Personal Robots Market Size (2024 - 2029)

The personal robots market is anticipated to experience significant growth, driven by the increasing demand for assistive robots for the elderly and disabled, alongside the decreasing costs of personal robots, which are boosting demand in developing regions. The aging populations in Asia-Pacific countries are particularly contributing to the expansion of this market, as there is a rising need for medical technology and assistive robots. Technological advancements in artificial intelligence and machine vision are enhancing the functionality and appeal of personal robots, enabling them to navigate complex environments and interact more effectively. Despite challenges such as the lack of standardization and technical complexities, the market's potential remains strong, especially as awareness and interest in robotic technologies continue to grow post-pandemic.

Market Size of Personal Robots Industry

personal robots market
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR 18.60 %
Fastest Growing Market Asia Pacific
Largest Market North America
Market Concentration Medium

Major Players

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*Disclaimer: Major Players sorted in no particular order

Personal Robots Market Analysis

The personal robots market is expected to register a CAGR of 18.6% during the forecast period. The market growth would occur owing to the growing demand for assistive robots for disabled and older adults and the continually reducing price of personal robots, creating demand in developing countries.

  • The aging societies of the Asia-Pacific, like Japan and China, are driving growth in the medical technology sector, thus, creating a massive market for personal assistive robots in the region. According to the Statistics Bureau of Japan, the country's population (65 and over) is forecasted to grow from 36.39 million in 2021 to 39.21 million in 2040. This encourages companies to invest in products for the elderly in the region. One such robot that is already deployed is Paro (baby seal), designed to help patients with diseases like Alzheimer's.
  • The technological innovations in various fields, such as cognition, interaction, and manipulation, make personal robots much more appealing. The technology and other component providers have been instrumental in driving the robotics ecosystem forward. 
  • Artificial intelligence (AI) technologies, including machine learning, computer vision, natural language processing, and gesture controls, are transforming how personal robots are deployed in homes and hospitals. As personal robots become more intelligent, they will be capable of comprehending their surroundings, avoiding static and dynamic objects, comprehending emotions, and communicating, allowing them to move around in congested and congested spaces like homes.
  • Additionally, with the increasing developments in machine vision cameras, companies are using these 2D and 3D machine vision cameras with AI technologies to effectively map the edges of the floor, such as a staircase, and recognize obstacles, such as dustbins and cables, doorsills, and rugs which are expected to pave the way for next-generation robots.
  • However, the lack of personal robot technology standardization, technical complexity associated with operating these robots, along with complications in the integration of these systems across various use cases are some of the major factors challenging the growth of the personal robots market.
  • The coronavirus pandemic caused havoc in the manufacturing and technology industries. Several global and regional players in the robotics sector witnessed severe component and raw material shortages, which had a direct impact on their offerings. The worldwide supply chain network got disrupted by the nationwide lockdown in most nations, resulting in a drop in product sales. 
  • Moreover, due to the growing interest in robotic technologies, companies like ABB and Rockwell Automation have seen their stock values rise during the COVID-19 pandemic. In 2020, ForwardXRobotics recently announced USD 15 million in funding to expand into the North American market, while Brain Corp has experienced increasing demand for its floor-cleaning robots, especially among enterprises under closure orders for the previous few weeks.
  • Such trends have had a negative impact on the growth of the studied market; however, with the awareness about advanced technologies growing within a larger section of the audience, especially since the outbreak of the pandemic, the long-term impact on the growth of the studied market is expected to be positive.

Personal Robots Industry Segmentation

Personal robots are designed for personal activities like household work, education, entertainment, and education. Its design and human interface make it useful for individuals. The market studied has been segmented based on the types of personal robots and geography. The study includes a comprehensive analysis of the personal robots market based on several aspects, such as demand and supply, technological trends, susceptibility to innovation, and future growth prospects. The study also includes a detailed analysis of COVID-19 impact on the personal robots market.

By Type
Household Work
Entertainment
Elderly and Handicap Assistance
Home Security and Surveillance
Other type
By Geography
North America
Europe
Asia-Pacific
Rest of the World
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Personal Robots Market Size Summary

The personal robot market is poised for significant expansion, driven by the increasing demand for assistive robots tailored for disabled and elderly individuals, alongside the decreasing costs of these technologies, which are fostering adoption in developing regions. The Asia-Pacific area, particularly countries like Japan and China, is experiencing a surge in demand due to its aging population, which is propelling the medical technology sector and creating a substantial market for personal assistive robots. Technological advancements in areas such as cognition, interaction, and manipulation are enhancing the appeal of personal robots, with artificial intelligence technologies like machine learning, computer vision, and natural language processing playing a crucial role in their development. These innovations are enabling robots to navigate complex environments, recognize obstacles, and interact more naturally with users, thereby expanding their potential applications in both domestic and healthcare settings.

The household segment of personal robots is witnessing a rise in popularity, with products such as robotic vacuum cleaners, lawn mowers, and window cleaners gaining traction. Companies are investing in the development of more compact and integrated solutions, incorporating advanced technologies like voice recognition and laser-based mapping to improve functionality. The competitive landscape is dynamic, with major players like iRobot, Sony, and Honda Motor Company actively innovating to meet emerging consumer needs. The market is also seeing increased interest in robotic technologies, with significant investments and partnerships aimed at expanding capabilities and market reach. Despite challenges such as technological standardization and integration complexities, the long-term outlook for the personal robot market remains positive, bolstered by growing awareness and interest in advanced robotic solutions.

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Personal Robots Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Industry Value Chain Analysis

    3. 1.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.3.1 Threat of New Entrants

      2. 1.3.2 Bargaining Power of Buyers

      3. 1.3.3 Bargaining Power of Suppliers

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

    4. 1.4 Assessment of Impact of COVID-19 on the Industry

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Type

      1. 2.1.1 Household Work

      2. 2.1.2 Entertainment

      3. 2.1.3 Elderly and Handicap Assistance

      4. 2.1.4 Home Security and Surveillance

      5. 2.1.5 Other type

    2. 2.2 By Geography

      1. 2.2.1 North America

      2. 2.2.2 Europe

      3. 2.2.3 Asia-Pacific

      4. 2.2.4 Rest of the World

Personal Robots Market Size FAQs

The Personal Robots Market is projected to register a CAGR of 18.60% during the forecast period (2024-2029)

Sony Corporation, Honda Motor Company, Ltd., Ecovacs Robotics Inc., iRobot Corporation and Samsung Group are the major companies operating in the Personal Robots Market.

Personal Robot Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)