Latest News- Consumer Robotics Market: Domestic task is expected to lead the Application segment during 2024-2028

The Consumer Robotics Market is being driven by Growing demand for robotic automation processes

The Consumer Robotics Market is expected to grow at a CAGR of 39.04% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 53992.6 million. In the global Consumer Robotics Market, advanced technologies such as 5G and artificial intelligence are receiving significant support from governments in Europe, North America, Asia, MEA, and South America. Notably, the Chinese Robot Industry Development Plan outlines strategic objectives for 2020, including the creation of three to five globally competitive robot manufacturers and eight to ten industrial clusters. China's domestic market share for high-end robots stands at 45%, and the government aims to raise robot density to 100 robots per 10,000 workers. In 2019, an investment of USD577 million was made by the Chinese government towards the development of intelligent robots. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Domestic task
  • Education
  • Healthcare
  • Others
• Distribution Channel
  • Offline
  • Online
• Geography
  • APAC
    • China
    • Japan
    • South Korea
  • Europe
    • Germany
  • North America
    • US
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing demand for robotic automation processes
• Social factors driving adoption of robot vacuum cleaners in urban areas
• Increasing use of IoT in robots for cost-effective predictive maintenance

However, the market also witnesses some limitations, which are as follows:

• High cost associated with robotic systems
• Issues associated with battery life
• Stringent regulations and safety concerns related to robotics

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Market Scope in Consumer Robotics Market Research Report

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Research Analysis Overview

The Consumer Robotics Market encompasses technology and engineering innovations in various robot categories, including industrial robots for cost savings in manufacturing, and service robots for household chores and niche applications. Mobile robots, autonomous drones, and semi-autonomous/fully autonomous robots are transforming industries like healthcare, home automation, and entertainment. Household robots, educational robots, and entertainment systems are revolutionizing domestic duties and smart home gadgets.

Market Research Overview

The Consumer Robotics Market is a segment of the larger Industrial Machinery and Supplies and Components Market, encompassing businesses involved in manufacturing technology and engineering solutions for industrial automation, household chores, and niche applications. This market's size is determined by the combined revenue generated from industrial robots, service robots, mobile robots, autonomous drones, and components used in these sectors. Key growth drivers include cost savings from automation in industries with increasing output, particularly in energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages sectors in developing countries. Technavio forecasts continued expansion of this market due to the growing demand for industrial and household automation technologies, including smart homes and advanced robotics applications.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/