Overview and Scope
Household robots are electronic robotic units designed to perform a variety of domestic tasks. It is used to carry out domestic tasks, housekeeping-related tasks, and other household chores on their own.
Sizing and Forecast
The household robots market size has grown rapidly in recent years. It will grow from $8.1 billion in 2023 to $9.7 billion in 2024 at a compound annual growth rate (CAGR) of 19.8%. The growth in the historic period can be attributed to consumer desire for convenience, smart home integration, increased consumer awareness, affordability improvements, environmental sustainability, safety improvements, government initiatives..
The household robots market size is expected to see exponential growth in the next few years. It will grow to $20.35 billion in 2028 at a compound annual growth rate (CAGR) of 20.4%. The growth in the forecast period can be attributed to advancements in human-robot interaction, growing adoption of voice assistants, expansion of robotic lawn care, advancements in object recognition, continued decline in component costs, expanding applications in hospitality.. Major trends in the forecast period include increased adoption of robotic vacuum cleaners, ai and machine learning advancements, multi-functional robots, personal assistant robots, cloud connectivity and data analytics, energy-efficient and eco-friendly designs..
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Segmentation & Regional Insights
The household robots market covered in this report is segmented –
1) By Type: Domestic, Entertainment and Leisure
2) By Offering: Products, Services
3) By Application: Vaccuming, Lawn Mowing, Pool Cleaning, Companionship, Elderly Assistance and Handicap Assistance, Robot Toys and Hobby Systems, Other Applications
Asia-Pacific was the largest region in the household robots market in 2023, and is expected to be the fastest-growing region in the household robots market during the forecast period. The regions covered in the household robots market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
High demand for robots are expected to boost the growth of the household robots market going forward. Robots refer to any autonomously run system that substitutes human effort. Most people prefer to use robots to assist with household chores like cleaning and ironing. Thus, growing robots demand is expected to boost the household robot market. For instance, in October 2022, according to a report released by the International Federation of Robotics, global robot installations are expected to rebound strongly and grow by 13% to 435,000 units in 2021. Additionally, America’s sales increased by 27% to 44,300 units sold. Asia and Australia saw the most growth in demand, with installations climbing 33% to 354,500 units. Furthermore, according to early figures from the International Federation of Robotics (IFR) for 2021, Europe experienced double-digit growth of 15%, with 78,000 units. Therefore, demand for robots will drive the growth of the household robots market.
Key Industry Players
Major companies operating in the household robot market are focusing on product developments such as home robot to sustain their position in the market. Home robots, also known as service robots or domestic robots, are autonomous or semi-autonomous machines that are designed to perform tasks in the home. For instance, in May 2023, Robotics Inc., a Japanese artificial intelligence (AI) startup firm, launched Kachaka robot for residential applications. The newly launched robot is capable of delivering items when given verbal commands, such as bringing condiments and dishes to the dining room table or drinks or books to the sofa. The robot attaches to the bottom of a specially designed table fitted with caster wheels and uses AI technology to analyze camera images, allowing it to detect and avoid obstacles such as walls and furniture.
The household robots market report table of contents includes:
1. Executive Summary
2. Household Robots Market Characteristics
3. Household Robots Market Trends And Strategies
4. Household Robots Market – Macro Economic Scenario
5. Global Household Robots Market Size and Growth
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31. Global Household Robots Market Competitive Benchmarking
32. Global Household Robots Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Household Robots Market
34. Household Robots Market Future Outlook and Potential Analysis
35. Appendix
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