The global consumer robotics market was worth US$ 8.7 Billion in the year 2022 and is expected to reach US$ 76 Billion by the year 2032 at a staggering CAGR of 24.3% between 2022 and 2032.
An influx of smart homes all across is the factor majorly fueling the consumer robotics market and the scenario is expected to remain unchanged even going forward. Consumer robots are turning out to be all the more popular as they are capable of serving as personal assistants, in-home carers, and pet sitters as well. Consumers are also asking for semi-autonomous and autonomous robotic technology. Hand-held computer devices are being increasingly asked for.
At the same time, the fact that initial expenditure on capital regarding programming, procurement, integration, and other accessories is higher can’t be ignored. This factor is expected to hamper the consumer robotics market and the scenario is expected to persist even going forward.
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Key Takeaways from the Consumer Robotics Market
North America holds the largest market share with the US being subject to an increasing penetration of the start-ups coupled with advancements with respect to technology. Along these lines, Seegrid Corporation, in October 2022, partnered with Koops Automation for expanding the product offering by making provisions for Seegrid PalionTM autonomous mobile robots with Fleet CentralTM business software systems.
Europe holds the second-largest market share with the UK witnessing an exorbitant demand for consumer robotics. Along these lines, September 2022 witnessed advanced 2-in-1 robot vacuum and mop with thoughtful iRobot OS 5.0 updates brought about by the UK-based iRobot. Roomba Combo j7+ has been designed for busy families. It contains combination of hard floors, rugs, and carpets.
The Asia-Pacific is expected to grow at the fastest rate in the consumer robotics market going forward. China, Japan, and India lead from the front. Mavic 3 multispectral was launched in November 2022 by China-based DJI. Multispectral imaging technology is there with DJI Mavic 3 version for instantly recording data regarding crops for higher agricultural production. Also, Avalon Steritech, along with Softbank Robotics, in March 2021, introduced a 2-in-1 AI-powered cleaning and disinfection robotics solution called ‘Whiz Gambit’. It has been reported to be the first one to achieve efficacy of close to 99% microbial bioburden.
Competitive Analysis:
Key consumer robotics manufacturers are focusing on innovative ways to provide high-quality products, as well as patent their technologies and products and expand their product lines. The players, who currently hold a small market share, are constantly aiming to grow their market share.
For instance
In June 2021, a new autonomous tow tractor with enhanced smart path technology was introduced by Seegrid Corporation. This improved model of the business’s market-leading automated tow tractor comes with improved Smart Path technology, which improves the robotic fleet’s capacity to comprehend and make judgments while moving material in dynamic, high-traffic facilities.
In September 2020, the Furo-s Care robot was launched by Future robot to prevent the spread of infectious diseases in the era of intact. The intelligent quarantine and disinfection robot FURo-S Care moves around the facility on its own, sterilizes with UV and disinfectant, checks visitors’ body temperatures, and identifies whether they are wearing masks.
In January 2022, the Samsung Bot-i-next-generation interaction robot was introduced by Samsung Electronics. The Samsung Bot I is a cutting-edge home interaction robot designed as an “Extension of Myself,” allowing for natural user contact and enabling communication between mobile users.
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