Dominated by household robots, the global consumer services robotics market saw shipment growth of 25% (year-on-year) last year, according to a report released on Tuesday.
The consumer robot market is expected to grow at a compound annual growth rate (CAGR) of 27% over the next four years, according to Counterpoint’s IoT service.
“Household robots, which mainly include robot vacuum cleaners, are the most dominant category in the robotics industry, capturing more than two-thirds of the total consumer service robotics market,” said analyst Anshika Jain. senior researcher.
Covid-19 has had a positive impact on the robot vacuum industry leading to increased demand from residential users.
With advancements in AI, the prices of components and software are also falling, making robots more affordable,” Jain said.
In the consumer robotics market, the personal and educational category is expected to take the highest share of 54% by 2025.
“The category offers the best short-term opportunity due to the growing need for elderly care (particularly to combat isolation), social security and new ways of learning for children,” said Peter Richardson , vice president of research.
“We estimate that the market opportunity for personal and educational robots will exceed $4.5 billion by 2025, with substantial additional growth expected beyond 2025 due to aging populations in many countries and growing attention to STEM-based learning,” Richardson added.
Personal and educational robots had the lowest average selling price (ASP) of around $279, followed by household robots ($626).
In the house cleaning category, the main players are iRobot, Ecovacs, Roborocks.
The consumer service robot market holds huge potential in the coming years due to evolving use cases, the report notes.
“Medical robots always seem like a risky proposition because they require a lot of upfront capital expenditure and R&D results are unpredictable,” he added.
Last week, Nestlé India entered the segment by acquiring the pet food business of its subsidiary Purina Petcare India for Rs 123.5 crore, giving major FMCG direct access to this fast-growing business in the country.