PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1397879
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1397879
Scope of the Report | |
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Years Considered for the Study | 2019-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Units Considered | Value (USD Billion) |
Segments | By Offering, Type, Application, and Region |
Regions covered | Asia Pacific, North America, Europe, and Rest of the World |
Household Robots market size is valued at USD 10.3 billion in 2023 and is anticipated to be USD 24.5 billion by 2028; growing at a CAGR of 18.8% from 2023 to 2028. Increasing government initiatives for the development of robotic technologies. Government initiatives aimed at supporting innovation and startups in the technology sector provide incentives and grants to entrepreneurs and companies developing household robots. This support encourages the creation of new products and solutions within the market.
"Services to have significant market size during the forecast period."
A few companies offer various services that add non-tangible value for the user of household robots. Their services are offered on a company-to-company basis, such as installation services for lawnmowers that can include boundary-making or programming no-go zones. Robomow (Israel) for instance, offers installation and setup services with the purchase of robotic lawnmowers. Services for other products include, but are not limited to, extended warranties, yearly or monthly servicing packages, in-house diagnostics, and repairs.
"Entertainment and leisure robots in household robots to grow significantly during the forecast period."
The market for entertainment and leisure robots holds a smaller market share compared to domestic robots but is expected to witness significant CAGR during the forecast period. Entertainment and leisure robots capture consumer attention by offering unique and enjoyable experiences. Robots designed for entertainment purposes, such as robotic toys or companions, attract consumers who might not have initially considered purchasing a household robot.
"Offline distribution channel is expected to have highest CAGR during the forecast period."
The offline channel includes dedicated retail outlets and multi-brand digital gadget outlets of the companies. In the household robots market, the share of robots purchased through the offline channel is significantly low. Tech giants such as Samsung Electronics Co., Ltd. (South Korea), LG Electronics Inc. (South Korea), and Xiaomi Corporation (China) have existed in the consumer electronics business for a long time, hence, they already have a well-established chain of electronic stores across the world but companies, which are completely dedicated to household robots are in the process of establishing themselves in the offline market.
"Pool-cleaning robots to have significant market during the forecast period."
Pool-cleaning robots can remove dirt and debris in pools and can scrub the surface of the pools. The manual cleaning of pools requires a lot of effort and is time-consuming. However, the introduction of pool-cleaning robots has simplified the process of cleaning. They are the advanced, efficient, and cost-effective versions of traditional pool-cleaning equipment. They collect debris and sediments from swimming pools with minimal human intervention.
RoW is to have the largest market growth during the forecast period.
Economic strength is one of the primary factors for the adoption of household robots except for countries in the Middle East. The South American region excluding Mexico has only a few players such as iRobot Corporation (US) and Electronica Steren (Mexico) who are operating in this market space. In the Middle East, even though most consumers can afford robotic vacuums, the market is fragmented, with most buyers preferring traditional vacuums over stylish or robotic vacuums. On the other hand, vacuum cleaners, in general, are considered a luxury item, especially in North Africa and robotic vacuum penetration is significantly low in the region. South Africa, however, has an untapped market for various household robots.
The key players operating in the household robots market are iRobot Corporation (US), Ecovacs Robotics Co., Ltd. (China), Xiaomi Corporation (China), Maytronics, Ltd. (Israel), Samsung Electronics Co., Ltd. (South Korea), Neato robotics, Inc. (US), Dyson Limited (Singapore), LG Electronics Inc. (South Korea), LEGO A/S (Denmark), Hayward Holdings, Inc. (US), UBTECH Robotics, Inc. (China), Husqvarna Group (Sweden), Miele (Germany), Robomow (Israel), Cecotec Innovaciones S.L. (Spain), Monoprice, Inc. (US), temi (US), Deere & Company (US), BObsweep (Canada), ILIFE Innovation Limited (China), ILIFE Innovation Limited (China), Sharp Corporation (Japan), SharkNinja Operating LLC (US), Bissell Inc. (US), Blue Frog Robotics (France), and Beijing Roborock Technology Co. Ltd. (China).
The report defines, describes, and forecasts the household robots market based on offering, type, distribution channel, application, and region. It provides detailed information regarding drivers, restraints, opportunities, and challenges influencing the growth of the household robots market. It also analyzes competitive developments such as product launches, acquisitions, expansion contracts, partnerships and actions carried out by the key players to grow the market.
Reasons to Buy This Report
The report will help the market leaders/new entrants in the market with information on the closest approximations of the revenue for the overall household robots market and the subsegments. The report will help stakeholders understand the competitive landscape and gain more insight to position their business better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market's pulse and provides information on key drivers, restraints, opportunities, and challenges.