Market Insights Technology Robotics Service Robotics

Consumer Service Robotics - NAFTA

NAFTA

Revenue in the Consumer Service Robotics market is projected to reach US$3.93bn in 2024.
Domestic service robotics dominates the market with a projected market volume of US$2.46bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.72%, resulting in a market volume of US$6.25bn 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 Consumer service robotics market in NAFTA is experiencing a negligible decline in growth rate, driven by factors such as slow adoption of digital technologies, lack of awareness among consumers, and limited convenience offered by online services. These challenges are particularly evident in the Domestic and Entertainment sub-markets, where the use of service robots is not yet mainstream. However, with advancements in technology and increasing health and safety concerns, there is potential for growth in the future.

Customer preferences: With the rise of e-commerce and online shopping, consumers are now expecting a similar level of convenience and efficiency in other areas of their lives. This has led to a growing demand for consumer service robotics in sectors such as retail, hospitality, and healthcare. These robots are able to provide personalized and on-demand services, allowing for a more seamless and efficient customer experience. Additionally, as the aging population increases, there is a growing need for assistive robots in homes and healthcare facilities, highlighting the potential for growth in the consumer service robotics market.

Trends in the market: In NAFTA, the Consumer service robotics Market within the Robotics Market is experiencing a surge in demand for service robots in the healthcare sector. This trend is driven by an aging population and a growing need for efficient and cost-effective patient care. Additionally, there is a rising trend of using service robots in retail and hospitality industries to improve customer experience and streamline operations. These trends indicate a shift towards automation and technology in various industries, posing both opportunities and challenges for industry players in the Service robotics Market.

Local special circumstances: In Mexico, the Consumer service robotics Market of the Service robotics Market within the Robotics Market is experiencing significant growth due to the country's growing e-commerce sector and the adoption of advanced technologies in industries such as retail and healthcare. Additionally, the Mexican government has implemented supportive policies and initiatives to promote the development and adoption of service robotics, such as tax incentives and funding programs. However, the market is also facing challenges, including a shortage of skilled labor and regulatory barriers. These factors are shaping the market dynamics and driving the demand for innovative and efficient service robotics solutions in Mexico.

Underlying macroeconomic factors: The growth of the Consumer service robotics Market is also influenced by macroeconomic factors such as technological advancements, consumer demand, and government support. Countries with strong investment in research and development of service robotics, as well as favorable regulatory environments, are experiencing faster market growth compared to regions with regulatory challenges and limited funding. Additionally, the increasing demand for personalized and efficient consumer services, along with the aging population worldwide, are driving the adoption of service robotics in various consumer-facing industries.

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.