Key players in the global robotic vacuum cleaners market share include Dyson Ltd., ECOVACS Robotics Co. Ltd., Koninklijke Philips NV, LG Electronics Inc., and Panasonic Corp. Companies in the robotic vacuum cleaners’ market are launching new products in order to increase their revenue and also for gaining a competitive edge over their rivals. For instance, in 2019, in the USA, iRobot Corporation, a leading advanced robotic vacuum technology company, launched its advanced robotic vacuum cleaner, Roomba S9+, and also launched its advanced robotic mop, Braava jet m6 mopping robot, that complements cleaning with mopping. These robots can talk to each other with in-built imprint link technology for vacuuming and mopping autonomously without any human effort.
The robotic vacuum cleaners market share consists of sales of robotic vacuum cleaners and related services. It can clean floors, windows, pools and gardens efficiently without any human effort. Robotic vacuum cleaners or Robovac are home appliances, designed to clean our homes autonomously without human intervention. They are fully automated and artificial intelligence powered with various sensors and scheduling programs.
The global robotic vacuum cleaners market size is expected decline from $4.62 billion in 2019 to $4.50 billion in 2020 at a compound annual growth rate (CAGR) of -2.74%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The robotic vacuum cleaners’ market size is then expected to recover and reach $6.40 billion in 2023 at CAGR of 12.47%.
Rising investments for developing new technologies in robotic vacuum cleaners is contributing to the growth of the robotic vacuum cleaners’ market. The increasing investments towards innovations in hardware and software technologies, such as sensors and decision-making capabilities, helps robotic vacuum cleaners in doing household tasks and also helps consumers to save time, thereby attracting customers to purchase robotic vacuum cleaners for household chores. For instance, in 2019, in the UK, the government invested £12 million ($16 million) for developing new technologies in robots that perform household tasks. It led to a partnership between Imperial College and Dyson, a robotic vacuum cleaner manufacturer, for creating nextgen household products to complete household chores. Similarly, in 2020, in the USA, private companies such as Yidu Cloud, Tsinghua AI Fund, and Matrix Partners invested $15 million in Trifo, into its AI-home robots’ vacuum for hardware and software development, to expand in the U.S. and European markets. Rising investments and support from government thereby contributes to the robotic vacuum cleaners’ market growth.
The high cost of robotic vacuum cleaners is expected to limit the growth of the robotic vacuum cleaners market. Robotic vacuum cleaners are costly and cause potential consumers to think twice before they invest in them. For instance, in 2019, in the USA, iRobot’s newly launched robotic vacuum cleaner, Roombas, was extremely expensive – the Roomba i7 was priced at $1,099 and the Roomba S9+ was priced at $1,299. These factors are expected to have a negative impact on the robotic vacuum cleaners’ market growth, as high cost causes consumers to think twice before making a purchase.
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