Consumer Robotics Market Facts at a Glance-
- Total Pages: 120
- Companies: 10+ – Including Alphabet Inc., Amazon.com Inc., Ecovacs Robotics Inc., Gaussian Robotics Pte Ltd., Honda Motor Co. Ltd., Irobot Corp., Neato Robotics Inc., Parrot Drone SAS, Ubtech Robotics Inc., and WowWee Group Ltd among others.
- Coverage: Key drivers, trends, and challenges; Product insights & news; Value chain analysis; Parent market analysis; Vendor landscape; COVID impact & recovery analysis
- Segments: Application (domestic tasks, education, security and surveillance, and others)
- Geographies: APAC, Europe, North America, South America, and MEA
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According to the recent market study by Technavio, the Consumer Robotics Market is expected to increase by USD 4.70 billion from 2021 to 2026, at an accelerated CAGR of 12.19%. The report provides a detailed analysis of drivers & opportunities, top winning strategies, competitive scenario, future market trends, market size & estimations, and major investment pockets. APAC will register the highest growth rate of 49% among the other regions.
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Regional Market Outlook
The Consumer Robotics Market share growth in APAC will be significant during the forecast period. Japan, China, Singapore, and South Korea are the prominent countries manufacturing consumer robotics in APAC. The aging population in Japan and Singapore is driving the adoption of service robotics.
In China, the availability of inexpensive consumer robotics and the increasing number of High-Net-Worth Individuals (HNWI s) are driving the adoption of consumer robotics. In Japan and Singapore, the population aged 65 years and above has increased significantly in the past few years. With the rise in the aging population, the demand for long-term care and public spending on it is expected to increase during the forecast period. Long-term care providers face challenges due to the shortage of skilled professionals, which is anticipated to encourage the adoption of consumer robotics in long-term care for the elderly. Several new players are expected to enter the market due to the high demand for consumer robotics. Moreover, consumer robotics are increasingly being adopted in the education sector across APAC. For instance, Pepper and Nao, a consumer robotic manufactured by Softbank, is deployed in several preschools across Singapore for teaching. Such adoption of consumer robots in the education sector is expected to drive the consumer robotics market in APAC during the forecast period.
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Vendor Insights-
The Consumer Robotics Market is fragmented, and the vendors are deploying growth strategies such as focusing on product delivery through multiple distribution channels to compete in the market.
- Alphabet Inc. – The company offers consumer robotics under the brand name of Everyday Robots
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Latest Drivers & Trends Driving the Market-
- Consumer Robotics Market Driver:
- Growing demand for robotic automation processes:
The growing demand for robotic automation processes is one of the key drivers supporting the consumer robotics market growth.Robotic process automation uses intelligent software to conduct high-volume, repetitive processes that take a long time for humans to complete and are frequently monotonous to perform. Furthermore, as a result of its ability to perform various tasks such as account opening and closing, completing quotation and proposal requests, IT system testing and monitoring, and handling billing and customer service queries. Due to this, robotic process automation is becoming increasingly popular across a variety of businesses verticals. Thus, the rising adoption of robotics in diverse application fields will drive market growth during the forecast period.
- Consumer Robotics Market Trend:
- Government support for robotics :
The government support for robotics is another factor supporting the consumer robotics market growth. The robotics programs in the most advanced countries appear to have a completely different strategic objective. For instance, the China Robot Industry Development Plan lays forth the country’s objectives for 2020, including creating three to five globally competitive robot manufacturers and eight to ten industrial clusters. The country’s 45% domestic market share is for high-end robots and raising its robot density to 100 robots per 10,000 workers.
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