Global Household Robotics Market
Global Household Robotics Market Overview
Household Service Robotics is a collection of the latest technological advances in household service robotics in five main areas: robot systems, manipulation, navigation, object recognition, and human-robot interaction.
The household robots are also termed domestic robots, which are the part of autonomous service robots for carrying out mundane works, such as floor cleaning, pool cleaning, and lawn mowing, but they can also be used for education, entertainment, and elderly assistance.
Market Growth
The household robotics market 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.
Market Segmentation Of Global Household Robotics Market
Market Trends
Voice Commands are getting introduced
Many robotics companies are collaborating with Google to integrate Google’s AI assistant into various robotic vacuums. This has enabled users to control their robots using voice commands.
For instance, in January 2019, iRobot (US) ventured into the lawn mowing marketspace for the first time, with its robotic lawn mower Terra with state-of-the-art mapping and navigation technology.
Household Robot Adoption Rate is Increasing
There is a stronger economic case for adopting robots in higher-wage economies than in lower-wage economies because investments in robots are often justified by how much they save in labour costs. This is why the Boston Consulting Group (BCG) estimated labour cost savings from robotics are considerably lower for developing nations.
Thailand leads with adoption rates 159% more than what its wage levels would predict, while China’s adjusted rate is 153% higher, up from 104% than in 2016.
Market Drivers and Challenges
Data Sources: Modor Intelligence, Science Direct, PRNewswire, AlliedMarketResearch
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