The personal robots market is expected to cross $34.0 billion by 2022, growing at a CAGR of 37.8% between 2016-2022. The key drivers witnessed in the market include aging population and slow birth rate in developed countries, declining prices of personal robots, and increasing demand for mobile robots.
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The various types of personal robots include cleaning robots, entertainment and toy robots, education robots, companion robots, handicap assistance robots, personal transportation robots, security robots, and other robots. Cleaning robots are the most commonly used robots in households, as they assist in daily chores to make their owner’s life easier. Cleaning robots have been the largest contributors to the personal robots market, whereas the market of companion robots is expected to witness the highest CAGR during 2016 – 2022.
Asia-Pacific is expected to become the largest personal robots market by 2022, surpassing Europe and North America. The Asia-Pacific personal robots industry is expected to reach $10.9 billion by 2022. The aggressive measures taken by the government and robot manufacturers in Japan, China and South Korea are the key reasons for the fast growth of the market in this region.
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Among the countries of the Asia-Pacific region, Japan is one of the most innovative developers of robots. The HRP-4C robot developed in Japan is programmed to act like a fashion model. The robot is designed after the average Japanese women. Apart from modeling the designed cloths on runways, it can also perform jobs such as that of tour guides. Saya, an education robot developed in Japan, is capable of teaching primary grade students. Saya is capable of exhibiting several emotions and speaking multiple languages. The Japanese government has recently invested $35 million to stimulate the growth of robotics industry in the country.
The price of personal robots has been declining globally, which is encouraging the budget conscious customers to purchase them and thereby driving the growth of the personal robots market. The average price of personal robots has declined around 27% between 2005 and 2014. Their price is likely to further decline by around 22% between 2015 and 2025. This is expected to boost the volume sales of personal robots, especially in the developed countries where a personal robot is only afforded by the higher economic class.
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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.