Press release
Global Household Robots Market Set to Double, Projected to Reach USD 19.3 Billion by 2027 with a Striking CAGR of 16.0%
MarketsandMarkets, a renowned global market research and consulting firm, has unveiled an expansive report on the global household robots market. According to the report, the market is on a path of exceptional growth, projected to reach USD 19.3 billion by 2027, up from USD 9.2 billion in 2022, with a striking Compound Annual Growth Rate (CAGR) of 16.0% during the forecast period from 2022 to 2027.
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Key Segments of the Household Robots Market:
The market is divided into several key segments, including:
Product Type: These encompass cleaning robots, entertainment and leisure robots, education robots, and security and surveillance robots, all of which cater to different aspects of daily life.
Application: Key applications include vacuuming, lawn mowing, companionship, and surveillance, addressing diverse household needs.
Distribution Channel: The market is segmented into online and offline channels, reflecting how consumers access and purchase household robots.
Growth Drivers:
The substantial growth in the household robots market is fueled by various factors, including:
Technological Advancements: Ongoing innovations in robotics, artificial intelligence, and machine learning are enhancing the capabilities of household robots.
Rising Consumer Awareness: Growing awareness of the convenience and efficiency offered by household robots is driving adoption.
Aging Population: The need for assistance in daily tasks, particularly among the elderly, is boosting the demand for robots.
COVID-19 Impact: The pandemic has underscored the importance of automation and contactless solutions, spurring interest in household robots.
Challenges:
High Initial Costs: The initial purchase cost of household robots can be a barrier to adoption for some consumers.
Privacy Concerns: Surveillance and security robots may raise concerns related to data privacy and surveillance.
Opportunities:
Customization and Personalization: The ability to tailor household robots to individual preferences and needs presents opportunities for market growth.
Market Expansion: The market is ripe for expansion in developing regions with growing disposable income.
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Key Players:
The report identifies several key players in the household robots market, including:
• iRobot Corporation
• Ecovacs Robotics
• Xiaomi Corporation
• Samsung Electronics Co., Ltd.
• Neato Robotics, Inc.
• Dyson Ltd
• LG Electronics
• Eufy
• Roborock
• SharkNinja Operating LLC
MarketsandMarkets' report offers comprehensive insights into the current status, growth drivers, challenges, and opportunities in the global household robots market. It serves as a valuable resource for industry stakeholders, investors, and technology enthusiasts seeking to navigate this dynamic and evolving market.
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Mr. Aashish Mehra
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About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
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The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
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