The global personal robots market is expected to reach $34.1 billion by 2022, witnessing a CAGR of 37.8% during the forecast period (2016–2022). Increasing urbanization is one of the major factors driving the demand for personal robots, globally. Besides this, decreasing price of the personal robots is boosting the growth of the market.
Rising security concerns are also boosting the growth of the personal robots market. Locomotion is proving to be a useful functionality in these robots, making them perfect choice for spying. The spying robots are capable of detecting unwanted presence, such as thieves in houses, and helping owners to avert a disastrous situation.
Insights into the market segments
On the basis of 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, the cleaning robot category held the largest revenue share in 2015, owing to the increasing demand for low-cost robots in developing countries. Some of the low-cost cleaning robots include Philips FC8800/01 Robotic Vacuum Cleaner, Milagrow Black Cat MGRV002 Robotic Floor Cleaner, O-Duster Robotic Floor Cleaner, Exilient ReadMaid Robotic Vacuum Cleaner, and Neato XV Signature Pro Robotic Vacuum Cleaner. The surging demand for these robots is expected to provide lucrative opportunities to market players. Whereas, the companion robot category is expected to witness the fastest CAGR during the forecast period.
Based on region, in 2015, Europe had the largest market for personal robots. In Europe, the German personal robots market stood at the top of the heap, owing to the highly developed economy. Whereas, North America was the second-largest contributor to the market, with the U.S. contributed higher market share as opposed to Canada, due to higher developed economy and significantly higher population. On the other hand, in the Asia-Pacific (APAC) region, the majority of the revenue share was contributed by Japan. On the contrary, among Latin-America (LATAM) and Middle East countries, Brazil witnessed the largest revenue share in 2015.
Aging population driving the market growth
Increasing geriatric population is driving the adoption of humanoid personal robots to help elderly people in their day-to-day needs. Furthermore, declining prices of personal robots (around 27% during 2005–2014) and increasing infiltration of mobile robots are proving to be the major factors propelling the growth of the personal robots market. Apart from this, high disposable income in developed countries and high demand for luxury items are further fueling the growth of the market. Also, the average price of a personal robot is expected to fall about 22% during 2015–2025, which would prove to be another factor for the market growth in the forecast period.
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Personal Robots Market Competitive Landscape
The intensity of rivalry in the global personal robots market is low, with less number of players operating, globally. The competition among players is expected to increase in the coming years, owing to high industry growth and attracting new entrants in the market. The market players are actively launching new products and engaging in strategic partnerships to increase their market share. Some of the key players in the market include Sony Corporation, Samsung Electronics Co. Ltd., Honda Motor Co. Ltd., ZMP Inc., Segway Inc., F&P Robotics AG, Ecovacs Robotics Inc., Neato Robotics Inc., Hasbro Inc., and iRobot Corporation.
PERSONAL ROBOTS MARKET SEGMENTATION