The global household robots market size is projected to reach USD 19.3 billion by 2027, at a CAGR of 16.0% during the forecast period.
The growth of this market is driven by the increasing demand for robots in the domestic segment, growing demand for autonomous robots, rising use of IoT in robots for cost-effective predictive maintenance, and increasing government initiatives for the development of robotic technologies. However, concerns regarding data privacy in AI platforms, unreliability of AI algorithms, and availability of limited structured data to train and develop efficient AI systems are the challenges for the household robots industry.
Household robots market for vacuuming application to retain largest market share during forecast period
In terms of value, the vacuuming application held the largest share of 57% of the overall household robots market in 2021. The market size for robotic vacuum cleaners outweighs other household robots since robotic vacuum cleaners can be deployed in all households, regardless of the floor type. With the increase in nuclear families and the global population, the number of households has increased, generating more demand for vacuuming robots. The increase in the aging population in countries such as China and Japan and affordable prices drive the market for vacuum robots.
Household robots market in Asia Pacific to account for largest market share
Asia Pacific is expected to witness the largest share of the household robots market during 2019–2024. The growth of household robots in the region strongly correlates with consumer demand. An increase in investment in household robots, especially in countries such as China, Japan, and South Korea, drives the market in this region. China is expected to register the highest growth compared with other countries in Asia Pacific. However, developing countries in the region, such as India, present limited market penetration and growth scope.
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Key Market Players in Houshold Robots Market
Some of the key household robots companies are iRobot Corporation (US), Ecovacs Robotics Co., Ltd. (China), Xiaomi Corporation (China), Maytronics, Ltd. (Israel), Samsung Electronics Co., Ltd. (South Korea), Neato robotics, Inc. (US), Dyson Limited (Singapore), LG Electronics Inc. (South Korea), LEGO A/S (Denmark), Hayward Holdings, Inc. (US), etc.
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