Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "Global Household Robots Market by Offering, Type (Domestic, Entertainment & Leisure), Distribution Channel, Application (Vacuuming, Lawn Mowing, Companionship, Elderly and Handicap Assistance, Robot Toys and Hobby Systems) and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global household robots market is undergoing rapid expansion with an estimated market value of USD 10.3 billion in 2023, forecasted to reach USD 24.5 billion by 2028. This growth underscores an impressive CAGR of 18.8% from 2023 to 2028. A significant factor propelling this growth is the increasing government initiatives that foster the development of advanced robotic technologies.
Services Segment to Play Crucial Role in Market Expansion
Service offerings in the household robots domain, including installation, extended warranties, and repair services, are set to play an increasingly crucial role in supporting market growth throughout the forecast period. This trend is illustrated by companies such as Robomow, which provides comprehensive installation and setup services for their robotic lawn mowers.
Entertainment and Leisure Robots to Witness a Surge in Popularity
Within the household robotics market, entertainment and leisure robots, although currently holding a smaller market share than domestic robots, are predicted to experience a considerable CAGR during the forecast period. These robots offer engaging experiences and are becoming increasingly appealing as toys and companions for consumers.
Offline Distribution Channel Demonstrates Robust CAGR
Though online sales have historically dominated the household robot market, the offline distribution channel is expected to witness the highest CAGR during the forecasted period. Established consumer electronics companies like Samsung Electronics Co., Ltd. and Xiaomi Corporation leverage their well-established brick-and-mortar presence, while specialty household robot firms are investing in building their offline retail capability.
Significant Growth of Pool-Cleaning Robots in Household Applications
The task of pool cleaning has been revolutionized with the advent of automated pool-cleaning robots, which deliver efficient cleaning with minimal human intervention compared to traditional methods. These robots are recognized for their user-friendly, efficient, and cost-effective solutions for pool maintenance.
Rest of the World (RoW) to Lead Market Growth
The Rest of the World region, particularly South America and the Middle East, displays the largest potential for market growth. In the Middle East, where affordability is less of a concern, the main challenge lies in market fragmentation and consumer preference for traditional cleaning methods. Notably, South Africa presents an untapped market brimming with opportunities for various household robotic applications.
Insights for Stakeholders and Market Leaders
This comprehensive analysis of the household robots market offers valuable insights for stakeholders and market leaders to better understand the competitive landscape, strategize market entry and positioning, and grasp current dynamics such as pivotal drivers and challenges that are influencing market growth. The report extensively covers the diverse applications of household robots, including vacuuming, lawn mowing, companionship, and eldercare, among others.
Market participants are expected to benefit from a wealth of information on market trends, the pulse of the market, opportunities for diversification, and the comprehensive competitive assessment of industry leaders. This report serves as an indispensable resource for stakeholders seeking to navigate the rapidly evolving household robot landscape and capitalize on emerging market opportunities.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 204 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $10.3 Billion |
| Forecasted Market Value (USD) by 2028 | $24.5 Billion |
| Compound Annual Growth Rate | 18.8% |
| Regions Covered | Global |
Companies Mentioned
- Beijing Roboroach Technology Co. Ltd.
- Bissell, Inc.
- Blue Frog Robotics
- Bobsweep
- Cecotec Innovaciones S.L.
- Deere & Company
- Dyson
- Ecovacs
- Hayward Holdings, Inc.
- Husqvarna Group
- Ilife
- Irobot Corporation
- Lego System A/S
- Lg Electronics Inc.
- Maytronics
- Miele
- Monoprice, Inc.
- Neato Robotics, Inc.
- Robomow
- Samsung
- Sharkninja Operating LLC
- Sharp Corporation
- Temi
- Ubtech Robotics, Corp Ltd.
- Xiaomi
For more information about this report visit https://www.researchandmarkets.com/r/nwcmbh
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