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Household Robots Market Trends, Top Companies, Share, Growth And Forecast 2033
Household Robots Market Trends
According to The Business Research Company's, 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 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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Market Drivers and Trends:
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.
Technological advancements have emerged as the key trend gaining popularity in the household robot market. Major companies operating in the household robot market are developing innovative technologies to strengthen their position in the market. For instance, in March 2022, Ecovacs Robotics, a China-based top auto cleaning robots designer, launched DEEBOT X1 OMNI, an all-in-one vacuum and mopping robot, based on TrueMapping technology. Some of the unique features of the DEEBOT X1 Omni are the All-in-One OMNI Station, and the potent AIVI 3D. The DEEBOT X1 Omni is specifically designed to perform all-around cleaning to improve daily life.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
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Major Key Players of the Market:
Dyson Limited; Ecovacs Robotics; Neato Robotics Inc.; Alfred Kärcher SE & Co.; LG Electronics Inc; The Lego Group; Samsung Electronics Co Ltd; Husqvarna AB; Deere & Company; Xiaomi Corporation; BSH Hausgeräte GmbH; Miele Corporate; Robomow; Blue Frog Robotics; iLIFE Innovation Ltd; iRobot Corporation; Maytronics Ltd.; Neato robotics Inc.; Hayward Holdings Inc.; Panasonic Corporation; Roborock Technology Co. Ltd; bObsweep Inc.; SharkNinja Operating LLC; Schweitzer Engineering Laboratories; Schneider Electric SE; Opus One Solutions Inc.; Encorp Inc.; Siemens AG; Schweitzer & Conrad Inc.; Spirae LLC Company; Emerson Automation Solutions; CleanSpark Inc.; Eaton Corporation; General Electric Company;
Household Robots Market 2024 Key Insights:
• The household robots market will grow to $20.35 billion in 2028 at a compound annual growth rate (CAGR) of 20.4%.
• Growing Demand For Robots To Drive Household Robots Market Growth
• Ecovacs Robotics' Revolutionary Robot For All-Around Cleaning
• 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
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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