The reducing price of personal robots and rising demand or mobile robots are two of the key factors behind the growth of personal robots market. In 2015, the market generated revenue of $3.8 billion, and it is predicted to attain a size of $34.1 billion by 2022, progressing at a CAGR of 37.8% during 2016–2022 (forecast period).
The increasing adoption of cleaning robots by consumers is projected to boost the growth of the personal robots market during 2016–2022. On the basis of region, the market is classified into Europe, Asia-Pacific, North America, and Rest of the World.
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Based on type, the personal robots market is broadly categorized into cleaning, education, entertainment & toy, security, and education robots. Out of these, during the historical period (2012–2015), cleaning robots dominated the market in terms of revenue, and these are predicted to maintain their dominance during the forecast period, as they help in performing daily household cleaning tasks to make their owner’s life easy.
This factor is projected to boost the sales of these robots, mainly in developed nations, where the majority of the people come under the higher economic class and can afford these.
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Similarly, bipedal walking robots are also gaining popularity in the personal robots market, as they have good walking speed and knowledge of soccer/football techniques, such as kicking and defending. Furthermore, the declining prices of robots are encouraging customers on a large scale to purchase them.
The impact of the reducing ASP of personal robots is predicted to be low in the short term, moderate in the medium, and high in the long term, as high costs are the primary reason that not a lot of people go for these. Hence, the rising sale of mobile robots and falling price of personal robots are driving the market growth.
This post was originally published on Raleigh Recorder