ID: MRFR/SEM/6724-HCR | February 2021 | Region: Global | 111 pages
Household Robot Market Overview
According to the latest research report, The Household Robot Market size is expected to reach a value of USD 8.5 billion at a CAGR of 15.5% by 2025, according to market research. In the field of service robotics, a home robot is a kind of robot that helps people by completing an activity or a job. These robots are self-contained and are controlled by a control system that is integrated within the robot. It has the ability to connect to WI-FI networks with ease and performs activities with a high degree of independence. Educational, therapeutic, and entertaining objectives all fall under the umbrella term "video games." The Household Robot Market is anticipated to grow at an exponential rate in the coming years.
Technological advancements in the areas of cognition, interaction, and manipulation have made home robots a more attractive option for many people. The advancement of the robotics ecosystem has been made possible by the contributions of technology and other component suppliers. Domestic robots are becoming more popular as automation becomes more prevalent in home appliances, labor prices increase, and public safety concerns grow. The demand for household robots is rising across the globe. With the growing popularity of the smart home idea, it is possible that the robot will play an important part in the smart home ecosystem. For example, Temi collaborated with Amazon Alexa in 2019 to develop intelligent, mobile, and personal AI-powered robots. When combined with Amazon's Alexa virtual assistant technology and AI-enabled face and speech recognition, the temi home robot creates a mobile smart home center that aims to elevate human-machine connection to a whole new level. One of the major reasons driving the Household Robot Market is the rise in investments by businesses across the globe in the development of household robots system for a variety of applications. Samsung and LG Electronics are both heavily investing in the development and commercialization of new home robotic devices, according to a recent report. For example, Jibo is creating social robots that will be integrated into people's home life and serve as interactive companions. Companies providing robots for home use solutions are receiving investment from foreign investors as a result of the business opportunity they have seen.
This report contains all the information on the household robot market reports and their strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other important factors. And a detailed analysis of the household robot market analysis and forecast for 2025 is also included in the report.
Covid 19 Analysis
The COVID-19 issue has caused a halt to operations in the electronics industry all across the world, including the United States. It is anticipated that the change in customer choice towards necessary goods would have an impact on the home robots industry during the forecasted period. The COVID-19 epidemic has also led to the closure of international borders, which has resulted in a significant drop in the market for home robots and associated goods across the world. Travel restrictions have been imposed by government agencies throughout the globe. Additionally, limitations on public gatherings, as well as travel prohibitions in some countries, are likely to impede the development of the household market software during the projection period, according to the research firm.
Household robots may be used for a number of activities around the house. Robots, for example, are often used in the vacuum cleaning industry. Each of these robots is comprised of an intelligently designed vacuum floor cleaning system, which enables the machine to sweep the bathroom independently, without the need for human intervention or supervision. Apart from that, robot vacuum cleaners are easier to operate than traditional vacuum cleaners, owing to their small size and independence.
In the next years, the Household Robot Market is anticipated to grow at a fast pace. Household robots are more reliable and need less upkeep than traditional household appliances. Home robots have a bright future ahead of them, thanks to a rise in the integration of robots in domestic uses, an increase in technological advancements, and a rise in the prices of labor service in the next years. The Household Robot Market is influenced by a variety of other variables. There are many of them, including increasing urbanization and industrialization, product design, and increased customer knowledge of the acceptability of household appliances.
The significant initial expenditure required to enter the home robot industry is one of the reasons limiting its expansion. Increased research and development expenditures are being directed on enhancing robot endurance in order to provide profitable possibilities for the expansion of the home robot market.
The large initial expenditure required to enter the Household Robots Market is one of the reasons limiting the market's development.
One of the major challenges which is creating hurdles in the development of the Household Robots market is expensive initial expenditures.
Cumulative Growth Analysis
Robotic vacuum cleaners may be used in any kind of home, regardless of the type of flooring present. One of the most significant benefits of robotic vacuums is their ability to clean up after themselves. Consumer spending has pushed businesses to include technical advancements like a Wi-Fi connection, a HEPA filter, true floor mapping, and automatic recharging and disposal to enhance the practicality of their products. Another recent development is the integration of artificial intelligence into robots in cooperation with Amazon (US), Google (US), and Facebook (US), which allows users to control these robots remotely via smartphones and smartwatches. The combination of these characteristics is responsible for the greatest possible share of robotic vacuums when compared to other types of home robots.
Value Chain Analysis
According to the reports, the household robot market is segmented into three categories: components, kinds, and applications. The worldwide home robot market has been divided into goods and services based on the components used. According to the kind of robot, the worldwide home robot market has been divided into two categories: domestic and entertainment. The worldwide household robot market has been divided based on application into the following categories: home cleaning, lawn mowing, friendship, toys & hobby systems, senior support, laundry robots, and other applications.
The household robot market is segmented on the basis of components, kinds, applications, and regions. The global household robot market trends are expected to witness decent growth during the forecast period.
Based on the application, the market is segmented into home cleaning, lawn mowing, friendship, toys & hobby systems, senior support, laundry robots, and other applications.
Based on the propulsion types, the market is segmented into domestic and entertainment.
According to the reports, The household robot market has been divided based on region, with North America, Europe, Asia Pacific, and the rest of the world is the most prominent. In terms of market size, North America is a huge market with tremendous development potential for housecleaning robots. Because of a flourishing robotics sector and broad adoption of robotic technology, the North American domestic robotics market is expected to grow significantly. Europe is the second-largest producer in the sector. The need for senior support robots is growing as the world's population ages, while younger people are interested in companionship robots and household robots.
Since just a few firms dominate the industry, the market for home robots has a fairly consolidated competitive environment. Furthermore, it is anticipated that the continued development and commercialization of these goods would draw new players to the market. Companies that manufacture and sell home goods are undertaking strategic partnerships and launching new products in order to expand their household robot market share.
Major Key Players
The following report comprises of –
Household Robots Market, by Offering:
Household Robots Market, by Type:
Household Robots Market, by Application:
Household Robots Market, by Region:
Frequently Asked Questions (FAQ) :
The global household robot market is poised to register a market value of USD 8.5 billion by 2025.
The market is anticipated to expand at a CAGR of approximately 15.5% over the review period (2019-2025).
The global market for household robots is segmented on the basis of type, component, application, and region.
The domestic segment is expected to witness the highest growth.
The growing demand for specialized robots for companionship, domestic tasks and entertainment purposes, coupled with the technological innovation taking place in the AI and robotics sector is expected to fuel the market growth.