Personal Service Robots Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 12.10 Billion |
| Market Size (2029) | USD 25 Billion |
| CAGR (2024 - 2029) | 15.60 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Personal Service Robots Market Analysis
The Personal Service Robots Market size is estimated at USD 12.10 billion in 2024, and is expected to reach USD 25 billion by 2029, growing at a CAGR of 15.60% during the forecast period (2024-2029).
- Robots have become the prevalent technology due to their numerous advantages in terms of reducing defective products, cutting costs, and increasing productivity and efficiency. Personal robotics is an innovation that enables consumers to utilize robotics technology for personal use. It is a sophisticated technology, but it is tailored for end users who may have limited knowledge about robotics. The increasing interest in humanoid robotics is driving the growth of the personal service robotics market.
- The personal service robots are becoming more affordable. Additionally, as the global population continues to age, there will likely be a growing demand for elderly assistance robots and cleaning robots. Many governments are currently investing in research and development to enhance elderly assistance robots and help increase productivity in the workforce.
- Increasing adoption of IoT in robotics, rising shifts toward domestic robots, and the introduction of intuitive technologies in robotics solutions are the key market drivers enhancing the personal service robotics market growth. Increasing cost-effective predictive maintenance using IoT in robots. Internet of Things (IoT) refers to the digital networking of diverse devices and systems to develop cohesive operations. Predicting possible problems before they arise is known as predictive maintenance. Terabytes of data may be stored using an IoT-based system.
- Machine learning (ML) algorithms can be executed simultaneously on multiple computers to forecast potential risks and detect when industrial equipment is at high risk of failure. This contributes to predictive maintenance. Online collection and analysis of robotic sensor data from heat and voltage sensors using ML techniques aid in uncovering hidden correlations and irregular data patterns. Consequently, this will enhance the revenue of the Personal Service Robotics market on a global scale.
- As a result, the market has expanded and become increasingly competitive due to the enhanced intelligence, adaptability, and capability of these robots. Additionally, changes in consumer preferences and lifestyles have had a significant impact on the market for personal service robotics.
Personal Service Robots Market Trends
Elderly and Handicap Assistance Segment Will See a Significant Growth
- The demand for personal service robots has seen a significant rise due to the aging population. Elderly individuals can greatly benefit from the assistance and companionship these robots offer, as well as their healthcare monitoring capabilities. Technological advancements play a crucial role in driving innovation within the personal service robotics sector, allowing for better understanding and fulfillment of human needs.
- According to the Population Reference Bureau, in 2023, Monaco had the highest percentage of the total population over the age of 65 at 36%. Japan followed closely with 29%, and Portugal and Bulgaria came in third with 24% each. Therefore, there is a growing demand for robots that can assist with healthcare-related tasks as individuals seek ways to enhance efficiency and convenience in their everyday lives. The market is responding to these preferences by offering a diverse range of personal service robots tailored to meet different needs and lifestyles, showcasing a consumer-focused approach to product development.
- However, it is important to consider that there are several obstacles that may significantly affect the development of the personal service robotics industry. These obstacles include safety concerns, ethical considerations, and potential implications on employment. Additionally, the use of robots for emotional support and caregiving raises important questions about the appropriate boundaries in human-robot interactions.
- Moreover, the potential impact of the widespread use of personal service robots on employment in certain sectors has led to discussions about the importance of reskilling and its effects on the workforce. It is crucial for stakeholders to address these issues as the market for personal service robots continues to develop in order to promote responsible growth and integration in various aspects of the daily life of the elderly population.
- Additionally, in March 2024, a team of Spanish researchers unveiled a new elderly care robot designed to help individuals with everyday tasks. The robot, known as ADAM (Autonomous Domestic Ambidextrous Manipulator), was created in collaboration with Robotnik, a robotics manufacturer. ADAM is equipped with two arms with grippers and a vision system, allowing it to move around a home and assist with various household chores like carrying items, rearranging furniture, cleaning floors, serving drinks, and preparing meals.
Asia-Pacific to be the Fastest Growing Region
- The Asia-Pacific region is experiencing rapid development, particularly in terms of industrialization and urbanization, which is having a positive effect on the growth of the service robotics market. The increase in industrial facilities and their expansion is driving the demand for service robotics, as these robots are utilized to streamline and enhance industrial operations. With the advancements in deep learning algorithms, it is expected that the capabilities of machine learning and visual interaction in service robots will continue to enhance, playing a crucial role in driving progress within the industry.
- Furthermore, the Asia-Pacific region is anticipated to offer numerous opportunities for the personal service robotics market as a result of the increasing presence of local players in countries such as China and Japan. Technological advancements in high-tech and intelligent solutions have also contributed to the growth of the personal service robot industry.
- Therefore, the use of technology to address the needs of an aging population is becoming increasingly popular in China, with both local and international companies exploring opportunities in this expanding sector. In May 2024, UBTech Robotics showcased a service robot in Shenzhen, China, which can be controlled effortlessly from a screen and is designed to navigate around obstacles autonomously.
- Additionally, numerous technology companies are currently investigating potential opportunities in this area. The Chinese government is actively providing support for industries related to aging populations. The country has strategies to promote the development of the silver economy, such as creating industrial clusters and utilizing robotics. According to the Chinese Institute of Electronics, in 2023, the sales volume of service robots in China amounted to CNY 61 billion (USD 8.51 billion) from CNY 22 billion (USD 3.08 billion) in 2020. Service robots include vacuum cleaning robots and elderly service robots.
- Furthermore, Japan has made significant advancements in the development of robots to assist older individuals for more than twenty years, with increased investment from both public and private sectors, notably in the 2010s. In Japan, robots are commonly viewed as a viable solution for addressing the challenges of elder care. The country has a strong background in industrial robotics and has been a leader in humanoid robot research for many years. Both robotics companies and policymakers have been advocating for the potential of care robots to alleviate the workload of human caregivers and to create a thriving new export industry for Japanese manufacturers.
Personal Service Robots Industry Overview
The personal service robotics market is semi-consolidated, as major players have a significant market presence. However, with the demand growing, new players are also entering the market, driving competition and the market toward a fragmented stage. Vendors are adopting various strategies to consolidate their market presence further, including product innovation, partnerships, acquisitions, etc. Some major players include iRobot Corporation, Ecovacs Robotics, Roborock, Neato Robotics Inc., Bobsweep, and others.
- May 2024: LG Electronics announced the unveiling of a new home robot that features Gemini, Google's latest generative AI. This news came after LG's partnership with Meta in February to establish an "Extended Reality (XR) Alliance" and signifies another important collaboration in the field of robotics with Google. Utilizing LG's image analysis and autonomous driving technologies, CLOi will serve as a helpful assistant to users in their daily activities. Additionally, it can recognize the owner's voice and facial expressions in order to suggest music that matches the owner's mood.
- March 2024: YEEDI, a leading brand in household service robots, introduced the M12 PRO+ robot vacuum. This cutting-edge device is set to transform the home cleaning industry with its unmatched efficiency and precision. It is equipped with innovative TruEdge adaptive edge cleaning technology and a ZeroTangle anti-tangle system. The M12 PRO+ guarantees thorough cleaning of every corner. Its intelligent navigation and strong suction power make it a game-changing solution for achieving a spotless home environment.
Personal Service Robots Market Leaders
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iRobot Corporation
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Ecovacs Robotics
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Neato Robotics Inc
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Roborock
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Bobsweep
*Disclaimer: Major Players sorted in no particular order
Personal Service Robots Market News
- July 2024: ECOVACS, a leading company in robotic home cleaning solutions, introduced three new innovative robot vacuum models: DEEBOT T30S COMBO, DEEBOT X5 PRO OMNI, and DEEBOT N20 PRO, designed to cater to the various cleaning needs of households in Singapore. This new lineup reflects ECOVACS' dedication to providing top-notch products to consumers, with a focus on technological advancements and high-quality cleaning solutions for modern homes.
- April 2024: Roborock, a leading company in the field of advanced home robotics, announced that it has achieved the top position in global sales of robotic vacuums. Additionally, the brand has offered a sneak peek into its upcoming product lines and shared its vision for the future. Over the period of 2019 to 2023, Roborock made a significant investment of CNY 1.9 billion (USD 260 million) in R&D. Roborock encourages innovative solutions that meet the needs of consumers, including enhancements in cleaning efficiency, mapping and navigation, convenience, and integration with smart home technology.
Personal Service Robots Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Buyers/Consumers
4.2.2 Bargaining Power of Suppliers
4.2.3 Threat of Substitute Products
4.2.4 Intensity of Competitive Rivalry
4.2.5 Threat of New Entrants
4.3 Impact of Macroeconomic Factors on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increasing Penetration Toward Domestic Service Robots
5.1.2 Increase Use of IoT and AI Chipsets
5.2 Market Restraints
5.2.1 High Initial Cost of Investments for Personal Use
6. MARKET SEGMENTATION
6.1 By Type
6.1.1 Robots for Domestic Tasks
6.1.2 Entertainment Robots
6.1.3 Elderly and Handicap Assistance
6.1.4 Other Types
6.2 By Geography
6.2.1 North America
6.2.2 Europe
6.2.3 Asia
6.2.4 Australia and New Zealand
6.2.5 Latin America
6.2.6 Middle East and Africa
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 iRobot Corporation
7.1.2 Ecovacs Robotics
7.1.3 Roborock
7.1.4 Neato Robotics Inc
7.1.5 Bobsweep
7.1.6 YEEDI
7.1.7 F&P Robotics AG
7.1.8 Segway Inc.
7.1.9 Honda Motor Co. Ltd
7.1.10 Samsung Electronics Co. Ltd (Korea)
7.1.11 LG Electronics
7.1.12 ZMP Inc.
7.1.13 Integritas
7.1.14 UVD Robots
7.1.15 Nidec Corporation
7.1.16 Robot Lab Inc.
7.1.17 Maytronics
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
Personal Service Robots Industry Segmentation
Personal service robots are designed to assist humans in completing their daily tasks. These robots are typically used for non-commercial purposes and self-help. The market is defined by the revenue accrued from the sales of various types of personal service robots in the global market, such as robots for domestic tasks, entertainment robots, elderly, and handicap assistance across several geographies.
The personal service robotics market is segmented by type (robots for domestic tasks, entertainment robots, elderly and handicap assistance, and other types) and by geography (North America, Europe, Asia-Pacific, and the Rest of the World). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.
| By Type | |
| Robots for Domestic Tasks | |
| Entertainment Robots | |
| Elderly and Handicap Assistance | |
| Other Types |
| By Geography | |
| North America | |
| Europe | |
| Asia | |
| Australia and New Zealand | |
| Latin America | |
| Middle East and Africa |
Personal Service Robots Market Research FAQs
How big is the Personal Service Robots Market?
The Personal Service Robots Market size is expected to reach USD 12.10 billion in 2024 and grow at a CAGR of 15.60% to reach USD 25 billion by 2029.
What is the current Personal Service Robots Market size?
In 2024, the Personal Service Robots Market size is expected to reach USD 12.10 billion.
Who are the key players in Personal Service Robots Market?
iRobot Corporation, Ecovacs Robotics, Neato Robotics Inc, Roborock and Bobsweep are the major companies operating in the Personal Service Robots Market.
Which is the fastest growing region in Personal Service Robots Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Personal Service Robots Market?
In 2024, the Asia Pacific accounts for the largest market share in Personal Service Robots Market.
What years does this Personal Service Robots Market cover, and what was the market size in 2023?
In 2023, the Personal Service Robots Market size was estimated at USD 10.21 billion. The report covers the Personal Service Robots Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Personal Service Robots Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Personal Service Robots Industry Report
Statistics for the 2024 Personal Service Robots market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Personal Service Robots analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
