Household Robot Market Advances at 20.6% CAGR to Hit US$ 95.1 Billion by 2033: Fact.MR Report
Growing Penetration of Automation through Smart Home Appliances Boosting Adoption of Household Robots
Rockville , Oct. 13, 2023 (GLOBE NEWSWIRE) — Fact.MR, a market research and competitive intelligence provider, in its newly published research report, reveals that the global Household Robot Market was valued at US$ 12.1 billion in 2022. Global demand for domestic robots is predicted to reach a market valuation of US$ 95.1 billion by 2033-end. Expansion of the smart home concept is predicted to play a pivotal role in the present smart home ecosystem.
Modern households are now becoming more computerized while reducing time spent on routine chores. Increasing labor costs across developed countries and growing technological advancements in machine vision cameras, robotics, and AI (artificial intelligence) are predicted to facilitate market growth opportunities in the coming decade.
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Key Segments of Household Robot Industry Research Report
| By Type | By Component | By Application | Distribution Channel |
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Key Takeaways from Market Study
- Worldwide demand for household robots reached a value of US$ 12.1 billion in 2022.
- The global household robot market is estimated at US$ 14.6 billion in 2023.
- Sales of smart home robots are forecasted to reach US$ 95.1 billion by 2033-end.
- The global market is projected to surge ahead at a CAGR of 20.6% through 2033.
- Based on component, the product segment is predicted to accelerate at 22.7% CAGR and reach a value of US$ 41.5 billion by 2033.
- The market in the United States was pegged at US$ 3.61 billion in 2022.
- Demand for household robots in Japan is forecasted to increase at a CAGR of 18.2% through 2033.
- The German market is projected to expand at 13.5% CAGR from 2023 to 2033.
- Sales of robotic assistants in China are predicted to rise at a CAGR of 19.4% and reach US$ 8.81 billion by 2033.
“Increasing use of household robots attributed to their ability to perform tedious tasks with accuracy and precision and easy operation from remote locations,” says a Fact.MR analyst.
Rapid Urbanization to Drive Demand for Household Robots
- According to the World Health Organization, about 68.1% of the global population is predicted to live in urban areas by the end of 2050.
Cities are the center of technological advancements that is leading to the growing deployment of several technologies, including robotics, to make individuals’ life more convenient. In addition, people from urban areas are ready to invest in technologies that are also opening up opportunities for players.
Market Competition
Companies in the household robot industry are employing various strategies to meet their objectives, such as ensuring product quality, innovation, and effective supply chain management. Key market participants are concentrating on consolidations, purchases, and launching new products to enhance their competitive position.
For example:
- In August 2022, Amazon completed its merger with iRobot Corporation, acquiring iRobot and strategizing to develop cutting-edge cleaning products to enhance customer convenience.
- In October 2021, AIRROBO introduced the Robot Vacuum T10+, featuring a self-emptying dustbin and providing hands-free cleaning services for up to 45 days.
Key Market Players
- Alfred Karcher
- BSH Hausgerate
- Blur Frog Robotics
- Deere & Company
- Bobsweep
- Dyson
- Husqvarna Group
- Ecovacs Robotics
- Samsung
- Neato Robotics
- Miele
- LG
- Lego Group
- Irobot
- Ilife Innovations
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| Report Attribute | Details | |
| Value Projection (2033) | USD 95.1 Billion | |
| Growth Rate (2023-2033) | 20.6% CAGR | |
| No. of pages | 170 Pages | |
| No. of Tables | 80 Tables | |
| No. of Figures | 219 Figures | |
Due to the thriving robotics sector, the North American market is anticipated to maintain its leading position by 2033. Furthermore, the increased adoption of robotics in the region is a key factor contributing to the expansion of the market.
Europe is predicted to become the second-largest global producer of household robots, as reported by Fact.MR, a market research and competitive intelligence provider. This growth is attributed to the rising need to provide assistance to the growing elderly population and the desire for companionship robots among various younger individuals.
According to a study by Fact.MR, the demand for autonomous robots in the United States reached US$ 3.61 billion in 2022. The continuous uptake of robotics and the well-established and growing robotics industry in the United States are expected to create lucrative opportunities for suppliers.
The sales of personal robot helpers in China are expected to progress at a Compound Annual Growth Rate (CAGR) of 19.4% and achieve a valuation of US$ 8.81 billion by 2033. Additionally, the demand for smart home robots in Japan is projected to accelerate at a CAGR of 18.2% from 2023 to 2033. According to Fact.MR, China holds a significant market share, contributing approximately 50% of the revenue in the robotics market, followed by Japan and South Korea.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the household robot market, presenting historical demand data for 2018 to 2022 and forecast statistics for 2023 to 2033.
The study divulges essential insights into the market based on type (domestic, entertainment & leisure), component (products, services), application (vacuuming, lawn mowing, pool cleaning, companionship, robot toys & hobby systems, elderly assistance & handicap assistance), and distribution channel (online, offline), across major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
Checkout More Related Studies Published by Fact.MR Research:
Robot Software Market: The global robot software market stands at a value of US$ 9.3 billion in 2023 and is projected to reach US$ 70 billion by 2033-end, expanding rapidly at a high CAGR of 23% over the next ten years.
Robotic Process Automation Market: The global demand for robotic process automation market to reach a value of US$ 3.2 billion in 2023 and is expected to reach US$ 26.5 billion in revenue by the end of 2033.
Autonomous Mobile Robots Market: The autonomous mobile robots market valuation is USD 2.85 Billion in 2022. The market is expected to surpass the value of USD 20.99 Billion by 2032. This market is anticipated to grow with a CAGR of 22.1% in the forecast period.
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