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Consumer Service Robotics - Central America

Central America
  • Revenue in the Consumer Service Robotics market is projected to reach US$25.80m in 2024.
  • Domestic service robotics dominates the market with a projected market volume of US$19.47m in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 12.05%, resulting in a market volume of US$45.58m by 2029.
  • In global comparison, most revenue will be generated China (US$5.53bn in 2024).

Definition:

The Consumer Service Robotics market covers the market size of service robotics for consumer use, e.g., household and entertainment robots. Consumer robots are usually not big and relatively easy to use. Consumer robots include vacuum cleaners, robotic toys, and drones.

A robot is defined as a powered machine that is programmable on two or more axes and has some degree of autonomy; it moves within its environment to perform its programmed tasks.

Additional information:

The market comprises revenues, volume, average price per new installed robot. The market displays both B2B and B2C revenues, and the revenue is based on the country’s demand for robots. It is shown in manufacturer prices. Software revenues are included as service robots are mostly delivered with software solutions that have been implemented by the manufacturer.

Key players in the market include iRobot, Samsung, and Xiaomi.

For more information on the data displayed, use the info button right next to the box.

In-Scope

  • Domestic Service Robotics
  • Entertainment Service Robotics

Out-Of-Scope

  • Commercial Service Robotics
Service robotics: market data & analysis  - Cover

Market Insights report

Service robotics: market data & analysis

Study Details

    Revenue

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Aug 2024

    Source: Statista Market Insights

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Aug 2024

    Source: Statista Market Insights

    Notes: The chart “Comparable Estimates” shows the forecasted development of the selected market from different sources. Please see the additional information for methodology and publication date.

    Most recent update: Mar 2024

    Key Players

    Most recent update: Mar 2024

    Source: Statista Market Insights

    Most recent update: Mar 2024

    Source: Statista Company Insights

    Volume

    Most recent update: Aug 2024

    Source: Statista Market Insights

    Price

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Aug 2024

    Source: Statista Market Insights

    Analyst Opinion

    The Consumer Service Robotics market in Central America is experiencing slow growth due to factors such as limited adoption of digital technologies, low health awareness, and lack of convenience in online health services. This is reflected in the minimal decline in market growth rate. However, with the increasing demand for Domestic and Entertainment Service Robotics, there is potential for future growth in this market.

    Customer preferences:
    As the demand for personalized and efficient services continues to grow, consumers in Central America are increasingly turning to consumer service robotics. This trend is influenced by a growing preference for automated and contactless solutions, driven by the need for convenience and safety. Additionally, the region's young and tech-savvy population is also contributing to the adoption of service robots for various tasks, from household chores to customer service in retail and hospitality industries.

    Trends in the market:
    In Central America, there is a growing trend of using service robotics in the consumer sector, particularly in retail, hospitality, and healthcare industries. This is driven by the increasing demand for automation and efficiency in these sectors. In the retail industry, robots are being used for inventory management and customer service, while in the hospitality sector, robots are being deployed for tasks like room service and concierge services. In the healthcare industry, there is a rise in the use of robots for tasks such as patient monitoring and assistance. These trends are expected to continue in the coming years, presenting significant opportunities for industry stakeholders to tap into the growing market.

    Local special circumstances:
    In Central America, the Consumer service robotics Market is seeing growth due to the region's increasing focus on automation and technological advancements. The market is driven by the demand for cost-effective solutions in industries such as healthcare, hospitality, and retail. Additionally, the region's favorable regulatory environment and government initiatives to promote innovation are encouraging the adoption of service robots. For instance, in Costa Rica, the government has implemented tax incentives for companies investing in automation, leading to a rise in the use of service robots in the hospitality industry. In Panama, the demand for service robots in healthcare is increasing, driven by the need for efficient and accurate medical assistance. These factors are expected to continue driving the growth of the Consumer service robotics Market in Central America.

    Underlying macroeconomic factors:
    The growth of the Consumer service robotics market is also influenced by macroeconomic factors such as technological advancements, consumer spending, and government policies. Countries with strong investment in research and development, advanced manufacturing capabilities, and favorable regulatory environments are experiencing faster market growth compared to regions with limited resources and regulatory challenges. Additionally, the increasing demand for automation and personalized services from consumers is driving the adoption of service robotics in various industries, leading to market expansion and revenue growth.

    Global Comparison

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Aug 2024

    Source: Statista Market Insights

    Methodology

    Data coverage:

    The data encompasses B2B and B2C revenues. Figures are based on the country’s demand for robotics in manufacturer prices.

    Modeling approach / Market size:

    Market sizes are determined through a regional bottom-up approach, and further detailed by a top-down rationale for each market segment. As a basis for evaluating markets, we use trade data of the respective economic sector. Furthermore, we use relevant key market indicators such as level of automation and digitization or the economy composition to estimate each country's specialization in demand and supply. This data helps us to estimate the market size for each country individually.

    Forecasts:

    In our forecasts, we apply diverse forecasting techniques but primarly exponential smoothing. The selection of forecasting techniques is based on the behavior of the relevant market.

    Additional notes:

    The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.

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    Service robotics: market data & analysis  - BackgroundService robotics: market data & analysis  - Cover

    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

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    Industrial robots worldwide - statistics & facts

    Despite the frightening, almost Terminator-esque, way the phrase “there are robots everywhere” might sound, the increased use of robotics has been a boon to both consumers and enterprises worldwide. The industrial robot market has seen steady growth across the globe and is expected to continue growing as automation becomes ever more vital to businesses. This stems largely from mechanical automation, reducing production costs and improving efficiency. This increased demand due to greater automation, especially in the United States and Europe, is likely to mean that the price increase per robot unit will remain modest.
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