The mobile robots market is expected to grow from USD 18.7 billion in 2018 to USD 54.1 billion by 2023, at a CAGR of 23.71% during the forecast period.
Robotics has witnessed a quantum leap with the introduction of technologies such as augmented reality, deep learning, and artificial intelligence (AI). With the growing geriatric population and the rising number of nuclear families worldwide, demand for advanced technologies and virtual assistants, such as companion robots, is also increasing as these technologies simplify the process of performing a task. Another driver for the mobile robots market include increasing demand for warehouse automation.
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Mobile robots market for personal and domestic robots to grow at the highest CAGR during 2018–2023
Personal and domestic robots are adopted for domestic applications (e.g., vacuum cleaning, floor cleaning, and lawn-mowing) and entertainment, education, and personal applications (e.g., entertainment and leisure). The adoption of these robots has been high in North American and European countries for household purposes. However, with the growing awareness and number of nuclear families worldwide, the market for personal and domestic robots is expected to grow at the highest CAGR during the forecast period.
Mobile robots market for entertainment, education, and personal application is expected to grow rapidly during the forecast period
Social robots are gaining traction regarding entertainment, education, and personal applications with booming digital technology. In addition, devices or robots with larger displays (dedicated for performing tasks such as displaying images, playing videos, and displaying error messages) are being adopted on a large scale for entertainment, education and personal applications. Apart from this, an increasing number of working officials across the world is expected to put forth a need for robots for providing companionship to the elderly and toddlers. This fact is expected to propel the growth of the market for entertainment, education, and personal applications during the forecast period.
North America to hold a major share of the mobile robots market in 2018
North America is expected to hold the largest share of the mobile robots market in 2018. This dominance can be attributed to the growth in demand for mobile robots from nascent sectors such as telepresence, inspection and maintenance, and home security, along with major sectors such as medical, defense, marine, logistics, and education and research. iRobot, Gecko Systems, Adept Technology (a subsidiary of Omron Corporation), Google, and Amazon are the major companies in the mobile robots market based in the US. Apart from this, increasing aging population in North America is driving the market for telepresence and personal assistant robots.
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Major players in the mobile robots market include Northrop Grumman (US), Honda Motor (Japan), Softbank (Japan), iRobot (US), DJI (China), Lockheed Martin (US), Kongsberg Maritime (Norway), KUKA (Germany), Bluefin Robotics (US), Samsung Electronics (South Korea), Parrot (France), 3DR (US), GeckoSystems (US), LG (South Korea), Amazon Robotics (US), Mayfield Robotics (US), Promobot (Russia), Bluefrog Robotics (France), LEGO (Denmark), and ECA Group (France).