At the present time, the world has become largely dependent on technology, and novel devices are being developed continuously for making the loves of human easier. It is due to this that the demand for personal robots is projected to increase in the coming years. The robotics market has been witnessing significant growth, particularly in the service and private sectors, since the past few years. This can be majorly attributed to the technological advancements.
Owing to these factors, the global personal robots market is projected to grow considerably in the years to come. A major reason leading to the high demand for these robots is their declining prices. Reduced prices of these devices are encouraging more and more people to buy them. The industry has been witnessing 2–9% yearly decline in price. This will further increase the affordability of these robots in emerging economies. Manufacturers are further trying to produce cheaper models for penetrating low-income countries.
These days, manufacturers have further started working on developing personal robots equipped with AI. The technology has enabled personal robots to sense, navigate, and calculate their response on the input received accordingly. The robots learn to perform their tasks from human beings from these responses, via machine learning. Manufacturers are further investing in new technologies for dealing with the rising competition in the domain, which is expected to result in the growth of the market.
The personal robots market is projected to generate a revenue of $51.5 billion in 2030, increasing from $21.5 billion in 2019, progressing at a 7.8% CAGR during the forecast period (2020–2030). On the basis of type, the market is categorized into security robots, personal transportation robots, companion robots, cleaning robots, handicap assistance robots, educational robots, and entertainment & toy robots, out of which, the cleaning robots category held the largest share of the market during the historical period (2014–2019).
These robots are used commonly in households, since they assist in daily chores and make the lives of their owners easier. The acceptance for these robots is further increasing rapidly in emerging countries, owing to their decreasing prices. The companion robots category is predicted to witness the highest CAGR during the forecast period, as they are widely becoming the missing companion in the solitary lives of people. It has been observed that one in every five citizens remains a bachelor in their lives, which is why, the demand for companion robots is predicted to increase in the coming years.
Geographically, the European region held the major share of the personal robots market during the historical period, as per a report by P&S Intelligence. The region has already been holding a prominent position in the overall robotics industry, which is why, the demand for personal robots is also high in the region. The Asia-Pacific region is expected to witness the fastest growth during the forecast period.
Hence, the market is growing due to the reducing prices of these robots and integration of AI in the devices.
