Consumer Service Robotics - Laos | Statista Market Forecast

Revenue in the Consumer Service Robotics market is projected to reach US$1.83m in 2024.
Domestic service robotics dominates the market with a projected market volume of US$1.12m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -7.84%, resulting in a market volume of US$1.22m 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.

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Domestic Service Robotics
Entertainment Service Robotics

Commercial Service Robotics

The Consumer service robotics market in Laos is facing subdued decline, impacted by factors such as low adoption of digital technologies, limited health awareness, and lack of convenience in accessing online health services. However, with the growing sub-markets of Domestic and Entertainment Service Robotics, there is potential for future growth in the overall Service Robotics market in Laos.

Customer preferences: In Laos, there has been a growing interest in consumer service robotics, particularly in the hospitality industry. This trend is driven by the country's increasing tourism and the desire for efficient and personalized services. Additionally, the aging population in Laos has resulted in a demand for robotic assistance in healthcare and eldercare services. This shift towards automation in service delivery is also influenced by the country's cultural value of respect for elders and the need for quality care for the elderly.

Trends in the market: In Laos, the Consumer service robotics Market of the Service robotics Market within the Robotics Market is experiencing a surge in demand for robotic cleaning and maintenance services in commercial and industrial sectors. This trend is expected to continue, as companies seek to improve efficiency and reduce costs by automating routine tasks. Additionally, there is a growing trend of incorporating artificial intelligence and machine learning in service robots, leading to more advanced and personalized solutions for consumers. These developments have significant implications for industry stakeholders, as they strive to keep up with the evolving technology landscape and stay competitive in the market.

Local special circumstances: In Laos, the Consumer Service Robotics Market is relatively underdeveloped compared to other countries due to its limited technological infrastructure and lower purchasing power. However, with the government's efforts to promote economic growth and modernization, there is potential for growth in the market. Additionally, the country's unique cultural and geographical landscape, with a large rural population, may require innovative solutions for service delivery. This could drive the demand for service robotics, particularly in the healthcare and hospitality sectors.

Underlying macroeconomic factors: The Consumer service robotics Market within the Robotics Market in Laos is impacted by various macroeconomic factors such as economic growth, government policies, and technological advancements. With the rise of automation and the need for efficient and cost-effective solutions, the demand for service robotics is increasing in the country. Moreover, favorable government initiatives and investments in the robotics industry are further driving the growth of the market. Additionally, the increasing adoption of service robotics in various sectors, including healthcare and hospitality, is also contributing to the market's growth in Laos.

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.

This report presents a comprehensive analysis and additional information on the Technology market, in a PDF format.

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.