(IT-NEWSWIRE.COM, September 16, 2022 ) The global household robots market is projected to grow from USD 9.2 billion in 2022 to USD 19.3 billion by 2027, at a CAGR of 16.0% during the forecast period from 2022 to 2027. The growth of this market is driven by factors such as the growing demand for autonomous robots, rising use of IoT in robots for cost-effective predictive maintenance, increasing government initiatives for the development of robotic technologies, and increasing demand for robots in the domestic segment.
Key Market Players
Some of the key companies in the household robots market are iRobot Corporation (US), Ecovacs Robotics Co., Ltd. (China), Xiaomi Corporation (China), Maytronics, Ltd. (Israel), Samsung Electronics Co., Ltd. (South Korea), Neato robotics, Inc. (US), Dyson Limited (Singapore), LG Electronics Inc. (South Korea), LEGO A/S (Denmark), Hayward Holdings, Inc. (US), etc.
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The household robots market, based on type, can be segregated into domestic robots and entertainment and leisure robots. Domestic robots are expected to grow significantly during the forecast period compared to entertainment and leisure robots. Domestic robots include applications such as vacuuming, lawn mowing, pool cleaning, and window cleaning. Vacuuming application accounts for the largest market share. Several robotic vacuum manufacturers have started offering cheaper products to sustain in a highly competitive market. Adopting such a business strategy can help new players penetrate the market. Robot toys and hobby systems are expected to have the largest share in the entertainment and leisure segment due to their interactive, fun, user-friendly, and practical learning experience. Such robots also entertain people and especially kids, by dancing, singing, and telling stories.
The household robots market, based on offerings, has been classified into products and services. The market for products has a higher CAGR compared to that for services. As products move toward maturity, they become more reliable and require less frequent maintenance due to better design or reparability over time. Several manufacturers provide guides for the replacement of parts such as batteries. This is expected to slow the growth of services in the future.
Asia Pacific accounted for the largest market share of the household robots market in 2021 and is expected to retain its position during the forecast period. This growth can be attributed to the increasing demand for household robots in China, Japan, and South Korea, mainly domestic robots. The overall demand for these robots is expected to increase across the aforementioned countries because of technological and economic advancements. Government initiatives to strengthen elderly and handicapped assistance in Japan are expected to fuel the growth of the household robots market in the region during the forecast period. Players in the household robots market can reap the benefits of strong demand from Asia Pacific if they start partnering with distributors and retailers in developed countries.
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