Robotic Vacuum Cleaner Market to Reach USD 46.75 billion by 2027: Increasing Number of Therapy Centers to Boost Growth, says Fortune Business Insights™
August 19, 2020 at 11:48 AM EDT
Pune, Aug. 19, 2020 (GLOBE NEWSWIRE) -- The global Robotic Vacuum Cleaner market size is expected to reach USD 46.75 billion by 2027 on account of the increasing adoption of automated products. According to a published report by Fortune Business Insights titled, “Robotic Vacuum Cleaner Market Size, Share & COVID-19 Impact Analysis, By Type (Floor Vacuum Cleaner, Window Vacuum Cleaner, Pool Vacuum Cleaner), By Application (Household and Commercial), By Operation Mode (Self-Drive & Remote Control), By Distribution Channel (Online & Offline), By Price (Below USD 150, USD 150 – 300, USD 300 – 500, Above USD 500) and Regional Forecast, 2020-2027,” the value of this market stood at USD 8.19 billion in 2019. The market is likely to exhibit a CAGR of 24.4% CAGR during the forecast period set between 2020 and 2027.
Fortune Business Insights is offering analytical reports on various markets that showcase fluctuating growth graphs in the coming years due to the COVID-19 pandemic. These reports will help interested candidates and financers accordingly strategize and prepare for the future.
The report on the Robotic Vacuum Cleaner market offers a comprehensive overview, primarily focusing on growth drivers, restraints, challenges, and upcoming opportunities. It also discusses the key industry developments, current trends, and other interesting insights into the market. The report also highlights the market competition and lists the names of the leading players. The report is available for sale on the company website.
Drivers & Restraints
Various factors are responsible for contributing to the global robotics vacuum cleaners market growth. These include the introduction of industrial robots, increasing popularity of Robotic Vacuum Cleaner, and rising demand from industries such as healthcare, automotive, manufacturing, and others. Additionally, introduction of latest technology into vacuum cleaners such as adjustable suction power, smart navigation system, intelligent software programming, and others will also add boost to the growth of the market.
On the flipside, the high cost of installation and maintenance may cause major hindrance to the growth of the market. Moreover, rough usage of these machines minimizes its productivity and lifespan of the Robotic Vacuum Cleaner, thereby hampering the growth of the market.
Among all robotic vacuum cleaner types, the floor vacuum cleaner segment earned dominance in 2019. This is because of the time saving and less operational complications associated with floor vacuum cleaners. However, the pool vacuum cleaner segment earned 21.3% share in 2019 and is expected to witness significant growth owing to the increasing demand from residential and commercial applications.
Among all regions, Asia Pacific generated a revenue of USD 2.60 billion in 2019 and earned the largest Robotic Vacuum Cleaner market share. This is accountable to the continuous launch of innovative technologies especially from Japan and the addition of new players into the regional market. On the other side, the market in North America will showcase notable growth in the forecast years on account of the increasing adoption of technologically advanced vacuum cleaners by the residential sector. Furthermore, the market in Europe will also generate significant revenue in the coming years on account of the increasing popularity of cordless vacuum cleaners and their light-weight nature.
Currently, iRobots is holding a lion’s share in the market competition. In 2018, this company accounted for the sale of 20 million units or more all over the world. Factors responsible for this successful revenue generation include additional categories such as lawn mowers, security systems, and others in the domestic robotic cleaner’s section. The other players are also investing massively in order to stand out in the crowd and gain a significant position in the competition.
December 2019 – A new floor and wall robot vacuum cleaner called DEEBOT Ozmo 920 was launched by Ecovacs.
January 2019 – DEEBOT Ozmo 960, integrated with Artificial Intelligence was launched by Ecovacs at the Consumer Electronics Show held in Las Vegas.
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