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Press Release

Household Robots Market Worth $9.1 Billion by 2024 Growing with a CAGR of 22.4%

Household robots market for vacuuming application to maintain highest share during 2019–2024

This press release was orginally distributed by SBWire

Northbrook, IL -- (SBWIRE) -- 07/15/2019 -- According to the new market research report "Household Robots Market by Offering (Products, Services), Type (Domestic, Entertainment & Leisure), Application (Vacuuming, Lawn Mowing, Companionship, Elderly and Handicap Assistance, Robot Toys and Hobby Systems), and Geography - Global Forecast to 2024", published by MarketsandMarkets™, the Household Robots Market (excluding services) is expected to grow from USD 3.3 billion in 2019 to USD 9.1 billion by 2024, it is expected to grow at a CAGR of 22.4% during the forecast period.

As household robots are becoming more practical and usable, consumer demand for them is steadily increasing. Hence, technological advancements in household robots are one of the key factors driving the growth of the household robots market. Another driver for the household robots market includes growing demand for more autonomous operation of such robots, reducing intervention from users.

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Product offerings to dominate household robots market compared to service offerings in 2019

Products represent the tangible value of a product or an offering, which can be a robotic vacuum, window cleaner, or a lawn mower. As products move toward the maturity phase of their product life cycle, they become more reliable and require less frequent maintenance due to factors such as better design or reparability over time. This is expected to bring down the cost of services over time, with products continuing to contribute to a much larger share of the overall market during the forecast period compared to services.

Domestic robots to hold larger share of household robots market during forecast period

Domestic robots perform any of the 4 applications: vacuuming, lawn mowing, pool cleaning, and window cleaning. The vacuuming application has the largest share of the market for domestic robots. The growth of the market for domestic robots can be attributed to the popularity of products such as robotic vacuums, as well as increasing consumer awareness and acceptance toward indoor and outdoor smart home appliances. Technological improvements in domestic robots such as area mapping and voice assistant integration, coupled with its practical benefits of automating household chores enable them to occupy a larger market share.

APAC to hold largest share of household robots market by 2024

APAC is expected to hold the second-largest share of the household robots market in 2019 but is projected to have the highest market share in 2024 by a small margin. Strong demand and acceptance from consumers especially in countries including China and Japan are responsible for the market growth. Also, regional as well as foreign players are helping to push household robotic products into the market. China is expected to be one of the most important markets for household robots in the coming years, both in terms of size and growth. It is projected to have the largest market share by 2024 and the vacuuming application is expected to be the biggest contributor by a wide margin, compared to other applications.

Browse in-depth TOC on "Household Robots Market"

66 – Tables

44 – Figures

132 – Pages

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Major players in the household robots market include iRobot (US), Neato (US), Samsung (South Korea), LG (South Korea), Ecovacs (China), Dyson (UK), Alfred Kaercher (Germany), LEGO (Denmark), Blue Frog Robotics (France), and John Deere (US). Apart from these, Temi (US) and iLife Innovations (China) are a few of the emerging companies in the household robots market.

About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441

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