The global personal robots market is projected to grow considerably in the years to come. A major reason leading to the high demand for these robots is their declining prices. Reduced prices of these devices are encouraging more and more people to buy them. The industry has been witnessing 2–9% yearly decline in price. This will further increase the affordability of these robots in emerging economies. Manufacturers are further trying to produce cheaper models for penetrating low-income countries.
These robots are used commonly in households, since they assist in daily chores and make the lives of their owners easier. The acceptance for these robots is further increasing rapidly in emerging countries, owing to their decreasing prices. The companion robots category is predicted to witness the highest CAGR during the forecast period, as they are widely becoming the missing companion in the solitary lives of people.
It has been observed that one in every five citizens remains a bachelor in their lives, which is why, the demand for companion robots is predicted to increase in the coming years. Geographically, the European region held the major share of the personal robots market during the historical period, as per a report by P&S Intelligence.
The region has already been holding a prominent position in the overall robotics industry, which is why, the demand for personal robots is also high in the region. The Asia-Pacific region is expected to witness the fastest growth during the forecast period. Hence, the market is growing due to the reducing prices of these robots and integration of AI in the devices.
This market research report provides a comprehensive overview of the personal robots market
- Historical and the present size of the personal robots market
- Future potential of the market through its forecast for the period 2020– 2030
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential