the industry. Moreover, this growing market is attracting new and innovative players in the market which further increases the competitive rivalry. The usage of robotics in consumer tasks gives time and cost effective techniques to complete task and provides comfort related benefits. Moreover, this technology also offers reduction in efforts required and increases peace of mind and similar other consumer benefits. Consumer robotics is preferred because of its features which includes small size, durability, and low cost. Due to their small size, they take very small spaces to fit in and save spaces for several other components in design.
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Robotics is that branch of technology that deals with the construction, design, operation, and application of robots. Robotic products are based on artificial intelligence. The consumer robotics market is evolving rapidly from the past two decades. Robotics covers a wide range of products. It includes children’s toys, homecare systems, and smart ‘humanoid’ robots that provide social and personal engagement. The key elements that are used in consumer robotics include processors, actuators, software, sensors, cameras, power supplies, displays, manipulators, communication technologies, microcontrollers, and mobile platforms.
COVID-19 Scenario Analysis:
In this scenario, consumers concentrate only on necessary products (food, sanitizers, and medicine). They avoid entertainment and lifestyle products, so due to this the demand for consumer robotics products is hampered. It also impacts the supply side negatively.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
In the developed countries, the growing need for convenience and rising consumer’s spending power is the major factor that contributes in the surge in demand for consumer robotic products. The rise in paying capacity of people in developing countries due to the increase in their disposable income also drives the growth of the consumer robotic market. People are now willing to pay more than before for the products, which increases their comforts.
Rise in the security threat among consumers, high speed innovation, and increase in number of players drive the growth of this market.
However, the performance issues with the robotics products are holding back the growth of the market. High speed innovation may expand the consumer robot market growth during the forecast period.
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New product launches to flourish the market
The advancements in artificial intelligence, navigation systems, ubiquity of the internet, and rise of hand-held computing devices are the major current trends supporting the development of the consumer robotics market on a very large scale. The surge in the usage of hand-held computing devices like smart phones, tablets, and smart watches has made development of robotic devices for office and consumer applications easy. For instance, in January 2019 iRobot company declared its entry into robotic lawn mower market with Tera. Terra has features of ground mapping and advanced navigation technology. And in October 2018, iRobot decided to collaborate with Google (US) to integrate Google’s Artificial Intelligence assistant into various robotic vacuums produced by the company. This technology enables consumers to control the robots through their voice commands.
Challenges in the market
The challenge that hinders the growth of the robotic market is the humanoid physical appearance of the robots that does not appeal the end users. Moreover, the investment required for innovation in this field is huge. Restrain from the demand side to replace the manual labor with advanced robotics technology in the traditional field, is one of the factors that hampers the growth of the market. The high price of robots is another major element which restricts consumers to adopt robotic products for their day to day activities. The consumer robotics market is still in the nascent stage and it is difficult to cut down the cost of manufacturing robotic technology.
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Key Benefits of the Report:
This study presents the analytical depiction of the global consumer robotics industry along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global consumer robotics market share.
The current market is quantitatively analyzed from 2020 to 2027 to highlight the global consumer robotics market growth scenario.
Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
The report provides a detailed global consumer robotics market analysis based on competitive intensity and how the competition will take shape in the coming years.
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