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Personal Robots Market To Reach $51.5 Billion by 2030

Published Date:   September 2020

The global personal robots market stood at $21.5 billion in 2019, and it is expected to reach $51.5 billion in 2030. The increasing consumer demand for luxury items, for comfort and leisure, booming aging population, and rising awareness among consumers regarding the availability of domestic robots are among the major factors driving the growth of the personal robots industry.

The current COVID-19 pandemic has affected almost all of the verticals, and robotics is no different. The personal robots market is projected to witness a drop in sales in 2020. Numerous factors, such as the closure of manufacturing facilities, inconsistency in the supply of raw materials, and delay in import–export among major countries have resulted in the disruption of the global supply chain. The nationwide lockdown in most countries has further deepened the crisis, due to which the public spending has declined. All these factors are responsible for the negative growth of the personal robots market.

Software Category To Witness Faster Growth in Forecast Period

In the personal robots market, based on offering, the software category is expected to register the higher CAGR during the forecast period. Software plays a vital role in personal robots, as it helps them operate and move as efficiently as possible, incorporates latest features through updates, and provides several other advanced characteristics. For instance, in iRobot Corporation’s i series robots, the visual simultaneous localization and mapping (vSLAM) technology uses an optical sensor to allow the robot to create a detailed map of its surroundings, so it knows where it is and where cleaning is or is not required.

Based on type, the cleaning robots category accounted for the largest market share in the historical period (2014–2019), and it is set to maintain the same trend during the forecast period. This is due to the fact that cleaning robots are the most commonly used robots in households, as they assist in daily chores, to make their owners’ life easier. The constant rise in the sale of household robots is due to their increasing acceptance in developing countries, coupled with their declining prices.

Europe held the major share in the personal robots market during the 2014–2019 period, which can be ascribed to the growing need for automation in households. The growth of personal robots’ popularity in the region can also be attributed to the innovations being introduced in them, along with a rise in consumers’ spending power. For instance, in May 2019, iRobot Corporation launched two new robots, Roomba s9+ robot vacuum, which features the PerfectEdge technology with wider brushes, better suction, and an advanced 3D sensor; and the Braava jet m6 robot mop, which tackles mess throughout the house.

R&D and Product Launches Are Major Strategic Developments

Major players in the personal robots industry are investing significantly in R&D, to bring advanced technologies in their offerings. For instance, in the coming years, the vacuum cleaner robots segment may see the ultra-wide band technology, which enables robots to work with more efficiency, to detect the exact location of objects and the path that is to be traveled and cleaned. Driven by the introduction of such new technologies, product launch has been among the major strategies followed by the market players.

For instance, in June 2020, ZMP Inc. announced the launch of the RakuRo single-seater wheelchair robot, which automatically runs, while communicating with expressions such as smiles, winks, and voice greetings.

Similarly, in March 2020, Ecovacs Robotic Inc. launched DEEBOT OZMO T8 AIVI, which is an AI-driven floor cleaning robot. It is equipped with the TrueMapping laser mapping and navigation technology, based on an advanced direct time-of-flight (dTOF) sensor and AI and visual interpretation (AIVI) technology, and it features a high-performance AI chipset and camera module.

Neato Robotics Inc., F&P Robotics AG, Segway Inc., ZMP Inc., Honda Motor Co. Ltd., Ecovacs Robotics Inc., iRobot Corporation, GeckoSystems International Corporation, Sony Corporation, and Samsung Electronics Co. Ltd. are the major global personal robots market players.