Consumer Robotics Market Growth Analysis | 2023-2029

Market Insights

The consumer robotics market was estimated at USD 6.85 billion in 2022 and is likely to grow at a CAGR of 27.5% during 2023-2029 to reach USD 37.44 billion in 2029.

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Consumer robotics involves the use of household robots, which are designed to simplify people's lives by performing various tasks such as surveillance, security, personal assistance, and education, as well as home duties like vacuuming, floor mopping, window washing, and other similar tasks. These robots are programmable and can be either self-contained or semi-autonomous. There are various types of Consumer Robotics, including domestic robots, vacuum robots, lawn mowing robots, pool cleaning robots, personal assistant robots, as well as toy and instructional robots.

The development of large consumer robots has been spurred by technological advancements in artificial intelligence and navigation systems, as well as the widespread availability of the Internet and the growing popularity of wearable computing devices like smartphones, tablets, and smartwatches. Consumer robots can be controlled by software and can perform various computing tasks delegated to them.

Furthermore, the development of auxiliary intelligence in the form of advanced mobile services has also contributed to the advancement of consumer robots. These services are equipped with problem-solving skills similar to those of consumer robots and can automate tasks such as cleaning dirty kitchen floors, vacuuming, and providing entertainment.

Consumer Robotics involves the utilization of various components such as processors, software, microcontrollers, sensors, actuators, cameras, displays, manipulators, power supply, communication technologies, mobile platforms, balls, and legs. Technological advancements in artificial intelligence and navigation systems, combined with the easy accessibility of the internet and the increasing popularity of hand-held computing devices like smartphones, tablets, and smartwatches, have greatly contributed to the development of Consumer Robotics on a large scale.

Due to the fact that consumer robots can be controlled by mobile hardware and software, a wide range of computer tasks can be assigned to these devices. Additionally, the advancement of consumer robotics is being augmented by auxiliary intelligence through state-of-the-art mobile services. These services possess similar problem-solving abilities and can automate various consumer tasks such as vacuuming, cleaning soiled kitchen floors, and providing entertainment.

Key Players

The major players operating in the global market are:

• Bossa Nova Robotics
• Ecovacs
• Hasbro
• iRobot
• Hoaloha Robotics
• Lego Education
• Grishin Robotics
• RoboDynamics
• Blue Frog Robotics
• WowWee Group Limited
• Neato Robotics
• Samsung Electronics

Market Dynamics

In recent years, the Global Consumer Robotics Market has experienced significant growth due to the increasing popularity of robotic automation. Consumer task robots mimic human actions to perform tasks just as humans do. The incorporation of robotics in consumer tasks helps to achieve time, cost, and comfort savings. Additionally, this technology offers consumers benefits such as reduced effort and improved peace of mind, which is anticipated to drive demand in the Global Market during the forecast period.

While the robotics industry is booming, Consumer Robotics still has a considerable way to go. During the projected period, the demand for Consumer Robotics is expected to be driven by smart homes. Consumer robots are gaining popularity and can now function as personal assistants, in-home caregivers, and even pet sitters. The global trend towards items that effectively free up people's time is driving demand.

Customers are willing to invest in products that claim to save them time. The significant decrease in the prices of these robots, as a result of ongoing technological advancements made by manufacturers across the globe, is expected to further boost demand for these robots.

The remarkable features of these robots, including their enhanced precision, efficiency, and reliability in carrying out designated tasks, are significant drivers propelling the expansion of the market. Additionally, social interaction with robots has been shown to decrease negative emotional and behavioral symptoms in individuals, leading to an increase in overall well-being and care quality.

The rising consumer demand for autonomous and semi-autonomous robotic technology, coupled with the growing use of hand-held computing devices and the proliferation of the internet across the globe, are all contributing to the increasing growth of the Global Market.

Furthermore, these robots offer humans an improved working environment by enabling them to complete tasks more quickly and accurately. In this age of modernization, the incorporation of artificial intelligence and machine learning in robots has generated countless growth opportunities for the market.

Consumer robots empower humans to create and operate machines that are faster, smarter, and more resilient than humans. Robots can perform any tedious, messy, or hazardous job. This is one of the primary factors driving customer adoption of this technology.

The humanoid appearance of robots, which does not attract end-users, is a challenge that hinders the expansion of the robotics industry. Moreover, the amount of funding required for innovation in this sector is significant. On the demand side, reluctance to substitute manual labor with advanced robotic technology in traditional sectors is one of the reasons hindering market growth.

Additionally, the high cost of robots is a crucial factor that prevents consumers from incorporating robotic products into their daily lives. The consumer robotics industry is still in its early stages, and reducing the manufacturing cost of robotic technology is challenging.

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Segment Analysis

By Application Type

The consumer robotics market is divided into different applications, including Household Robots, Social Robots, Entertainment Robots, Educational Robots, and Others. The largest market share is held by the household robots segment, which can automate routine tasks and improve efficiency, leading to reduced stress and time consumption for consumers.

By Connectivity Type

The market is divided into categories based on Connectivity, with Wi-Fi, Bluetooth, and Others being the most important. The Wi-Fi category is expected to have the highest compound annual growth rate due to the increased use of technology and the need for robots with faster speeds. Additionally, the growth of smart cities, as well as its ease of management, will attract a large number of customers to the market.

By Type

The market is categorized into two types: Autonomous and Semi-Autonomous, with the Autonomous segment expected to see the fastest growth during the forecast period due to the increasing consumer demand for autonomous robots worldwide. Major manufacturers of robots are heavily investing in autonomous technology to accelerate the development of robots. The autonomy feature allows robots to perform specialized tasks independently, which increases overall productivity.

Regional Insights

The Consumer Robotics Market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, based on geography. North America holds a significant share of the global market, with the United States and Canada being major contributors to the market's growth. The increasing use of consumer robots in household applications across the region is driving the market's expansion.

On the other hand, the Asia-Pacific region is expected to grow at the fastest rate during the projected period. This is due to the high demand for home robots, particularly in emerging markets such as China, India, and Japan.

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Critical Questions Answered in the Report

• What are the key trends in the global market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
• What is the impact of COVID-19 on the global market?
• What are the key strategies adopted by the major vendors to lead in the market?
• What is the market share of the top vendors?

Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The consumer robotics market is segmented into the following categories.

By Application Type

• Household Robots
• Social Robots
• Entertainment Robots
• Educational Robots

By Connectivity Type

• Wi-Fi
• Bluetooth
• Others

By Type

• Autonomous
• Semi-Autonomous

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, India, Australia, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others)

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Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.

We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

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Company Profiling

• Detailed profiling of additional market players (up to three players)
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Competitive Benchmarking

• Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances.

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Recent Developments

• In February 2023, Samsung Electronics announced that it had purchased a notable stake in Rainbow Robotics, a Korean robotics company, for 59 billion won (USD 47 million).
• In October 2022, ECOVACS launched two new smart robotics products, a robotic lawn mower GOAT G1, and a networked commercial floor cleaning robot, DEEBOT PRO.
• In August 2022, Amazon and iRobot announced that they had signed a definitive merger agreement under which Amazon would acquire iRobot.