New York, US, April 06, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Consumer Robotics Market Research Report: By Type, Component, and Region- Forecast Till 2030, the market is anticipated to acquire a valuation of approximately USD 43.71 billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 29.2% during the assessment timeframe.
Consumer robots are witnessing rapid acceptance in household and commercial settings. They are successfully being integrated into a variety of commercial spaces like restaurants, hotels, hospitals, and airports, allowing employees to focus on delivering outstanding services. Early adopters at large are ready for robotic assistants for their meaningful benefits for workers and consumers across a variety of daily activities.
Key players leading the global consumer robotics market are
- Jibo Inc. (US)
- Blue Frog Robotics (France)
- 3D Robotics (US)
- MAKO Surgical Corporation (US)
- Neato Robotics (US)
- Honda Motors Company Ltd. (Japan)
- Parrot SA (France)
- Google Inc. (US)
- Wow Wee Group Limited (Hong Kong)
- LG Electronics Inc. (South Korea)
- Hasbro Inc. (US)
- iRobot Corporation (US)
- Samsung Electronics Co. Ltd. (South Korea)
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Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 43.71 Billion |
| Growth Rate | CAGR of 29.2% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | Increase in Investment across Industries |
| Key Market Drivers | Availability of affordable service robots to drive market growth |
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Consumer robots can perform various useful tasks for humans according to their intended application. They are used in a number of industries and for personal/domestic use, as these robots can independently perform various tasks without human interference, manipulating objects in their vicinity to achieve specific goals. Consumer robots can significantly reduce labor costs and help solve skilled workforce shortage problems.
They make human life easier by providing self-assistance for every activity. With their high efficiency in working and programming protocols, these robots offer highly reliable performance. The advantages of using consumer robots are endless, such as a highly flexible working environment, enhanced data collection, and efficient performance analysis.
Additionally, they offer end-to-end deployment services due to their interoperability management programming. Growing automation in both professional and personal sectors, alongside the rising awareness of consumer robots benefits, drives the market demand. The adoption rate of consumer robots is anticipated to accelerate significantly in the coming years.
Industry Trends
Currently, the market is witnessing enormous traction due to the growing trend of home automation and automation in production and manufacturing processes. Moreover, rapid technological upgrades have sped up consumer robotics development. Growing applications and adoption of consumer robotics for household & factory cleaning and playing & educational purposes escalate the market value.
Conversely, government regulations and security concerns related to consumer robotics restrict the market's growth. In the current scenario, machines have been progressing from being entirely manual for having a fixed automatic function to becoming intelligent where they can deal with real-world situations themselves. Commercial applications of consumer robots include retail, agricultural, and industrial cleaning services.
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Segments
The consumer robotics market is segmented into types, components, and regions. The type segment is sub-segmented into task robots, surveillance robots, and others. Among these, the task robots segment accounts for the largest market share. Task robots allow humans to complete various tasks faster and more accurately, providing them with a better working environment. On the other hand, the surveillance robots’ segment is growing at a rapid pace, witnessing the increasing use of these robots for safety purposes.
The component segment is sub-segmented into microcontrollers, displays, and others. Of these, the microcontroller segment accounts for a larger market share, as it is the major component utilized in consumer robotics due to fast and easy operations. By regions, the consumer robotics market is sub-segmented into the Asia Pacific, Americas, MEA, Europe, and rest-of-the-world.
Regional Analysis
The Asia-Pacific region dominates the global consumer robotics market. Increasing technological advancements and rising home automation projects drive market growth. Also, favorable government policies for the development of robotics and enhanced focus on economic diversification positively define the growing consumer robotics market landscape.
Growing industrial automation and the spurring rise in manufacturing sectors across the region influence the consumer robotics market revenues. Japan, China, and India are thriving markets for consumer robotics due to the rapid economic growth in these countries. The impactful economies of industrial manufacturing are major driving forces behind market growth.
North America holds the second-largest share of the global consumer robotics market. The strong presence of prominent developers & manufacturers of consumer robotics, such as 3D Robotics, MAKO, Jibo, and Neato Robotics, positively impacts the market growth. Moreover, the implicit efforts of these companies in technological developments and significant R&D activities & investments are key factors boosting the consumer robotics market size.
The European consumer robotics market has been emerging as a promising space globally. European countries are initiating regulations transforming and expanding the consumer robotics market in the region. Moreover, increasing activities of R&D, increasing commercial applications, and modifications in consumer robotic systems are some of the key factors acting as major tailwinds to the growth of the market.
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Competitive Analysis
Highly competitive, the consumer robotics market appears fragmented due to the presence of many well-established players. These players incorporate strategic initiatives such as acquisition, collaboration, partnership, expansion, and product/ technology launch to maintain their positions and gain a competitive advantage in this market.
These players focus on new product development initiatives and geographical expansion. The global consumer robotics market is anticipated to witness relentless innovations and new product development, eventually resulting in intense competition among manufacturers.
For instance, on Oct. 05, 2022, Miko, a consumer robotics startup company, announced the acquisition of a majority stake in AI firm Square Off to expand its product line beyond the AI robot companions. Miko’s consumer robotics are used by educators, engineers, psychologists, and content developers. Its eponymous kids robots use AI to deliver playful learning experiences. The company has offices in the innovation hubs of Silicon Valley, London, and Mumbai. The two companies share the same passion for robotics and learning.
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