Household Robots Market worth $24.5 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Dec. 14, 2023 /PRNewswire/ -- The global household robots market size is projected to grow from USD 10.3 billion in 2023 to USD 24.5 billion by 2028; it is expected to grow at a CAGR of 18.8% from 2023 to 2028 according to a new report by MarketsandMarkets™. The growing adoption of household robots in household segments for applications like vacuuming, pool cleaning, and companionship, among others, is driving the market during the forecast period. For instance, Initially, robot vacuums were considered high-end gadgets. Over time, their prices have become more competitive, making them accessible to a broader consumer base. The availability of different price points and models has contributed to their popularity.

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Companion robot is expected to have significant CAGR growth during the forecast period.

A companion robot's purpose is to imitate real companionship with human beings. The decline of extended families and the rise of working parents contribute to growing loneliness among children and the elderly and such robots are designed to help them. Some are also designed for educational purposes or to provide an interactive home automation system. For instance, smart speakers are one such device. Almost all companion robots are either shaped in the image of humans, i.e., humanoids, or animals, such as dogs or seals.

Domestic robots to harvest the largest market size during the forecast period.

Domestic robots have diversified to cater to various household needs. Apart from vacuum cleaners and mops, there are robots for lawn care, window cleaning, pet care, and even personal assistance, expanding the range of tasks they can perform. With busier lifestyles and the increasing desire for convenience, domestic robots offer practical solutions. These robots fit into modern living where time is precious, and individuals seek ways to automate mundane tasks.

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China is expected to have the largest household robots industry size during the forecast period.

China is the fastest-developing country in the Asia Pacific. Cheap labor costs and the rising adoption of household robots have made China favorable for manufacturers to invest in this region. According to the World Bank, China's population is aging rapidly, wherein people older than 65 years are expected to represent 26% of the population by 2050. This aging population would increase the demand for domestic and assistive robots.

Key Market Players

The key players operating in the household robots companies are iRobot Corporation (US), Ecovacs Robotics Co., Ltd. (China), Xiaomi Corporation (China), Maytronics, Ltd. (Israel), Samsung Electronics Co., Ltd. (South Korea), Neato robotics, Inc. (US), Dyson Limited (Singapore), LG Electronics Inc. (South Korea), LEGO A/S (Denmark), Hayward Holdings, Inc. (US), UBTECH Robotics, Inc. (China), Husqvarna Group (Sweden), Miele (Germany), Robomow (Israel), Cecotec Innovaciones S.L. (Spain), Monoprice, Inc. (US), temi (US), Deere & Company (US), BObsweep (Canada), ILIFE Innovation Limited (China), ILIFE Innovation Limited (China), Sharp Corporation (Japan), SharkNinja Operating LLC (US), Bissell Inc. (US), Blue Frog Robotics (France), and Beijing Roborock Technology Co. Ltd. (China).

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