Market Insights Technology Robotics Service Robotics

Consumer Service Robotics - EU-27

EU-27

Revenue in the Consumer Service Robotics market is projected to reach US$2.97bn in 2024.
Domestic service robotics dominates the market with a projected market volume of US$2.37bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 16.23%, resulting in a market volume of US$6.30bn by 2029.
In global comparison, most revenue will be generated in China (US$5,532.00m in 2024).

Key regions: South Korea, Germany, Japan, Canada, France

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Analyst Opinion

The EU-27 Consumer Service Robotics market is experiencing modest growth, driven by factors such as increasing adoption of advanced technologies, growing demand for personalized services, and rising consumer awareness towards the benefits of service robotics. However, the market's growth rate is being impacted by the minimal decline in the Domestic and Entertainment Service Robotics sub-markets. This can be attributed to factors such as high initial costs, lack of awareness, and limited use cases in certain industries.

Customer preferences: In the EU-27, consumers are showing a growing interest in home automation systems and smart appliances, driving the demand for consumer service robotics. This trend is fueled by a desire for convenience and efficiency in daily tasks, as well as a growing awareness of the benefits of connected living. Additionally, the aging population in the region is driving the demand for service robots that can assist with tasks such as household chores and personal care, promoting independent living and addressing the shortage of caregivers.

Trends in the market: In the EU-27, the Consumer service robotics Market of the Service robotics Market within the Robotics Market is experiencing a surge in demand for home cleaning and personal care robots. This trend is driven by an aging population and increasing awareness of the benefits of robotic assistance in daily tasks. Additionally, there is a growing trend of using social robots for companionship and entertainment purposes. These trends are expected to continue, leading to a significant market growth for service robotics in the region. This has led to increased investment in research and development, as well as partnerships between industry players and academic institutions to further advance the technology. Such developments have the potential to greatly benefit consumers, businesses, and the overall economy.

Local special circumstances: In the EU-27, the Consumer service robotics Market is driven by the increasing demand for automation in industries such as healthcare, retail, and hospitality. The region's aging population and high labor costs have led to a growing need for service robots to assist with tasks such as elder care and customer service. Additionally, strict regulations regarding data privacy and safety have contributed to the development of specialized service robots for these industries.

Underlying macroeconomic factors: The Consumer service robotics Market within the Robotics Market is impacted by macroeconomic factors such as technological advancements, consumer demand, and government policies. Countries with strong technological capabilities and consumer willingness to adopt new technologies are experiencing higher growth in the market. Additionally, government initiatives to promote the use of service robotics in various industries, such as healthcare and retail, are also driving market growth. Furthermore, the increasing trend of automation and the need for efficient and cost-effective solutions are contributing to the growth of the Consumer service robotics Market in the EU-27.

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.