The household
robots market is expected to grow from USD 3.3 billion in 2019 to
USD 9.1 billion by 2024; it is expected to grow at a CAGR of 22.4% during the
forecast period. Technological advancements are enabling household robots to
become more practical and usable day by day. This is driving the consumer
demand and acceptance of such products. Rising consumer demand for autonomous
robotic technology, along with minimization of human intervention, is another
factor driving the market.
Product
offerings to hold larger market share in 2019
Vacuuming robots, lawn mowing robots, or pool
cleaning robots can be termed as product offerings, while yearly repair and
maintenance services are covered under service offerings. Products are becoming
more reliable and technologically advanced over time. Items such as filters, brushes,
and batteries can easily be replaced by the user. This will reduce the need for
maintenance and servicing in the future, and the market size and share for
product offerings are projected to increase over time.
Market
for domestic robots to grow at highest CAGR during forecast period
Domestic robots, which include; vacuuming,
lawn mowing, pool cleaning, and window cleaning robots are expected to grow at
a higher CAGR when compared with entertainment and leisure robots. Since
domestic robots have the practical benefit of automating mundane tasks, such as
cleaning or mowing, they are expected to contribute to a larger share of the
market in the near future. A number of emerging companies have been focusing on
offering domestic robots rather than entertainment and leisure robots, which
will lead to a higher growth rate of domestic robots.
Household
robots market for vacuuming application to maintain highest share during
2019–2024
Robotic vacuum cleaners can be deployed in
all households, regardless of the floor type. This is one of the major
advantages of robotic vacuums. Strong demand from consumers has pushed
companies to bring technological advances, such as Wi-Fi connectivity, HEPA
filter, real-time floor mapping, and automated recharging and disposal to improve
practicality. AI integration of robots in collaboration with Amazon (US),
Google (US), and Facebook (US) is another recent development, allowing users to
operate these robots remotely from smartphones and smartwatches. These combined
factors are responsible for maximizing the share of robotic vacuums when
compared with other household robots.
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Market
in APAC is expected to grow at highest CAGR during forecast period
APAC is expected to witness the largest share
of the household robots market during 2019–2024. Growth of
household robots in the APAC region is strongly correlated with consumer demand
the region. Increase in investment toward household robots, especially in
countries such as China, Japan, and South Korea is driving the market in this
region. China is expected to register the highest growth compared with other
countries in APAC. However, developing countries in APAC, such as India present
limited scope for market penetration and growth.
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