The consumer robotics market is expected to grow at a higher CAGR of 19% in the global market during the forecasted period to account for a higher market share value of approximately USD 17 billion by the end of the review period.
For making the life of consumers simpler and easier, house robots called consumer robots are used. It helps the consumers in doing their daily chores by carrying out tasks like window washing, floor mopping, vacuuming, surveillance, education, personal, security, and other tasks as well. These programmable machines are semi-autonomous and self-contained. All the domestic robots, personal assistant robots, lawn mowing robots, vacuum robots, pool cleaning robots are some examples of consumer robotics.
COVID 19 Analysis
The global pandemic of COVID 19 has affected a major chunk of the population. Many people have lost their livelihood because of this global pandemic. It has affected the dynamics and growth of several industries. Owing to the shortage of vaccines, everyone is concerned about their immunity and follows social distancing. During the lockdown situation, operational activities of various end-user industries were halted which resulted in demand shrink for the consumer robotics market which further leads to decreased sales revenue. The supply chain networks were also disrupted which lead to a decline in profit margin.
However, the consumer robotics market is expected to recover from this global pandemic by the end of the third quarter of the coming by properly strategizing according to the needs of the market.
Numerous factors drive the market growth rate. The increasing use of various computing devices like smartwatches, tablets, smartphones, and others fuels the market demand in the global market. Moreover increasing market demand for machine learning, tactile sensors, machine vision, gesture control, speech and voice recognition, human-robot interaction, artificial intelligence, and many others drives the market in the global market. Additionally, the wide use of sensors and Wi-Fi in consumer robotics also fuels the market growth in these regions.
The rise in demand for consumer robotics market in the global market. Outsourcing of various computing devices like mobile devices offers provides various growth opportunities during the review period. Moreover, increasing services that a person can avail of like entertainment, cleaning dirty kitchen floors, vacuuming, and other tasks provide growth opportunities in the global market. Moreover, ongoing extensive research by several major key players provides various growth opportunities in the global market.
Though the consumer robotics market is increasing tremendously in the global market some factors restrict its growth. The high cost associated with manufacturing consumer robotics and the high price charged by manufacturers hampers the market growth in the global market. Moreover, a lack of awareness of the availability of consumer robotics in various emerging countries and underdeveloped countries restricts the market growth in the global market.
Value Chain Analysis
The consumer robotics market is increasing at an incredible rate in the global market owing to various benefits associated with it. It helps in various household chores like entertainment, cleaning dirty kitchen floors, vacuuming and hence gives relaxation to the users. Moreover various surveillance robots, security robots help in keeping the security of houses and other commercial buildings. China is the powerhouse of the electronics market and hence produces most of the consumer robots.
The consumer robotics market has been segregated all across the globe based on the types, verticals, components, and region
Based on the Types
The market has been divided all across the globe based on the types into personal robots, educational robots, security robots, entertainment robots, surveillance robots, task robots, and others.
Based on the Verticals
The market has been divided all across the globe based on the verticals into industrial robots, healthcare robots, UAVs, educational robotics kits, telepresence, and others.
Based on the Components
The market has been divided all across the globe based on the components into a walking, ball, hopping, legs, wheels, mobile platforms, mobile robots, manipulators, sensors, power supplies, actuators, cameras, displays, microcontrollers, software, communication technologies, processors, and others.
Based on the Region
The market has been divided all across the globe based on the region into the North American region, European region, Asia-Pacific region, Latin American region, and the Middle East and African region.
The consumer robotics market has been divided all across the globe based on the region into the North American region, European region, Asia-Pacific region, Latin American region, and the Middle East and African region. The largest market share in the consumer robotics market all across the globe is held by the North American region owing to the high demand for technological advancement in consumer robotics. The presence of countries like Mexico, Canada, and the US also drives the market demand to this region.
The second-largest market share in the consumer robotics market all across the globe is held by the Asia-Pacific region owing to the presence of countries like China, India, and Japan. China is the powerhouse of electronics and hence it drives the market demand towards this region. Per capita income of these regions also drives the market demand.
The third-largest market share in the consumer robotics market all across the globe is held by the European region as it witnesses rapid growth during the review period. Moreover, increasing demand for smart grids and well-established technology infrastructure drives the market demand.
The least market share is held by the Latin American region and the Middle East and African region owing to the presence of low infrastructure in both these regions. Low per capita disposable income is another factor that restricts the market growth in these regions.
The most prominent major key players in the consumer robotics market all across the globe are mentioned below:
These major key players use various strategies to sustain their market position in the consumer robotics market in the global market by going for mergers, and acquisitions, collaborating, establishing a partnership, developing a new production process, setting up a new joint venture. developing a new product line, innovation in the existing product, and many others to expand their customer base in the untapped market of consumer robotics all across the globe.
This global consumer robotics market research report consists of the following elements mentioned below:
This market research report contains factors that drive the growth of the consumer robotics market in the global market along with the factors that restrict its growth in the global market. Various opportunities available during the forecasted period are mentioned. The impact of COVID 19 on the consumer robotics market all across the globe is mentioned. The future growth rate in the consumer robotics market during the forecasted period is estimated and mentioned.
System integrators, technology investors, technology standards organizations, solution providers, market research and consulting firms, research and development companies, professional service providers, managed security service providers, technical universities, consumer robotics providers, consumer robotics companies, and others.
Frequently Asked Questions (FAQ) :
The global consumer robotics market is expected to grow to a size of USD 17 billion by 2023.
The global consumer robotics market is expected to expand at a CAGR of 19% during the forecast period (2020-2027).
Continuous developments in internet of things (IoT), machine learning, artificial intelligence, and incorporation of proximity, vision, and touch sensors can drive the global consumer robotics market.
North America can lead in the global consumer robotics market.
Hasbro, Inc., WowWee Group Limited, Google Inc., Honda Motors Company Ltd., LG Electronics Inc., MAKO Surgical Corporation, iRobot Corporation, Neato Robotics, Dà-Jiāng Innovations Science and Technology Co., Ltd, Jibo, Inc., Samsung Electronics Co., Ltd., 3D Robotics, Parrot SA, Blue Frog Robotics, and Intuitive Surgical Inc. are key players of the global consumer robotics market.