NEW YORK, July 05, 2017 (GLOBE NEWSWIRE) -- According to a new market research report “Global Personal Robots Market Size, Share, Development, Growth and Demand Forecast to 2022 - Industry Insights by Type (Cleaning Robot, Entertainment & Toy Robot, Education Robot, Handicap Assistance Robot, Companion Robot, Personal Transportation Robot, Security Robot, and Others)” published by P&S Market Research, the global personal robots market is projected to reach $34,120.3 million by 2022, growing at a CAGR of 37.8% during 2016 - 2022.

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The study suggests that the global personal robots market is likely to grow from $3.8 billion in 2015 to $34.1 billion by 2022. The increase in urbanization is introducing machines, such as personal robots, in the households. Moreover, the declining price of personal robots has been encouraging the budget-conscious customers to purchase them. Their average price has declined by around 27% between 2005 and 2014, and it is likely to decline further by around 22% between 2015 and 2025. This is expected to boost their volume sales, especially in the developed countries, where a personal robot is only afforded by the higher economic class.

As per the research findings, cleaning robots have been the largest contributors to the global market, whereas the market of companion robots is expected to witness the highest CAGR during 2016 - 2022. 

Geographically, Europe has been the largest personal robots market, where Germany stood as the largest contributor to the regional market. In North America, the U.S. has been the major market for personal robots, whereas in Asia-Pacific, Japan has been the major contributor to the reginal revenue. Brazil was the largest market in the Rest of the World, which includes Latin American and Middle-East & African countries. 

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Aging population has been a major factor driving the growth of the global personal robots market. Besides, factors such as declining price of personal robots and increasing demand for mobile robots have equally proved to be the key drivers for the market. Due to the increasing aging population in developed countries, such as Japan, the demand for humanoid robots that are useful for elderly people is expected to increase. High disposable income and need for convenience in developed countries are driving the growth of the personal robots market in these nations.

Product launches and strategic partnerships have been the major recent developments in the global personal robots market. Samsung, Segway and F&P Robotics are some of the companies that recently introduced personal robot products. Sony, Samsung and ZMP are some of the major players to announce partnerships in this market.

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