What will be the Consumer robot Market Size through 2023?

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A consumer or domestic robot is a service robot primarily designed for human related activities such as household chores, education, entertainment therapy and others. The global consumer robots market was estimated to generate a CAGR of 19.0 % to reach USD 17 billion during the forecast period ending 2023.

Market Dynamics:

Drivers

Technological drivers such as development of artificial intelligence, machine learning, gesture control, voice and speech recognition, sensor technology and others are the critical drivers of the market. Advancement in connected devices technology and sensors, Wi-Fi, and growing maneuverability, response speed of robots and human machine interface are other technical drivers of the market. The growing adaptability of robots for host of applications such as vacuuming, cleaning, entertainment and others are also driving the market to newer heights. High inventory costs and operating expenses are manufacturing constraints due to greater risks. Demand for substituting hazardous jobs such as drainage and others are other drivers.

Restraints

The high price of robot installation and maintenance coupled with the lack of awareness in underdeveloped regions are major constraints on the Consumer robot market. Attitude towards technology and fear of loss of employment are social determinants of the market. Risk of injuries while handling robots, steep learning curve coupled with complexities in interaction with pets and infants are other restraints that need to be overcome.

Segmentation:

The global Consumer robot market is segmented into types, components, verticals, and region so as to generate a comprehensive understanding of the market.

Type – task robots, surveillance robots, entertainment robots, security robots, educational robots, personal robots, and others.

Components – processors, communications technologies, mobile robots, software, cameras, microcontrollers, displays, actuators, sensors, manipulators, power supplies, mobile platforms, wheels, legs, walking, hopping, ball, and others. The verticals segment is sub-segmented into telepresence robots, healthcare robotics, UAVs, educational robotics kits, and industrial robotics and others.

Regions – North America, Europe, Asia Pacific, and rest of the world.

Prominent Players:

Some of the major players in the global Consumer robot market 3D Robotics (U.S.), iRobot Corporation (U.S), Neato Robotics (U.S), WowWee Group Limited (Hong Kong), Samsung Electronics Co., Ltd. (South Korea), Honda Motors Company Ltd. (Japan), LG Electronics Inc. (South Korea), Blue Frog Robotics (France), Hasbro, Inc. (U.S), Parrot SA (France), Google Inc. (U.S), Intuitive Surgical Inc. (U.S), MAKO Surgical Corporation (Florida), Dà-Jiāng Innovations Science and Technology Co., Ltd (China), Jibo, Inc. (U.S.), among others.

Industry News:

December, 2016 – Boeing entered into an agreement to acquire liquid robotics

August, 2015 – Intel invested USD 60 million in Chinese drone maker Yuneec

June 9, 2017 — SoftBank Group Corp. entered into a definitive agreement to acquire robotics pioneer Boston Dynamics from Alphabet Inc.

Regional Analysis:

North America accounts for the largest market share led by the U.S. owing to faster adoption of new technologies, large income, technological ecology, presence of major players and others. Europe accounts for the second largest market share led by Germany, France and the U.K. The developed regions have a traditional dominance of the robotic market owing to their first comer advantages. The consumer robots are a direct decedents of industrial robots led by the automotive industry.

However the Asia Pacific countries such as China, Japan, and India are emerging Consumer robot market, expected to generate the fastest CAGR growth with Japan being the leader. China has emerged as a major electronics devices manufacturing hub which is expected to boost the market growth of Consumer robot market. South Korea is another major nation owing to its expertise in electronics and chip making.

The Middle East and Africa market is expected to generate moderate growth led by the Gulf Region economies of Saudi Arabia, UAE and others.

Browse Complete Report “Consumer Robotics Market Research Report – Global Forecast To 2023” @ https://www.marketresearchfuture.com/reports/consumer-robotics-market-5068 

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