Portland,OR, April 19, 2024 (GLOBE NEWSWIRE) -- Allied Market Research has recently published a report, titled, “Consumer Robotics Market Size, Share, Competitive Landscape and Trend Analysis Report by Type, by Application: Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, The global consumer robotics market size was valued at $6 billion in 2022, and is projected to reach $59.5 billion by 2032, growing at a CAGR of 26.7% from 2023 to 2032.
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Prime Determinants of Growth
The growing demand for different types of diamond & gold jewelry among brides and the growing prominence of online retail & digital platforms are the factors expected to drive the growth of the global consumer robotics market in the forecast period from 2023 to 2032. However, the safety concerns & regulatory compliance and the high costs associated with consumer robotics may restrict market growth in the coming future. On the contrary, technological advancements and the integration of robots with smart home technologies & IoT are expected to offer remunerative opportunities for the expansion of the consumer robotics market during the forecast period.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $6 billion |
| Market Size in 2032 | $59.5 billion |
| CAGR | 26.7% |
| No. of Pages in Report | 290 |
| Segments covered | Type, Application, and Region |
| Drivers | Increase in demand for consumer robotics in household chores Integration of AI in robotics Growing usage in a wide range of applications |
| Opportunities | Technological advancements Expansion into new applications and industries |
| Restraints | Regulatory challenges and high initial costs |
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COVID-19 Scenario:
- The COVID-19 pandemic has had a significant impact on the consumer robotics market. It accelerated the adoption of automation technologies across industries, aiming to reduce human interaction and maintain operations amidst lockdowns and social distancing protocols.
- Besides, the crisis also catalyzed advancements in health technology, such as telemedicine, contactless health monitoring devices, and digital tools for managing and tracking the virus's spread. Moreover, governments around the world introduced economic stimulus packages to lessen the financial burden of the pandemic, channeling funds into various sectors to aid businesses and individuals.
Type: Semi-autonomous Sub-segment to Hold Major Market Share by 2032
The semi-autonomous sub-segment accounted for the largest global consumer robotics market share of 59.3% in 2022 and is expected to hold major share by 2032. This significant growth is mainly due to the user-friendly design and cost-efficiency of semi-autonomous consumer robots. Besides, these robots handle tasks based on specific commands, making them ideal for household chores. Their affordability and ease of use have popularized them in homes, where they provide efficient task assistance, reinforcing their dominance in consumer robotics.
Application: Household Robots Sub-segment to Flourish Immensely During the Forecast Period
The household robots sub-segment held the largest market share of 45.5% in 2022 and is predicted to grow at the highest CAGR of 27.1% during the forecast period. This dominance is primarily due to the significant impact of household robots on home management. These robots, which include robotic vacuum cleaners, lawn mowers, and window cleaners, streamline daily chores with high efficiency and minimal human input. Enhanced with AI, they adapt to home environments and user habits, offering tailored assistance and transforming the household dynamic. These factors are predicted to fortify the sub-segment's growth by 2032.
Region: Europe Market to Hold Major Market Share
The consumer robotics market in the Europe region accounted for the largest share of 40.0% in 2022 and is predicted to continue to maintain its dominance in terms of market share during the forecast period. This growth is mainly owing to the robust demand for automation in daily life and the region’s strong tech infrastructure. The market is flourishing with a variety of consumer robots ranging from smart home assistants to robotic vacuum cleaners and lawn mowers. This diversity enhances household efficiency and convenience, reinforcing Europe's market dominance.
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Leading Players in the Consumer Robotics Market:
- 3D Robotics Inc
- Hasbro Inc.
- Honda Motors Co Ltd.
- Neato Robotics, Inc.
- Google Inc.
- iRobot Corporation
- Bossa Nova Robotics Inc.
- Samsung Electronics Co. Ltd.
- LG Electronics Inc.
- Blue Frog Robotics, Inc.
The report provides a detailed analysis of the key players of the global consumer robotics market. These players are employing various strategies including launching new products, entering collaborations, expanding operations, forming joint ventures, and signing agreements, all aimed at boosting their market share and securing their competitive position across different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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