The United States Census Bureau states that the number of residents aged 65 years and more in the U.S. increased from 40.3 million in 2010 to 54.1 million in 2019. Additionally, the European Union (EU) estimates that over 20.6% of the EU population was aged 65 years and above in 2020. Further, the EU forecasts that the population of people aged 80 years or over will account for 14.6% of the EU population by 2100. The World Bank further states that approximately 28.397% of the Japanese population were aged 65 years and more in 2020.
The booming population of geriatric people in developed countries will, therefore, drive the personal robots market at a CAGR of 7.8% during the forecast period (2020–2030). The market was valued at $21.5 billion in 2019 and it is projected to generate $51.5 billion revenue by 2030. The market growth can also be credited to the declining costs of personal robots and burgeoning demand for mobile robots. In recent years, the emergence of artificial intelligence (AI)-enabled personal robots has become a key market trend.
Currently, cleaning robots have gained maximum traction among house owners, as they simplify the life of end users by assisting in daily chores. In contemporary times, users across the globe have shown a high inclination toward AI and Wi-Fi-enabled vacuum cleaner bins, owing to which the adoption of cleaning robots has surged considerably. In addition to cleaning robots, people are also opting for companion robots, educational robots, entertainment and toy robots, handicap assistance robots, security robots, and personal transportation robots to simplify their lives.
Presently, the players in the personal robots market are undertaking several strategic measures, such as partnerships, to develop technologically advanced and efficient products. For instance, in May 2019, Honda R&D Co. Ltd. (Honda R&D) collaborated with the Center for Information and Neural Networks (CiNet) to research the neuroscience of humans in the areas of mobility and robotics. Both companies will establish standards for the development of more comfortable and safer robotics and mobility technologies.
