Market Analysis
Market Research Future (MRFR) estimates the global household robot market to surpass USD 8.5 billion at a CAGR of 15.5% from 2018 to 2025 (forecast period).
A household robot is a type of service robot that aids humans by performing an activity or a job. These robots are autonomous and are operated by an in-built control system. It can easily connect to WI-FI networks and performs activities with a high degree of autonomy. It is used for a variety of applications, including education, therapy, and entertainment. The global household robot market is predicted to expand dramatically in the future years.
The global household robot market is being pushed by rising demand for autonomous robots, more awareness of robotics applications, greater safety concerns, and rapid technological improvement. Growing R&D efforts, with an emphasis on enhancing robot endurance, are likely to provide profitable growth possibilities for the worldwide household robotics market during the projection period. However, one of the significant factors that may stymie the industry's growth is the expensive initial investment and product maintenance costs.
COVID-19 Impact on the Global Household Robot Market
Recent technological developments in important areas such as robotics, object recognition, home navigation, and human-robot collaboration have resulted in household robots. COVID-19's global spread has wreaked havoc on the electronics industry. Changes in consumer behavior as a result of global economic turbulence are expected to have an impact on the household robot industry over the forecast timeframe. Governments all around the world have imposed lockdowns, affecting the majority of industrial players and forced people to stay at home, restricting physical contact among people. Most firms have allowed employees to work from home in order to ensure business continuity during the COVID-19 pandemic, which is projected to hinder the growth of the household robots market over the projected period. The constraints imposed on production activities in order to adhere to social distancing standards are anticipated to hinder the growth of the electronics sector, limiting the global household robot market's growth.
The COVID-19 crisis has caused widespread disruption in the electronics industry. Over the forecast period, the shift in customer choices toward crucial products is projected to have an impact on the household robot market. Furthermore, the COVID-19 outbreak has caused international borders to close, resulting in a major decline in worldwide demand for household robots and related goods. Governments all across the world have imposed travel bans. Furthermore, restrictions on public gatherings and travel bans in a number of countries are projected to stymie the growth of the household robot market throughout the forecast period.
The greater emphasis on social distancing and personal care is anticipated to affect demand for such things, especially household robots, in the coming months. The pandemic's spread has not only resulted in the loss of human lives but has also increased the likelihood of a global economic downturn. Lockdowns in a number of nations have had an indirect or direct impact on numerous sectors, producing interruptions in supply chains and operations, as well as product commercialization, among other things.
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Market Segmentation
The worldwide household robot market has been segmented into components, types, and applications.
By component, the worldwide household robot market has been segmented into products and services.
By type, the worldwide household robot market has been segmented into domestic and entertainment.
By application, the worldwide household robot market has been segmented into house cleaning, lawn mowing, companionship, toys & hobby systems, elderly assistance, others.
Regional Analysis
Region-wise, the worldwide household robot market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
North America is a massive market with tremendous development potential for housecleaning robots. The domestic robotics market in North America is backed by a thriving robotics sector and widespread acceptance of robotic technology.
Europe is currently in second place. A growing senior population is driving demand for elderly assistance robots, while younger people want companionship robots and robotic toys.
Key Players
Samsung Electronics Co. Ltd (South Korea), iRobot (US), Neato (US), LG Electronics Inc (South Korea), Ecovacs (China), Dyson (UK), Alfred Kärcher (Germany), Lego (Denmark), John Deere (US), iLife Innovation (China), BSH Hausgeräte (Germany), Miele (Germany), Robomow (Israel), Blue Frog Robotics (France), Husqvarna (Sweden).
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Summary
The global household robot market is expected to surpass USD 8.5 billion at a CAGR of 15.5% from 2018 to 2025 (forecast period). Robotics, AI, microprocessors, electronics, and telecommunications advancements are directly fueling the expansion of the household robotics industry by making robot manufacturing more cost-effective and enhancing robot computational capabilities.
About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
Our rapidly expanding market research company is assisted by a competent team of research analysts who provide useful analytics and data on technological and economic developments. Our deemed analysts make industrial visits and collect valuable information from influential market players. Our main goal is to keep our clients informed of new opportunities and challenges in various markets. We offer step-by-step assistance to our valued clients through strategic and consulting services to reach managerial and actionable decisions.
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Industry InsightThe study on the Global Household Robot Market in 2020 by Market Research Future has been conducted with the bird’s eye view of the current proceeding within the household robot industry.
Owing to the rise in penetration of robots in household applications, a rise in technological advancements, and a surge in cost for labor service, a bright outlook for household robots can be seen in the approaching years.Request a Free Sample @ https://www.marketresearchfuture.com/sample_request/8196Other factors influencing the household robot market are the rapid urbanization, industrialization, awareness, and product development among consumers.
The rise in R investments focuses on improving the endurance capability of robots is ready to form profitable opportunities for the growth of the household robot market in the future timeframe.Segmentation of MarketThe segmentation of the global household robot market has been done in the following ways:In terms of component: The market has included products and services.
The services, though not commanding the large share of the products segment, are critical as it oversees the installation, maintenance, and reprogramming of robots.In terms of type segment, the market has included domestic and entertainment.
The entertainment segment is growing as it includes robotic companions, robotic pets, and even educational robots geared for children.
Advances in AI and voice recognition technology are actively fueling the growth of this segment.In terms of the application segment, the market has included elderly assistance, housecleaning lawn mowing, toys & hobby systems, companionship, laundry robots.
The growth sectors of the Household Robot Market are identified with precision for a better growth perspective.Increasing interest in the development of robotic technology globally and surged cost efficacy in the making of household robots primarily drive the household robot market.
Giant players like LG Electronics Inc., Samsung Electronics Co Ltd., Husqvarna employ their technical know-how in making industrial robots to manufacture cost-effective and efficient household robots, which is propelling the market growth.
The application of robots encompasses services such as maintenance, installation, reprogramming, and repair.
Robots with progressive AI are gaining popularity increasingly as companions and pets.The progressive heuristic learning abilities of entertainment robots adds worth, accelerating demand.
This competitive and large market is capitalizing on the expansion of related markets such as semiconductors, AI, and electronics, to automate domestic applications.
Furthermore, social withdrawal is turning into an increasingly common occurrence with a large number of population residing in developed economies leading virtually secluded lives.The problem is critical enough for the UK to encompass loneliness in the remit of the Minister for Sport and Civil Society and for the government of Japan to identify it as a medical incidence called hikikomori.
Household Robot MarketThe sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Household Robot Market.
The growth sectors of the Household Robot Market are identified with precision for a better growth perspective.Rising interest in the growth of robotic technology worldwide and increased cost efficiency in the manufacture of household robots.Inter-Market DependencyBy ComponentGlobal Robot Market: According to MRFR analysis, the global robotics market is slated to grow to USD 93 billion by 2024 at a CAGR of 16% during the forecast period of 2019 to 2024.
Companies such as Samsung Electronics Co Ltd., LG Electronics Inc., and Husqvarna utilize their technical expertise in creating industrial robots to manufacture efficient and cost-effective household robots, which is fueling market growth.Global Robot Services Market: The use of robots entails services such as installation, maintenance, repair, and reprogramming.
While the household robot services segment constitutes a small section of this market, providers can utilize the existing infrastructure to provide quality service for household robots.By TypeGlobal Consumer Electronics Market: The growth of the global consumer electronics market is fueling the innovation of electronic components that are critical for the cost-effective manufacturing of robots.
The global household robots market directly benefits from this innovation and an increasing number of household appliances can now be automated with ease.Global Entertainment Robot Market: Robots with advanced AI are increasingly in demand as pets and companions.
The advanced heuristic learning capabilities of entertainment robots adds value, fueling demand.
Household Robot Market 2021-2027New Study Reports " Global Household Robot Market 2021, Trends, Market Share, Industry Size, Growth, Opportunities Forecasts 2027" has been Added on MarketResearchFuture.Summary:Starting with the overview of the Household Robot market, it presents an overall analysis of the latest trends that are prevalent in the industry.
The company profiling and market price analysis in relation to the value chain features is also covered in the report.
A multitude of potential growth factors, risks, opportunities, constraints and the threat by new entrants is also mentioned in the report.
Owing to the rise in penetration of robots in household applications, a rise in technological advancements, and a surge in cost for labor service, a bright outlook for household robots can be seen in the approaching years.Other factors influencing the household robot market are the rapid urbanization, industrialization, awareness, and product development among consumers.
Besides, a considerable rise in demand for autonomous robots, upsurge in recognition of robotics applications, the surge in concern for safety, and continuous swell in technological advancements drive the household robot's market growth during the forecast period.Despite these factors, the issue of high initial investments is one of the factors hampering the growth of the household robot market.
The rise in R investments focuses on improving the endurance capability of robots is ready to form profitable opportunities for the growth of the household robot market in the future timeframe.Complete Report Details@ https://www.marketresearchfuture.com/reports/household-robot-market-8196Key PlayersThe report has profiled some of the Important players prevalent in the global like – Samsung Electronics Co. Ltd (South Korea), iRobot (US), Neato (US), LG Electronics Inc (South Korea), Ecovacs (China), Dyson (UK), Alfred Kärcher (Germany), Lego (Denmark), iLife Innovation (China), Robomow (Israel) and Husqvarna (Sweden) and more.This report covers the sales volume, price, revenue, gross margin, manufacturers, suppliers, distributors, intermediaries, customers, historical growth and future perspectives in the Household Robot.Segmentation of MarketThe segmentation of the global household robot market has been done in the following ways:In terms of component: The market has included products and services.
