Robotic Vacuum Cleaner Market Revenues to Reach USD 10.37 billion by 2029- Market Size, Share, Forecasts, & Trends Analysis Report by Mordor Intelligence

According to the latest research report titled, "Robotic Vacuum Cleaner Market (2024 - 2029) [https://www.mordorintelligence.com/industry-reports/robot-vacuum-cleaners-market?utm_source=Press+Release&utm_medium=Backlinks&utm_campaign=Marketing]" by Mordor Intelligence, the Robotic Vacuum Cleaner Market is estimated at USD 5.46 billion in 2024 and growing at a CAGR of 13.70% during the forecast period.

Companies are increasingly drawn to invest in the robotic market due to burgeoning demand across diverse industries and ongoing advancements within the sector. Specifically, the surge in interest in domestic consumer robots, particularly robot vacuum cleaners, is significantly driving market growth. This trend is fueled by rising investments in research and development aimed at enhancing personal service robots for household applications. Major players such as Future Robot, Ecovacs, Hanool Robotics, and iRobot Corporation are intensifying their R&D efforts to offer innovative domestic service robots tailored for diverse household needs, thereby capitalizing on heightened consumer awareness and demand.

The market is experiencing growth driven by the expanding accessibility of Internet services and the ubiquitous presence of the 5G network. Furthermore, shifts in household chore habits have contributed to the global expansion of the robotic vacuum cleaner market. The increasing popularity of self-driving vacuum cleaners further amplifies this trend.

Report Summary

* Market Size (2024): USD 5.46 billion
* Market Size (2029): USD 10.37 billion
* CAGR (2024 - 2029): 13.70%
* Study Period: (2019-2029)
* Report Scope: Market Dynamics, Revenue Forecast & Segmentation, Competitive Landscape & Recent Developments, Market Growth, Future Opportunities, and Trends
* Market Drivers: Changing Consumer Preferences and Socio-economic Factors Along with Reduced Unit Prices

Which are the Top Companies in the Robotic Vacuum Cleaner Market?

The robot vacuum cleaners market is competitive mainly due to major players such as iRobot Corporation and Neato Robotics (Vorwerk). Furthermore, the probability of new players entering the market is moderately high, which could further intensify market competition.

Prominent players in the Robotic Vacuum Cleaner Market:

* Ecovacs Robotics Co. Ltd
* Roborock Technology Co. Ltd
* LG Electronics Inc.
* iRobot Corporation
* Cecotec Innovaciones SL
* Neato Robotics Inc.
* Electrolux AB
* SharkNinja Operating LLC
* Panasonic Corporation
* Haier Group Corporation
* Hitachi Ltd
* Samsung Electronics Co. Ltd

Other Reports that Might be of Your Interest

* Robotics Market Report: [https://www.mordorintelligence.com/industry-reports/robotics-market?utm_source=Press+Release&utm_medium=Backlinks&utm_campaign=Marketing] The Robotics Market size is estimated at USD 45.85 billion in 2024, and is expected to reach USD 95.93 billion by 2029, growing at a CAGR of 15.91% during the forecast period (2024-2029)
* Security Robot Report [https://www.mordorintelligence.com/industry-reports/security-robots-market?utm_source=Press+Release&utm_medium=Backlinks&utm_campaign=Marketing]: The Security Robot Market size is estimated at USD 15.70 billion in 2024, and is expected to reach USD 29.65 billion by 2029, growing at a CAGR of 13.57% during the forecast period (2024-2029)

Key Highlights from the Robotic Vacuum Cleaner Market Report

1. Residential Households: Leading the Charge in Rapid Market Growth

* Rising disposable income, dual-income households, and shifting lifestyles are fueling the market for AI-based smart devices like robotic cleaners, particularly in emerging nations.
* In developed countries, market vendors are also increasingly targeting commercial cleaning applications
* During the forecasted period, the demand for robotic vacuum cleaners is expected to surge, driven by advancements in technology such as Wi-Fi connectivity, AI capabilities, and voice assistance, both in smart homes and commercial settings.
* To keep up with the continuously shifting demands of their customers, many companies concentrate on developing and providing cutting-edge new products.
* Due to the time and effort, they save, consumers across all market sectors are placing a premium on automated products.
* As consumers use automated cleaners more frequently, which encourages the use of smart home technology, market growth is projected.
* However, conventional construction methods and intelligent homes are now within reach and gaining popularity due to advancements in electronics and their smooth integration with earlier technologies.
* The latest robotic vacuum models can also converse with Google Assistant or Amazon's Alexa to comprehend and execute audible commands.
* The interoperability of smart home and Internet of Things (IoT) devices may create new markets and commercial opportunities for manufacturers of robotic vacuum cleaners.

2. North America Leads in Market Share for Robotic Vacuum Cleaners

North America stands at the forefront of robotics innovation and adoption, boasting one of the largest markets globally. The surge in market growth is primarily fueled by the increasing embrace of domestic robots across the region. Among the key contributors to the global expansion of robot vacuum cleaners, the United States has emerged as a pivotal nation. Renowned for its substantial investments and groundbreaking advancements in the field, the US hosts several prominent companies driving progress in this sector. While these companies are acclaimed for their cutting-edge product offerings, many have opted to outsource manufacturing operations, allowing them to focus their engineering efforts primarily on robot design.

What are the Latest Developments in the Robotic Vacuum Cleaner Market?

* In May 2022: Mineral Resources marked a significant milestone in its lithium growth strategy with the first new spodumene concentrate delivered at the Wodgina Lithium Project in the Pilbara region of Western Australia.
* April 2022: SQM SA planned to invest USD 900 million in 2022 as part of its plan to increase lithium carbonate and hydroxide production capacity. The company has plans to enhance lithium carbonate production capacity to 180,000 metric tons per annum in the future. Furthermore, the capacity is likely to reach 210,000 tons by early 2023.

Mordor Intelligence Report on the Robotic Vacuum Cleaner Market segments the market based on product type, application, and geography:

* By Type (Market Size & Forecast based on Value (USD billion), 2024-2029)
* Floor Cleaner
* Pool Cleaner
* Window Cleaner
* By End-user (Market Size & Forecast based on Value (USD billion), 2024-2029)
* Commercial
* Residential
* By Geography (Market Size & Forecast based on Value (USD billion), 2024-2029)
* North America
* United States
* Canada
* Europe
* United Kingdom
* Germany
* France
* Rest of Europe
* Asia-pacific
* China
* Japan
* South Korea
* Rest of Asia-Pacific
* South America
* Brazil
* Argentina
* Rest of South America
* Rest of the world

In a nutshell, the Mordor Intelligence Market Research Report provides in-depth market insight to industry players, investors, researchers, consultants, and business strategists, looking for comprehensive details on the Robotic Vacuum Cleaner industry. Get a glance at the Robotic Vacuum Cleaner Market Report (2024 - 2029)

About Mordor Intelligence

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With a team of over 550 domain experts and on-ground specialists spanning 150+ countries, Mordor Intelligence possesses a unique understanding of the global business landscape. This expertise translates into comprehensive syndicated and custom research reports covering a wide spectrum of industries, including aerospace & defense, agriculture, animal nutrition and wellness, automation, automotive, chemicals & materials, consumer goods & services, electronics, energy & power, financial services, food & beverages, healthcare, hospitality & tourism, information & communications technology, investment opportunities, and logistics.

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* Medical Robotic Systems Market Report [https://www.mordorintelligence.com/industry-reports/global-medical-robotic-systems-market-industry?utm_source=Press+Release&utm_medium=Backlinks&utm_campaign=Marketing]: The Medical Robotic Systems Market size is estimated at USD 13.32 billion in 2024, and is expected to reach USD 28.14 billion by 2029, growing at a CAGR of 16.13% during the forecast period (2024-2029)
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