The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Household Robot Market Growth. The growth sectors of the Household Robot Market Growth are identified with precision for a better growth perspective.
- North America: The epicenter of the global robotics market, North America maintains a commanding lead due to its well-established robotics industry and excellent R&D fueled by corporations, governments, and top educational institutions. The profitability and diverse applicability of automation are well understood in the context of industrial processes.
- Ease of Business: Very GoodLegislative Support: Very GoodLevel of Competition: HighInvestment potential: High
- US: According to the Economic Times, the US market for domestic robots is expected to quadruple from 2018 to touch an expected USD 4 billion by 2025. The US is one of the largest markets for household robots and, with the increasing demand for efficient utilization of man-hours per individual, the market for household robots is ever expanding. The presence of large corporations such as iRobot, Neato, and John Deere focused on making robots easier to manufacture and lowering costs is helping drive market growth .
- Canada: More than a quarter of Canada’s population is expected to be above the age of 65 by 2051. This has fueled research by the Canadian government on elder care robots. The presence of well-established research infrastructure in Canada offers investment opportunities in the development of a robust robot manufacturing industry.
- Europe: Europe is expected to have a very large geriatric population as virtually all European nations have sub-replacement fertility. Robotics was initially the answer to Europe’s small manpower pool for a robust manufacturing industry. The focus has now shifted to the care of a fast-aging population, companionship for lonely individuals, and a need to delegate domestic manpower-heavy chores to increase available man-hours. Europe’s excellent inter-disciplinary research, integrated with industry, provides lucrative investment opportunities.
- Ease of business: GoodLegislative support: ExcellentLevel of competition: GoodInvestment potential: High
- Germany: A leader in the European robotics market, Germany has a very high ratio of 309 industrial robots per 10,000 employees. Germany seeks to utilize its high robot manufacturing potential to cater to the ever-increasing demand for quality household robots.
- UK: The growing demand for household robots has led to an increase in imports.
- France: The growth of the French household robot market is expected to steadily increase with a correlating decrease in costs. France imports most of its household robots and is invested in the research, development, and manufacture of state-of-the-art companion robots, the demand for which is growing worldwide, especially in the UK and Japan. Today, France is poised to be a leader in the manufacture of companion robots in Europe.
Asia-Pacific: The market for household robots in Asia-Pacific is expected to register exceptional growth with the per capita income increases along with a need to free up man-hours consumed by domestic chores. Furthermore, Asia-Pacific has the largest number of geriatric people in the world and a very high number of self-isolated individuals who seek automated companionship, which is directly fueling the growth of this market. Asia-Pacific is a well-established and cost-efficient manufacturing hub with Japan pioneering robotics research.
- Rest of the World: The small size of the regional market can be attributed to limited manufacturing infrastructure and underdeveloped economies. Currently, the demand for household robots is limited in the region.
- Ease of business: LowLegislative support: LowLevel of Competition: LowInvestment potential: Average
- Israel: The only country in the region with an active household robot industry, manufacturers in Israel are currently focused on simple household robots catering primarily to lawn maintenance and floor cleaning. However, the market is poised to grow with the growth of the robotics industry in the country.
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