Overall Consumer Robotics Market sales in 2022 were held at USD 8.7 billion. With a projected growth rate of 24.3% from 2022 to 2032, consumer robotics sales are expected to reach a valuation of USD 76 Billion by the end of 2032.
As per Future Market Insights (FMI), the household robots' segment is expected to be predominant, projected to grow at a CAGR of over 24.1% from 2022 to 2032.
A sizeable chunk of the projected growth in this sector is likely to be spearheaded by products with Wi-Fi connectivity. This segment is expected to register growth at an average CAGR of 24.2% over the forecast period.
Application of consumer robotics in the cleaning industry is also expected to heavily add to the growing valuation of this market, at a CAGR of 24.1% between 2022 to 2032. Companies are expected to patent novel inventions and compete fiercely as technological innovations will help lower prices.
For example, iRobot’s launch of autonomous vacuums in August 2021 and Amazon’s launch of its personal home-assistant ‘Astro’ in September 2021.
The advent of advanced artificial intelligence and machine learning programs will provide ample scope for key players in this industry to expand not only its range of products, but also, their range of applicability.
For example,'PuroScare’ by FutureRobot pre-formulates plans to sanitize and disinfect areas that can be deemed too dangerous for humans to complete manually.
| Attributes | Details |
|---|---|
| Global Consumer Robotics Market Estimated Size (2022) | USD 8.7 billion |
| Projected Market Value (2032) | USD 76 Billion |
| Anticipated Growth Rate (2022 to 2032) | 24.3% CAGR |
| USA Market size of consumer robotics CAGR (2022 to 2032) | 23% |
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As per Future Market Insights (FMI), historically, from 2017 to 2021, the sales of consumer robotics increased at around 29.5% CAGR. With an absolute $ opportunity of USD 67.4 billion, the market is projected to reach a valuation of USD 76 billion by 2032.
Consumer robots are gaining popularity and now act as housekeepers, personal assistants, and even pet caretakers. A worldwide megatrend is a need for products that really save consumers’ time.
The enormous price decrease for these robots brought on by the ongoing technical advancements made by manufacturers throughout the world has increased demand for these robots even more.
The incorporation of artificial intelligence and machine learning into robots has produced countless potential prospects for the consumer robotics.
Modernization has allowed consumer robots to provide people the ability to design and operate tools that are faster, smarter, and more durable than people. Every tedious, dangerous, or unpleasant task can be accomplished by a robot now.
Factors restraining the demand for consumer robotics are the high cost and safety concerns. Numerous consumers are unable to buy such robots due to their high cost. Only those with higher incomes may have the ability to purchase consumer robots, which reduces their potential market size.
Recent years have seen advancements in consumer robots; however, they still have several limitations. They have a limited range of possible uses because they are unable to yet carry out complicated tasks as well as humans.
Consumer robots frequently gather information about their owners, which causes some individuals to worry about their privacy. Buyers are worried about how having a robot may affect their privacy.
This makes them reluctant to buy one and thus restrains the market growth. High cost and safety concerns are two key factors that might hinder expansion of the consumer robotics sales.
North America is expected to be the leading region, registering growth at 41.4% CAGR between 2022 and 2032. The sectors leading this growth are likely to be household cleaning, education, entertainment, and personal care.
Numerous other factors will also add to market growth, which include increasing adoption of artificial intelligence and IoT technologies, rising demand for automation in various industries, and the need for more efficient and convenient solutions in day-to-day life.
IRobot, Neato Robotics, LG Electronics and Samsung Electronics are some of the leading companies producing consumer robotics products in North America.
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Strategic Partnerships and Agreements to Provide Impetus to Consumer Robotics Demand in the United States of America
The United States market is expected to grow to be worth USD 24.5 billion in 2032. Demand in the market is expected to witness an absolute $ growth of USD 21.4 billion during the forecast period 2022 to 2032.
Demand in the country registered growth at an astounding CAGR of 27.7% from 2017 to 2021. With surging penetration of start-ups and advancement in technology, demand is expected to rise at a CAGR of 23% from 2022 to 2032.
In October 2022, a strategic partnership with Koops Automation systems was announced by Seegrid Corporation, a United States of America-based company. Under the collaborative agreement, Koops can expand their product offering by providing their clients with the whole line of Seegrid PalionTM autonomous mobile robots and Fleet CentralTM business software systems.
Integration of Advanced Robotics System in Households to Propel Consumer Robotics Sales
The United Kingdom market is expected to grow to be worth USD 3.8 billion with an absolute dollar growth of USD 3.4 billion. Demand for consumer robotics in the United Kingdom has grown at a CAGR of 28.1% from 2017 to 2021 and is expected to grow at a CAGR of 23.3% from the year 2022 to 2032.
In September 2022, world's most advanced 2-in-1 robot vacuum and mop with thoughtful iRobot OS 5.0 updates were introduced by iRobot, a United Kingdom-based company. The Roomba Combo j7+, unlike other 2-in-1 robots, is designed for busy families with a combination of carpets, rugs, and hard floors.
This saves time while maintaining clean, fresh floors. The robot can recognize different types of floors thanks to its sophisticated sensors.
China to Witness Absolute $ Opportunity for Consumer Robotics at USD 5.5 Billion
As per the study, sales in the China market are expected to grow to be worth USD 6.2 billion in 2032. Demand for consumer robotics has grown at a CAGR of 31.3% from 2017 to 2021 and is expected to grow at a CAGR of 25.4% from the year 2022 to 2032.
In November 2022, The Mavic 3 multispectral was launched by DJI, a Chinese company. A multispectral imaging technology is included with this DJI Mavic 3 version to instantly record data on crop growth for more efficient agricultural production.
Novel Products and Applications to Keep the Consumer Robotics Demand Steady in Japan
Demand for consumer robotics in Japan is expected to grow to be worth USD 5.2 billion with an absolute $ growth of USD 4.6 billion. Sales in the country grew at a CAGR of 28.6% from 2017 to 2021 and is expected to grow at a CAGR of 23.6% from the year 2022 to 2032.
In March 2021, a 2-in-1 AI-powered cleaning and disinfection robotics solution was introduced by Avalon Steritech and Softbank robotics, a Japanese company. The robot is named "Whiz Gambit" and is the first to achieve a performance mark with an efficacy of about 99% microbial bioburden.
Wi-Fi to Remain Highly Sought-After for Connectivity in Consumer Robotics
Wi-Fi connectivity segment is projected to witness the significant growth over the upcoming decade. It has several applications in the automotive sector. The CAGR for Wi-Fi was around 29% from 2017 to 2021, and is forecasted to grow to around 24.2% by the end of 2032.
With the increasing adoption of new technologies by consumers and businesses alike, there is a growing need for efficient robotics. This has caused the Wi-Fi market to develop at a quick compound annual growth rate. Also, the rise of smart cities, and their characteristic features of simple management, is expected to bring in a lot of customers.
Household Robots in Consumer Robotics to Register 24.1% CAGR between 2022 and 2032
Based on application, the cleaning/household robotics segment is predicted to generate maximum revenue for consumer robotics manufacturers. The CAGR for cleaning/household robots by application was around 28.5% from 2017 to 2021 and is forecasted to grow by 24.1% by the end of 2032.
Due to their ability to automate routine tasks and boost productivity, cleaning robots hold one of the big market shares. This reduces stress and frees up customers' time. The development of the consumer robotics market is anticipated to present profitable prospects due to technical improvements, the rise in demand for Industry 4.0 standards, and the emergence of Industry 5.0.
Key consumer robotics manufacturers are focusing on innovative ways to provide high-quality products, as well as patent their technologies and products and expand their product lines. The players, who currently hold a small market share, are constantly aiming to grow their market share.
For instance
The growth potential of the consumer robotics market is 24.3% CAGR through 2033.
The market expanded at a CAGR of 29.5% in the historical period.
Safety concerns and high cost of consumer robotics are restricting the market growth.
The growth potential of the China market is 25.4% CAGR through 2033.
Wi-fi connectivity is likely to remain preferred through 2033.
| Market Value for 2024 | USD 1,540.57 million |
|---|---|
| Market Value for 2034 | USD 5,609.75 million |
| Market CAGR (2024 to 2034) | 13.8% |
| Expected Market Value in 2023 | USD 2 billion |
|---|---|
| Projected Market Value in 2033 | USD 4 billion |
| CAGR (2023 to 2033) | 7.2% |
| Market Value (2023) | USD 39 billion |
|---|---|
| Market Forecast Value (2033) | USD 220 billion |
| Market CAGR (2023 to 2033) | 18.9% |
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