Market Scenario:
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.
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Restraints
The high price of robot installation and maintenance coupled with the lack of awareness in underdeveloped regions are major constraints on the consumer robotics 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.
Key Players
Some of the prominent players in the global Consumer Robotics Market iRobot Corporation (U.S), Samsung Electronics Co., Ltd. (South Korea), LG Electronics Inc. (South Korea), Hasbro, Inc. (U.S), WowWee Group Limited (Hong Kong), Parrot SA (France), Google Inc. (U.S), Honda Motors Company Ltd. (Japan), Intuitive Surgical Inc. (U.S), MAKO Surgical Corporation (Florida), Neato Robotics (U.S), Dà-Jiāng Innovations Science and Technology Co., Ltd (China), 3D Robotics (U.S.), Jibo, Inc. (U.S.), Blue Frog Robotics (France), among others.
Global Consumer Robotics Market Segmentation
The global consumer robotics market is segmented into types, components, verticals, and region. The type is segmented into task robots, surveillance robots, entertainment robots, security robots, educational robots and personal robots and others. The components is segmented into processors, communications technologies, software, microcontrollers, displays, cameras, actuators, power supplies, sensors, manipulators, mobile robots, mobile platforms, wheels, legs, hopping, ball, walking and others. The verticals segment is sub-segmented into consumer robotics segment, into educational, healthcare robotics and industrial robotics and others. The market is spanned across regions including North America, Europe, Asia Pacific, and rest of the world.
Market Research Analysis:
The global consumer robotics market is consists of the Americas, Europe, Asia Pacific, and Rest of world. North America is dominating the global consumer robotics market. The consumer robotics market is witnessing a high growth as these region as it widely used in various verticals such as automotive, educational, healthcare robotics and industrial. Europe is projected to hold the second largest share of the consumer robotics market during the forecast period. It is due to the huge demand of consumer robotics for assembling products, detecting and defusing bombs, surgical operations, product inspection, space missions, cleaning and household chores for various applications. Asia Pacific is expected to witness the highest CAGR in the coming years.
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TABLE OF CONTENTS
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
4 Market Landscape
4.1 Porter’s Five Forces Analysis
4.1.1 Threat Of New Entrants
4.1.2 Bargaining Power Of Buyers
4.1.3 Threat Of Substitutes
4.1.4 Segment Rivalry
4.2 Value Chain/Supply Chain Of Global Consumer Robotics Market
Continued…
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