Personal Robots Market Overview
The global personal robots market reached $3.8 billion in 2015, and is expected to register a CAGR of 37.8% during the forecast period (2016–2022). Aging population has been one of the major factors driving the growth of the market, globally. Moreover, increasing consumer demand for luxury items for comfort and leisure, and reducing prices of personal robots are advancing the growth of the market.
Based on type, the personal robots market is categorized into cleaning robot, entertainment & toy robot, education robot, companion robot, personal transportation robot, handicap assistance robot, security robot, and others. Among these, cleaning robots are expected to dominate the market during the forecast period. The personal or domestic robots used for household and personal applications are produced with general functionality. The robot-human interface is programmed in such a way that consumers with low technological knowledge can use personal robots conveniently and effectively. Owing to this, the demand for cleaning robots is expected to significantly rise.
Personal Robots Market Dynamics
Increasing percentage of elderly population in developed countries is one of the major factors propelling the growth of the personal robots market, globally. Personal robots help elderly in day-to-day chores such as providing medication, doing laundry, and moping floor. Across the world, Japan has been at the forefront of the aging population with the largest share of elderly among all developed countries. This has increased the demand for humanoid robots in the country. Further, with increasing disposable incomes, the demand for personal robots is increasing in developed economies.
Another driving factor in the personal robots market is declining prices. During 2005–2014, the prices of personal robots declined by 27%, which are further expected to be decreased by 22% during 2015–2025. The price decline is expected to boost the demand for personal robots, owing to the increasing demand from middle class consumers.
The personal robots market is also witnessing an increasing demand for mobile robots for security applications. These robots are capable of moving from one place to another due to which they are perfect for applications like spying and cleaning. These robots can detect motion and unwanted persons entering premises, and help owners to avoid such activity. Mobile robot such as Aibo, made by Sony Corporation, is a human-friendly robot that can easily adapt with individuals of the house. Besides this, Honda Motor Co. Ltd. developed a robot called Asimo, which can predict its real-time movement and shift its gravity based on the prediction. Similarly, another type of walking robot called bipedal walking robot is becoming popular, as the robot can walk at high speed and can kick and defend soccer ball.
In the recent past, one of the major restraints for making personal robots was software development. But this has been curbed with the advent of open core software platform, which requires no license agreement, making it easier for professionals or small manufacturing companies to modify their low-level components. This has proven helpful for college graduates as well professors in engineering profession.
Personal Robots Market Competitive Landscape
Owing to high competition among players in the personal robots market, manufacturers are investing in new technologies to drive their growth. One such technology is integration of artificial intelligence (AI) with personal robots. For instance, Hanson Robotics Ltd. built a robot named Sophia, which was essentially an AI chatbot but with an expressive human face like features. Sophia was able to help humans in applications such as education, healthcare, and customer service. Similarly, Jibo Inc., a robotics company, created a robot named Jibo with AI, making it capable of learning, sensing, and responding as an individual.
Rivalry in the global personal robots market is high, owing to high industry growth, low product differentiation, and less number of market players. Partnerships and product launches were the recent developments in the market. Samsung Electronics Co. Ltd., Segway Iv Corp., and F&P Robotics AG are some of the companies that recently introduced personal robot products. Some of the key players in the market include Honda Motor Co. Ltd., Sony Corporation, Samsung Electronics Co. Ltd., F&P Robotics AG, ZMP Inc., Segway Inc., Neato Robotics Inc., Ecovacs Robotics Inc., Hasbro Inc., and iRobot Corporation.
Key questions answered in this report
What is the current scenario of the global personal robots market?
What are the emerging technologies for the development of personal robots?
What are the historical and present size of the market segments and their future potential?
What are the major catalysts for the market and their impact during the short, medium, and long terms?
What are the evolving opportunities for the players in the market?
Which are the key geographies from the investment perspective?
What are the key strategies adopted by the major players to expand their market share?