Household Robots Market Worth $9.1 Billion by 2024 - Exclusive Report by MarketsandMarkets™
CHICAGO, July 5, 2019 /PRNewswire/ -- According to the new market research report "Household Robots Market by Offering (Products, Services), Type (Domestic, Entertainment & Leisure), Application (Vacuuming, Lawn Mowing, Companionship, Elderly and Handicap Assistance, Robot Toys and Hobby Systems), and Geography - Global Forecast to 2024", published by MarketsandMarkets™, the Household Robots Market (excluding services) is expected to grow from USD 3.3 billion in 2019 to USD 9.1 billion by 2024, it is expected to grow at a CAGR of 22.4% during the forecast period. As household robots are becoming more practical and usable, consumer demand for them is steadily increasing. Hence, technological advancements in household robots are one of the key factors driving the growth of the household robots market. Another driver for the household robots market includes growing demand for more autonomous operation of such robots, reducing intervention from users.
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Product offerings to dominate household robots market compared to service offerings in 2019
Products represent the tangible value of a product or an offering, which can be a robotic vacuum, window cleaner, or a lawn mower. As products move toward the maturity phase of their product life cycle, they become more reliable and require less frequent maintenance due to factors such as better design or reparability over time. This is expected to bring down the cost of services over time, with products continuing to contribute to a much larger share of the overall market during the forecast period compared to services.
Domestic robots to hold larger share of household robots market during forecast period
Domestic robots perform any of the 4 applications: vacuuming, lawn mowing, pool cleaning, and window cleaning. The vacuuming application has the largest share of the market for domestic robots. The growth of the market for domestic robots can be attributed to the popularity of products such as robotic vacuums, as well as increasing consumer awareness and acceptance toward indoor and outdoor smart home appliances. Technological improvements in domestic robots such as area mapping and voice assistant integration, coupled with its practical benefits of automating household chores enable them to occupy a larger market share.
APAC to hold largest share of household robots market by 2024
APAC is expected to hold the second-largest share of the household robots market in 2019 but is projected to have the highest market share in 2024 by a small margin. Strong demand and acceptance from consumers especially in countries including China and Japan are responsible for the market growth. Also, regional as well as foreign players are helping to push household robotic products into the market. China is expected to be one of the most important markets for household robots in the coming years, both in terms of size and growth. It is projected to have the largest market share by 2024 and the vacuuming application is expected to be the biggest contributor by a wide margin, compared to other applications.
Browse in-depth TOC on "Household Robots Market"
66 – Tables
44 – Figures
132 – Pages
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Major players in the household robots market include iRobot (US), Neato (US), Samsung (South Korea), LG (South Korea), Ecovacs (China), Dyson (UK), Alfred Kärcher (Germany), LEGO (Denmark), Blue Frog Robotics (France), and John Deere (US). Apart from these, Temi (US) and iLife Innovations (China) are a few of the emerging companies in the household robots market.
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