during 2019–2024. The household robots market is expected to grow from USD 3. 3 billion in 2019 and is projected to reach USD 9. 1 billion by 2024; it is expected to grow at a CAGR of 22. 4% during the forecast period.
New York, Jan. 13, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Household Robots Market by Offering, Type, Application And Geography - Global Forecast to 2024" - https://www.reportlinker.com/p05795672/?utm_source=GNW
Household robots in recent years have witnessed a huge leap in practicality and convenience with the introduction of features such as area or floor mapping and no-go zones. Integration of AI from Amazon (US) and Google (US) has enabled voice activation and smart response for such devices. The usability of household robots, coupled with demand for products to automate household chores like cleaning, is the major driving factor for this market. Data privacy is one of the main restraining factors for such robots. As household robots gain more features such as area mapping and voice control, misuse of user data by the manufacturer or third-party has become a real concern. As the proportion of the ageing population increases worldwide, companionship and elderly assistance robots for home use present a lucrative growth opportunity to the household robots market. Global availability and cost remain one of the major challenges for the market.
Household robots market for domestic robots to grow at higher CAGR during forecast period
Domestic robots, which include robots for vacuuming, lawn mowing, pool cleaning, and window cleaning applications hold a significantly larger share of the market.Domestic robots are expected to have a higher CAGR compared with entertainment and leisure robots, a few of which include robot toys and hobby systems, companionship, and elderly and handicap assistance robots.
Since domestic robots have the practical benefit of automating household chores, they have a greater demand in the market compared with entertainment and leisure robots.Vacuuming and lawn mowing applications contribute the most to the growth of domestic robots.
Products such as companionship robots are not as widely used when compared with domestic robots.Handicap systems such as exoskeletons are used more often in rehabilitation centers rather than at homes due to their high costs.
These are the key factors leading to the slow growth of entertainment and leisure type robots.
Market for lawn mowing application to grow at highest CAGR from 2019 to 2024
Lawn mowing application is expected to register the highest growth among all household robots and is expected to have the second-largest market share, in terms of value, by 2024.It is expected that traditional lawn mowers will be replaced by robotic lawn mowers.
Improvement of robotic lawn mowers by introducing features such as silent operation and provision for adjusting grass cutting height or speed is contributing to growth in their adoption rate. Software improvements and new features have been the major development areas for robotic lawn mowers just as for robotic vacuums, with features such as rain sensing, scheduling, area mapping and no-go zones, remote accessibility through smartphones, and motion detection.
Market in APAC to grow at highest CAGR during forecast period
APAC is expected to dominate the household robots market during 2019–2024.Regional manufacturers of household robots in China and Japan coupled with the growing popularity of various household robots, especially in China, are contributing to the high growth in APAC.
Penetration and sales of household robots in the APAC region are strongly correlated with the economic strength of the countries in this region.Countries such as China and South Korea are leading the growth in the APAC region.
These countries have strong regional players as well as customers who are willing to purchase these products.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key industry experts in the household robots marketspace. The break-up of primary participants for the report has been shown below:
• By Company Type: Tier 1 – 40%, Tier 2 – 40%, and Tier 3 – 20%
• By Designation: C-level Executives – 35%, Directors – 25%, and Others – 40%
• By Region: North America – 50%, Europe – 30%, APAC – 15%, and RoW – 5%
The report profiles key players in the household robots market with their respective market ranking analysis. Prominent players profiled in this report are iRobot (US), Neato (US), Samsung (South Korea), LG (South Korea), Ecovacs (China), Dyson (UK), Alfred Kärcher (Germany), LEGO (Denmark), Blue Frog Robotics (France), John Deere (US), iLife Innovation (China), bObsweep (Canada), Miele (Germany), BSH Hausgeräte (Germany), temi (US), Monoprice (US) Husqvarna (Sweden), Robomow (Israel), Maytronics (Israel), Hayward Industries (US), ASUSTek (Taiwan), Miele (Germany), Bissell (US), Pillo (US), and Anki (US).
This research report categorizes the global household robots market on the basis of offering, type, application, and geography.The report describes the major drivers, restraints, challenges, and opportunities pertaining to the household robots market and forecasts the same till 2024.
Apart from these, the report also consists of leadership mapping and analysis of all the companies included in the household robots ecosystem. It also includes pricing information about the key segments and various products offered.
Key Benefits of Buying the Report
The report would help leaders/new entrants in this market in the following ways:
1. This report segments the household robots market comprehensively and provides the closest market size projection for all subsegments across different regions.
2. The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth.
3. This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes competitor ecosystem, product developments and launches, partnerships, and mergers and acquisitions.
4. The analysis of the top 25 companies, based on the strength of the product portfolio as well as the business strategy will help stakeholders visualize the market positioning of these key players.
Read the full report: https://www.reportlinker.com/p05795672/?utm_source=GNW
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