The global consumer robotics market is expected to grow at a CAGR of around 19.7% from 2020 to 2027 and expected to reach the market value of around US$ 18.3Bn by 2027.
Consumer robotics is a professional service robots intended to interact with the customers. These robots are designed with humanoid and non-humanoid technology with a strong support of automation that overcomes human basic tasks coupled with customer base. Like other robots their value lies between labor savings, efficiency, and uptime. The true value of consumer robots depends on their ability to interact with customers more efficiently than humans. Also, ability to collect customer data on face to face interaction can prove as one of the prominent factor for creating brand identity in the global market for the competitors. As consumer robots have major potential for developing interactive marketing and re-branding strategies and strong technical capabilities it can help in tracking and implementation of analytics for understanding customer behavior.
The market for consumer robots is expected to take a strong lead in the global market in coming years. As per the statistics released by International Federation of Robotics World Robotics 2018 Service Robots Reports, it is anticipated that between 2019 and 2021 approx. 40,500 units will be sold representing a 37% compound annual growth rate (CAGR). In addition, 2018 marked as a significant year for consumer robotics market as sales of consumer robotics grew by 53% over 2017 with an estimated value of 7,000 units sold.
Consumer Robotics can Grabbed Market Revenue of US$ 11.5 billion by 2022
Market for consumer robotics will gain a robust peak in coming days. According to International Federation of Robotics (IFR), it is projected that sales of all types of robots that involve commercial, personal, and domestic use could exceed 22.1 million units (valued at US$4.6 billion) in 2019 and 61.1 million units with an estimated value of US$11.5 billion in 2020.
Moreover, IFR states that consumer robots will gain a prominent place in households with vacuum and cleaning robotics. Further, projections released by the organization have gained a strong attention that in 2022 unit sales of these robots will increase by 46% on average per day so that more than 55 million units will be sold till 2022.
Consumer Robotics: A Game-Changer Post-COVID-19
Service robots for personal and domestic use that are designed for mass market focused primarily in the areas of household robots. These involve vacuuming, floor cleaning robots, lawn-moving robots, and entertainment robots. According to the IFR updated report, the total number of service robots for personal and domestic use increased by 34% to more than 23.2 million units sold in 2019. The value was up to 20% to US$ 5.7 billion. Currently, basic robots vacuum are already available for less than US$ 100.
In addition, 75% of the sample domestic robots that include lawn movers, vacuum and floor cleaners and others were produced by American manufacturers.
Investment Opportunities: Grab a Bigger Slice of the Consumer Robotics Market
The growing market for consumer robotics is the use of assistance robots that intend for elderly or handicapped persons. The estimated sales value increased by 17% to US$ 91 million. Numerous national research projects in several countries focus on consumer robotics and considered as a huge market for the future.
Since 2014, National Science Foundation (NSF), has invested US$ 7,00,000 to $1 million projects that highly involve smart service system. One such project is Partnerships for Innovation: Building Innovation Capacity (PFI: BIC) with NSF. These programs are working to advance, adopt, and integrate technology like robots into human centered smart service system. Such national programs offer the opportunities to the scientists to partner with industry with an intention to test their lab created technologies and introduce new product in the market.
Consumer Robotics market is segmented by components, industry verticals, and end-user. By components, the market is segmented into software, sensors, micro-controllers, processors, cameras, displays, power supplies, actuators, and others. Based on end-user, the market is segmented as entertainment robots, security and surveillance robots, personal robots, educational robots, and task robots. Further, by industry verticals, the market is segmented as telepresence robots, UAVs, healthcare robots, and industrial robots.
Based on components, sensors segment is dominating the consumer robotics market Technological advancements and improvements in sensors have gained a prominent place in the global market. This involve tactile and vision systems that increase the set of applications for robots and make them simpler to implement. Readily available industrial connections, simpler integration of end effectors, system I/O, and communication makes robotics easier to implement within the existing platforms. Further, interactive or interconnected interface should be on the top priority for manufacturers to hold a strong position for commercial robotics market.
Based on regions, the market for consumer robotics market covers North America, Asia Pacific, the Middle East & Africa, Latin America, and Europe.
Asia Pacific is Dominating Consumer Robotics Market
China being a prominent region for robotics market has continued the trend of leading it from the forefront for development and improvement in consumer robotics market.
According to IFR, China reached a robot density of 140 units per 10,000 workers in the manufacturing industry in 2018. In 2019, the Chinese government invested US$ 577 million in the development of intelligent robots.
On the other hand, Japan is on the way to grab a rising peak in the coming years owing to New Robot Strategy Policy released for Abenomics Growth Strategy. With an aim to make Japan the robot innovation hub in the world the robot related budget for 2019 was increased to US$ 351 million. The action plan involves manufacturing as well as important service sector like healthcare, agriculture, and infrastructure. In 2018, Japan stood on top position for industrial robot manufacturing and delivered 52% of global supply.
Key companies profiled in this report involve Grishin Robotics, Sharp TechJect Inc., Ecovacs, Hasbro, iRobot, Hoaloha Robotics, Lego Education, RoboDynamics, Neato Robotics, Samsung Electronics, Bossa Nova Robotics, Toyota, Willow Garage, WowWee Group Limited, and among others.
Market By Components
Market By End-user
Security and Surveillance robots
Market By Industry Verticals
Market By Geography
Middle East & Africa
The consumer robotics market is expected to reach a market value of around US$ 18.3 Bn by 2027.
The consumer robotics market is expected to grow at a CAGR of around 19.7% from 2020 to 2027.
Based on components, sensors is the leading segment in the overall market.
Technological advancements, high utility of internet, high problem solving skills, and automation boosts the demand for consumer robotics market.
Grishin Robotics, Sharp TechJect Inc., Ecovacs, Hasbro, iRobot, Hoaloha Robotics, Lego Education, RoboDynamics, Neato Robotics, Samsung Electronics, Bossa Nova Robotics, Toyota, Willow Garage, WowWee Group Limited and other Telepresence Robot Companies and semiconductor vendors, and among others.
Asia Pacific is anticipated to grab the highest market share in the regional market
North America is expected to be the fastest growing market in the forthcoming years