Press release
consumer robotics market is to grow at a higher CAGR of 29.2% in the global market the forecasted period to account for a higher market share value of approximately USD 43.71 billion by the end of the review 2020-2030.
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Competitive Outlook
Hasbro, Inc., Dà-Jiāng Innovations Science and Technology Co., Ltd, MAKO Surgical Corporation, Samsung Electronics Co., Ltd., Google Inc., Intuitive Surgical Inc., Parrot SA, Honda Motors Company Ltd., iRobot Corporation, 3D Robotics, WowWee Group Limited, LG Electronics Inc., Jibo, Inc., Neato Robotics, and Blue Frog Robotics are key players of the global consumer robotics market.
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Market Scope
The global consumer robotics market is expected to grow to USD 17 billion by 2023. It can expand at a CAGR of 19% during the forecast period. Adoption of mobile devices is predicted to drive the market demand exponentially. Technological advances such as artificial intelligence, machine learning, machine vision, human and robot interaction, and tactile sensors can spur the demand in the coming years.
The huge demand for cleaning robots and increasing automation in households can bode well for the market. Compact size of these robots and saved costs for cleaning can drive the procurement of these robots. Assimilation of robots in most janitorial jobs in the coming years can outline the vast demand of the market.
But high costs of these robots can limit the market growth.
Segmentation
By type, it is segmented into personal robots, task robots, surveillance robots, educational robots, entertainment robots, security robots, and others.
By component, it is segmented into processors, communications technologies, power supplies, software, microcontrollers, displays, cameras, actuators, sensors, legs, hopping, ball, walking, manipulators, mobile robots, mobile platforms, wheels, and others.
By vertical, it is sub-segmented into industrial robotics, telepresence robots, educational robotics kits, UAVs, healthcare robotics, and others.
Regional Analysis
North America is one of the leading regions of the world in terms of market share. The market of consumer robotics in this region has a huge demand due to the technological advancements in robotics, which is propelling the market growth to a large extent.
The market in Europe for consumer robotics is expected to witness rapid growth in the forthcoming period due to huge demand for sensors in this region. Moreover, fundraising rounds by venture capitalists for accelerating the research and testing phase of domestic robots can bode well for the global consumer robotics market.
Whereas, Asia Pacific countries such as China, Japan and India is an emerging consumer robotics sector, which is expected to grow at the highest CAGR in the coming years. China is a major hub for electronics devices, which is boosting the market growth of market to the large extent. Innovation in robots and support to aged and mobility-impaired populace can drive the demand for consumer robots.
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