and window cleaning. Mass production and lowering costs for domestic robots will fuel the segment. The entertainment segment is growing as it includes robotic companions, robotic pets, and even educational robots geared for children. Advances in AI and voice recognition technology are actively fueling the growth of this segment.
In terms of the application segment, the market has included elderly assistance, housecleaning lawn mowing, toys & hobby systems, companionship, laundry robots. The housecleaning segment of robots sell the highest number of units and leads by vacuuming robots, followed by window cleaning robots. The lawn mowing robots are sophisticated models that have reduced noise emission. As per The Telegraph, a fully charged Husqvarna Automower can maintain 5000 square meters of lawn.
Top Impacting Factors
Household Robot Market Demand find its usefulness in diversified tasks. For instance, robots are widely used for vacuum cleaning. These robots consist of an intelligent programming vacuum floor cleaning system which allows the machine to clean floor autonomously without the intervention of human. The robot vacuum cleaner is convenient to use compared to a conventional vacuum cleaner due to its compactness in size and autonomy. This factor has been considered as one of the essential ones leading the market to a great extent.
The household robot market is anticipated to observe robust growth in subsequent years as these have stood up to be reliable and require less maintenance. Owing to the rise in penetration of robots in household applications, a rise in technological advancements, and a surge in cost for labor service, a bright outlook for household robots can be seen in the approaching years.
Other factors influencing the household robot market are the rapid urbanization, industrialization, awareness, and product development among consumers. Besides, a considerable rise in demand for autonomous robots, upsurge in recognition of robotics applications, the surge in concern for safety, and continuous swell in technological advancements drive the household robot's market growth during the forecast period.
Despite these factors, the issue of high initial investments is one of the factors hampering the growth of the household robot market. The rise in R&D investments focuses on improving the endurance capability of robots is ready to form profitable opportunities for the growth of the household robot market in the future timeframe.
Regional Front
The regional market in North America is a very large market with a very high growth forecast for housecleaning robots. The North American domestic robotics market is supported by a robust robotics industry and high-end robotic technology.
While in Europe market, a rising geriatric population is fueling the demand for elderly assistance robots whereas, younger populace has a demand for companionship robots and robotic toys.
The market in Asia-Pacific region has gained maximum growth potential. Japan is the world leader in robotics manufacture and innovation with an escalating demand for state-of-the-art elderly assistance and companionship robots. China and South Korea have established chip manufacturing and machining industries that are required to create robots, further aiding in the expansion of this market by cutting production costs.
In the list of the Rest of the World has accumulated a small market size, as there is primary interest in domestic robots. Thus, this market is limited by its small size.
Top Industry Players
Samsung Electronics Co. Ltd (South Korea), iRobot (US), Neato (US), LG Electronics Inc (South Korea), Ecovacs (China), Dyson (UK), Alfred Kärcher (Germany), Lego (Denmark), iLife Innovation (China), Robomow (Israel) and Husqvarna (Sweden) have been listed in MRFR’s top industry players contributing to the market’s share.
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