Improving Capability of Household Robot with Modern Technologies. The Global Household Robot Market Value is Expected to Reach US$ 96 billion by 2034 | Future Market Insights, Inc.

NEWARK, Del, Feb. 27, 2024 (GLOBE NEWSWIRE) -- The household robot market value is estimated to be around US$ 14.7 billion in 2024, increasing from US$ 5 billion in 2019. Sales of household robots are expected to surge at a CAGR of 20.6% from 2024 to 2034 in comparison to the 24.7% recorded from 2019 to 2023. Consequently, the household robot manufacturing industry is forecasted to garner a revenue of around US$ 96 billion by the end of the projected period.

The demand for intelligent and effective home management solutions is at an all-time high among consumers with busy professional lives. The popularity of household robots skyrocketed during the pandemic years as at-home solutions for daily activities became necessary to follow strict cleanliness routines. 

By taking care of a typical home task, robotic vacuum cleaners have played a crucial role in the rise of household robots in the last decade. An increase in the percentage of the elderly population is expected to fuel the home companion robot market sales in the Western and Eastern Asia markets in the coming decade.

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“To minimize human intervention and prolong cleaning life, robot vacuums and mops are being equipped with self-emptying and cleaning stations. Artificial Intelligence (AI) advancements and their integration with household robots are aiding in the development of companion robots that can communicate with their owners,” says Sneha Verghese, Senior Consultant for Consumer Goods and Products at Future Market Insights.

Key Takeaways from the Household Robot Market Study Report:

• The market is predicted to witness an absolute growth opportunity of US$ 80 billion over the next ten years.
• The United States currently accounts for 17.7% of the market, which is poised to advance further at a CAGR of 20.8% through 2034.
• In Europe, the United Kingdom holds a lucrative market and is forecasted to thrive at a 21.2% CAGR from 2024 to 2034.
• China is the leading manufacturer of household robots in Asia, which is likely to develop further at a CAGR of 21% until 2034.

Competitive Landscape

The market is concentrated in nature as most of the leading players are currently located in China, Europe, and the United States. Industry-wide initiatives, like the IEEE Robotics and Automation Society standards, are underway to create standards for data security, connectivity, and robot design.

Recent Developments

• According to some leaked documents in May 2023, Amazon Inc. has a new generative AI technology dubbed Burnham, which can make its Astro home robot smarter. As per these confidential docs obtained by Insider, Amazon is working on a covert new AI robot project to provide smart home robots with intelligence and a conversational spoken interface. Large language models and other cutting-edge AI are anticipated to enable the robot to engage in a Q&A dialogue on what it saw and take action.
• In January 2024, Samsung introduced a spherical home robot, Ballie, for those who need a little additional assistance around the house. Samsung has been introducing seemingly prototypes of Ballie since 2020. However, this revised model is the company's first real effort to create a companion robot for the house, as opposed to merely a motorized device like an intelligent vacuum cleaner.

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Household Robot Market Report Scope:

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Key Segments Covered by Household Robot Industry Survey Report:

By Type:

• Domestic
• Entertainment

By Component:

• Product
• Services

By Application:

• House Cleaning
• Lawn Mowing
• Companionship
• Toys and Hobby
• Other Applications
  

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia and Pacific
• Middle East and Africa (MEA)

Authored by: 

Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.  
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.  

Explore wide-ranging Coverage of FMI's Consumer Product Market Insights Landscape:

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