Household Robot Market Analysis
The household robot market is expected to grow USD 10.39 billion at a CAGR 22.40% by the end of forecast period 2022-2030
A household robot is a type of service robot that aids humans by performing an activity or a job. These robots are autonomous and are operated by an in-built control system. It can easily connect to WI-FI networks and performs activities with a high degree of autonomy. It is used for a variety of applications, including education, therapy, and entertainment. The global household robot market is predicted to expand dramatically in the future years.
The global household robot market is being pushed by rising demand for autonomous robots, more awareness of robotics applications, greater safety concerns, and rapid technological improvement. Growing RD efforts, with an emphasis on enhancing robot endurance, are likely to provide profitable growth possibilities for the worldwide household robotics market during the projection period. However, one of the significant factors that may stymie the industry's growth is the expensive initial investment and product maintenance costs.
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Household Robot Market Segmentation
The worldwide household robot market has been segmented into components, types, and applications.
By component, the worldwide household robot market has been segmented into products and services.
By type, the worldwide household robot market has been segmented into domestic and entertainment.
By application, the worldwide household robot market has been segmented into house cleaning, lawn mowing, companionship, toys hobby systems, elderly assistance, others.
Key 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), John Deere (US), iLife Innovation (China), BSH Hausgeräte (Germany), Miele (Germany), Robomow (Israel), Blue Frog Robotics (France), Husqvarna (Sweden).
COVID-19 Impact on the Global Household Robot Market
Recent technological developments in important areas such as robotics, object recognition, home navigation, and human-robot collaboration have resulted in household robots. COVID-19's global spread has wreaked havoc on the electronics industry. Changes in consumer behavior as a result of global economic turbulence are expected to have an impact on the household robot industry over the forecast timeframe. Governments all around the world have imposed lockdowns, affecting the majority of industrial players and forced people to stay at home, restricting physical contact among people. Most firms have allowed employees to work from home in order to ensure business continuity during the COVID-19 pandemic, which is projected to hinder the growth of the household robots market over the projected period. The constraints imposed on production activities in order to adhere to social distancing standards are anticipated to hinder the growth of the electronics sector, limiting the global household robot market's growth.
The COVID-19 crisis has caused widespread disruption in the electronics industry. Over the forecast period, the shift in customer choices toward crucial products is projected to have an impact on the household robot market. Furthermore, the COVID-19 outbreak has caused international borders to close, resulting in a major decline in worldwide demand for household robots and related goods. Governments all across the world have imposed travel bans. Furthermore, restrictions on public gatherings and travel bans in a number of countries are projected to stymie the growth of the household robot market throughout the forecast period.
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The greater emphasis on social distancing and personal care is anticipated to affect demand for such things, especially household robots, in the coming months. The pandemic's spread has not only resulted in the loss of human lives but has also increased the likelihood of a global economic downturn. Lockdowns in a number of nations have had an indirect or direct impact on numerous sectors, producing interruptions in supply chains and operations, as well as product commercialization, among other things.
Household Robot Market Regional Analysis
Region-wise, the worldwide household robot market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
North America is a massive market with tremendous development potential for housecleaning robots. The domestic robotics market in North America is backed by a thriving robotics sector and widespread acceptance of robotic technology.
Europe is currently in second place. A growing senior population is driving demand for elderly assistance robots, while younger people want companionship robots and robotic toys.
Summary
The global household robot market is expected to surpass USD 8.5 billion at a CAGR of 15.5% from 2018 to 2025 (forecast period). Robotics, AI, microprocessors, electronics, and telecommunications advancements are directly fueling the expansion of the household robotics industry by making robot manufacturing more cost-effective and enhancing robot computational capabilities.
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