Household robots market size is valued at USD 10.3 billion in 2023 and is anticipated to USD 24.5 billion by 2028; growing at a CAGR of 18.8% from 2023 to 2028. A growing focus on improving the endurance capability of robots is a major opportunity for the household robots market. Currently these robots can operate for a short period of 1-2 hours when they are fully charged. Companies have the opportunity to work on charging capabilities and get an edge over others in the market.
Driver: Rising demand
for robots in domestic segment
Robotics has witnessed a
huge leap in usability and convenience with the introduction of technologies
such as the Simultaneous Localization and Mapping (SLAM) algorithm and
Artificial Intelligence. Such technologies have been adopted by major market
players to bring key innovations to their product offerings. Consumers want to
spend less time or completely avoid household chores, such as vacuuming, pool
cleaning, and mowing, which has a direct impact on the growing need for
domestic robots, maximizing their revenue potential. As these robots are used
for indoor as well as outdoor household activities, their area of operation is
limited. Since these robots are more cost-efficient and long-lasting in
comparison to hired domestic help, the adoption rate of these robots has been
increasing significantly over the past few years.
Restraint: Legal safety
and data protection regulations
Regulatory issue related
to the protection of data collected by robots has come into the picture in the
last 2–3 years. For instance, in May 2018, the European Union and European
Parliament approved General Data Protection Regulation (GDPR). The regulation
helps to protect the personal information of individuals within the European
Union and provides guidelines for the control of citizen and resident data. The
household robots collect data such as the floor plan of a house and garden
through smartphone applications integrated with the robots. This personal
information may be compromised if the data is not stored or managed using
authentic applications.
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Opportunity: Various
upgrades to household robots in elderly assistance application
The rapid increase in
the number of the aging population due to better healthcare in developed
countries, such as the US and Japan is driving the need for medical assistance
robots for home deployment. According to the Statistics Bureau of Japan, the
population of elderly citizens (65 and over) constituted about 28.8% of the
total population in 2020, which has surpassed the proportion of children (14
and younger) in the country. This also implies that there are fewer people to
look after the elderly. It is estimated by the Administration of Ageing that
more than 25% of the population in the US will be above 65 years by 2060. The
US Census Bureau forecasts that every 1 in 5 residents will be of retirement
age and the elderly people will outnumber children by 2030.
Challenge: Making
household robots affordable and available globally
In several developing
countries, due to lower per capita income and government taxes, affordability
for consumers remains a challenge due to the high cost of acquiring consumer
products. In India, the import duty could be as high as 27%. In several countries,
hiring domestic help is much more economical. The availability of such products
is also limited and they are mostly sold by third-party retailers and online
stores. Even multinational companies such as Samsung Electronics Co., Ltd., and
LG Electronics Inc. offer robots such as POWERbot and HOM-BOT that are not
globally available and are mostly offered online through third-party sites such
as Amazon (US) or brick-and-mortar stores.
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