The consumer robotics market is undergoing a period of significant evolution, with rising demand for household, toy, and educational robots being fueled by several key market developments including a proliferation of robotics startups with innovative products, rapidly declining prices due to lower component costs, the growth of connected smart devices as an enabler for consumer robots, and demographic trends around the world.
According to a new report from Tractica, worldwide shipments of consumer robots will increase from 10.0 million in 2016 to 50.7 million units annually by 2022. During that period, the market intelligence firm forecasts that the consumer robotics market will grow from $3.8 billion in 2016 to $13.2 billion by 2022.
“Consumer robotics is shifting from a phase of being largely dominated by cleaning robots, into robotic personal assistants or family companions,” says research analyst Manoj Sahi. “In addition, robotic toys, which, until now, were largely gimmicks, are transforming into interactive connected play devices that have virtually limitless possibilities, as well as useful educational tools as a part of science, technology, engineering, and math (STEM)-based curriculum.”
Tractica’s report, “Consumer Robotics”, examines the global market trends for consumer robots and provides market sizing and forecasts for shipments and revenue during the period from 2016 through 2022. The report focuses on crucial market drivers and challenges, in addition to assessing the most important technology issues that will influence market development. In total, 109 key and emerging industry players are profiled. An Executive Summary of the report is available for free download on the firm’s website.