Booming Elderly Population Propelling Personal Robot Demand

 


The World Bank estimates that the population of women aged 65 years and above in Japan and Germany increased from 19,949,469 in 2019 to 20,150,701 in 2020 and 10,065,399 in 2019 to 10,132,696 in 2020, respectively. It also states that the number of men aged 65 years above in Germany and Japan surged from 7,851,701 in 2019 to 7,920,048 in 2020 and 15,407,952 in 2019 to 15,583,297 in 2020, respectively. The rising geriatric population, especially in developed countries, will, therefore, facilitate the adoption of personal robots in the forthcoming years. 

In addition, the burgeoning demand for mobile robots and the reducing prices of robotic systems will drive the personal robots market at a CAGR of 7.8% during the forecast period (2020–2030). According to P&S Intelligence, the market revenue stood at $21.5 billion in 2019, and it will reach $51.5 billion by 2030. This growth can also be credited to the booming demand for home automation and the surging public awareness regarding different types of robots. In contemporary times, the emergence of artificial intelligence (AI)-enabled personal robots has become a prominent market trend. 

Browse detailed report - Personal Robots Market Analysis and Demand Forecast Report

In the upcoming years, companion robots will be adopted in enormous numbers due to the surging need for companions in the solitary lives of people, majorly in developed countries. Furthermore, cleaning robots will be adopted in the highest number due to the declining prices of such household robotic systems and the increasing need for assistance in the busy lives of people around the world. Additionally, customers are also opting for educational robots, entertainment and toy robots, security robots, personal transportation robots, and handicap assistance robots to ease their daily chores.  

In recent years, players operating in the personal robots market have engaged in product development to meet the evolving needs of customers. Additionally, the market players, such as Neato Robotics Inc., Samsung Electronics Co. Ltd., Honda Motor Co. Ltd., Ecovacs Robotics Inc., ZMP Inc., iRobot Corporation, F&P Robotics AG, Sony Corporation, GeckoSystems International Corporation, and Segway Inc., are also involved in partnerships to develop technologically improved and efficient products and gain a competitive edge in the industry.  


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