Personal Robots Market Will Reach $34.1 Billion by 2022, Growing at a CAGR of 37.8% Forecast to 2022

The global personal robots market is projected to reach $34,120.3 million by 2022, growing at a CAGR of 37.8% forecast to 2022. The increase in urbanization is introducing machines, such as personal robots, in the households. Moreover, the declining price of personal robots has been encouraging the budget-conscious customers to purchase them. Their average price has declined by around 27% between 2005 and 2014, and it is likely to decline further by around 22% between 2015 and 2025. This is expected to boost their volume sales, especially in the developed countries, where a personal robot is only afforded by the higher economic class.

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Geographically, Europe has been the largest personal robots market, where Germany stood as the largest contributor to the regional market. In North America, the U.S. has been the major market for personal robots, whereas in Asia-Pacific, Japan has been the major contributor to the reginal revenue. Brazil was the largest market in the Rest of the World, which includes Latin American and Middle-East & African countries.

Aging population has been a major factor driving the growth of the global personal robots market. Besides, factors such as declining price of personal robots and increasing demand for mobile robots have equally proved to be the key drivers for the market. Due to the increasing aging population in developed countries, such as Japan, the demand for humanoid robots that are useful for elderly people is expected to increase. High disposable income and need for convenience in developed countries are driving the growth of the personal robots market in these nations. The demand for low-cost cleaning robots has been increasing in the developing countries, where people cannot afford to buy expensive robots. Some of the low-cost cleaning robots are Milagrow Black Cat MGRV002 Robotic Floor Cleaner, Philips FC8800/01 Robotic Vacuum Cleaner, Exilient ReadMaid Robotic Vacuum Cleaner, Neato XV Signature Pro Robotic Vacuum Cleaner, and O-Duster Robotic Floor Cleaner. The surging demand for such robots is an opportunity for the manufacturers in this market.

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Some of the key players in the global market include Honda Motor Co. Ltd., Sony Corporation, Samsung Electronics Co. Ltd., F&P Robotics AG, ZMP Inc., Segway Inc., Neato Robotics Inc., Ecovacs Robotics Inc., Hasbro Inc., and iRobot Corporation.

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