Household Robots Market

1. Household Robots Market Size, Share, Industry Report and Growth Drivers - 2028 Household robots market size is valued at USD 10.3 billion in 2023 and is anticipated to USD 24.5 billion by 2028; growing at a CAGR of 18.8% from 2023 to 2028. A growing focus on improving the endurance capability of robots is a major opportunity for the household robots market. Currently these robots can operate for a short period of 1-2 hours when they are fully charged. Companies have the opportunity to work on charging capabilities and get an edge over others in the market. Driver: Rising demand for robots in domestic segment Robotics has witnessed a huge leap in usability and convenience with the introduction of technologies such as the Simultaneous Localization and Mapping (SLAM) algorithm and Artificial Intelligence. Such technologies have been adopted by major market players to bring key innovations to their product offerings. Consumers want to spend less time or completely avoid household chores, such as vacuuming, pool cleaning, and mowing, which has a direct impact on the growing need for domestic robots, maximizing their revenue potential. As these robots are used for indoor as well as outdoor household activities, their area of operation is limited. Since these robots are more cost- efficient and long-lasting in comparison to hired domestic help, the adoption rate of these robots has been increasing significantly over the past few years. Restraint: Legal safety and data protection regulations Regulatory issue related to the protection of data collected by robots has come into the picture in the last 2–3 years. For instance, in May 2018, the European Union and European Parliament approved General Data Protection Regulation (GDPR). The regulation helps to protect the personal information of individuals within the European Union and provides guidelines for the control of citizen and resident data. The household robots collect data such as the floor plan of a house and garden through smartphone applications integrated with the robots. This personal information may be compromised if the data is not stored or managed using authentic applications. Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=253781130 Opportunity: Various upgrades to household robots in elderly assistance application The rapid increase in the number of the aging population due to better healthcare in developed countries, such as the US and Japan is driving the need for medical assistance robots for home deployment. According to the Statistics Bureau of Japan, the population of elderly citizens (65 and over) constituted about 28.8% of the total population in 2020, which has surpassed the proportion of children (14 and younger) in the country. This also implies that there are fewer people to look after the elderly. It is estimated by the Administration of Ageing that more than 25% of the population in the US will be above 65 years by 2060. The US Census Bureau forecasts that every 1 in 5 residents will be of retirement age and the elderly people will outnumber children by 2030. Challenge: Making household robots affordable and available globally In several developing countries, due to lower per capita income and government taxes, affordability for consumers remains a challenge due to the high cost of acquiring consumer products. In India, the import duty could be as high as 27%. In several countries, hiring domestic help is much more economical. The availability of such products is also limited and they are mostly sold by third-party retailers and online stores. Even multinational companies such as Samsung Electronics Co., Ltd., and LG Electronics Inc. offer robots such as POWERbot and HOM-BOT that are not

2. globally available and are mostly offered online through third-party sites such as Amazon (US) or brick-and-mortar stores. About MarketsandMarkets™ MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem.Our insights and strategies are molded by our industry experts, cutting-edge AI- powered Market Intelligence Cloud, and years of research.The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.