Robotic Vacuum Cleaner Market size to grow by USD 4.42 billion | Market Research Insights highlight the Key Drivers, Challenges and Key Vendors

NEW YORK, Jan. 19, 2022 /PRNewswire/ — According to the research report “Robotic Vacuum Cleaner Market – Forecast and Analysis Report 2021-2025“, the market will witness growth at a CAGR of 18% during the forecast period. The report is segmented by end-users (residential and commercial) and geography (North America, Europe, APAC, South America, and MEA).

APAC is the largest market for robotic vacuum cleaner market. Factors such as an increase in the adoption of robotic vacuum cleaners has grown substantially in this region during the past decade. Especially, Singapore and Australia, where the population above the age of 65 is growing rapidly resulting in the shortage of workforce also contribute to the growing adoption of robotic vacuum cleaners in the region.

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Vendor Insights

The robotic vacuum cleaner market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.

The growing competition in the market is compelling vendors to adopt various growth strategies such as developing new generation robots that are technologically advanced than older versions to improve the visibility of their services. In addition, vendors such as LG Electronics are developing large robotic vacuum cleaners with high suction power for use at commercial places.

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

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Geographical Market Analysis

APAC will provide maximum growth opportunities in robotic vacuum cleaners industry during the forecast period. According to our research report, the region will contribute to 40% of the global market growth and is expected to dominate the market through 2025. APAC will generate growth across all the years of the forecast period between 2020 and 2025. The year-on-year growth of the market will be 17.45% in 2021.

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Japan and South Korea are the major countries that use robotic vacuum cleaners due to high awareness about robotic solutions and an increase in aging population. It is anticipated that the percentage of elderly individuals living alone will increase sharply from around 9% of all Japanese households in 2010 to more than 15% by 2035. In addition, the incorporation of integrated air purifiers in robotic vacuum cleaners increases the adoption of vacuuming robots among the health-conscious populations in Japan and South Korea.

Furthermore, countries such as the US, China, Japan, Germany, and UK are expected to emerge as prominent markets for robotic vacuum cleaners market during the forecast period.

Key Segment Analysis

The global robotic vacuum cleaners market share growth by the residential segment will be significant during the forecast period. Households are the primary end-users of robotic vacuum cleaners in the residential sector. The vendors in the residential sector have penetrated only one-tenth of the total addressable market which still leaves a significant growth potential in this sector for robotic vacuum cleaners. This has encouraged many new players into the market especially those manufacturing specialized consumer electronics products. In addition, smart buildings are gaining popularity with increased investments being made in smart cities across both developed and developing countries.

Know more about this market’s geographical distribution along with the detailed analysis of the top regions. https://www.technavio.com/report/robotic-vacuum-cleaner-market-industry-analysis

Key Market Drivers & Challenges:

The changing lifestyles and growth in the tech-savvy population is the key drivers for the global robotic vacuum cleaners market growth during the forecast period. Smart homes and smart appliances have simplified the lives of people. Citizens are willing to purchase products that are technical in their operation and helpful in easing their work. In addition, developed countries are demonstrating a high affinity for hi-tech gadgets that are effective and can be controlled easily. Moreover, evolving lifestyles and busy schedules leave consumers hard-pressed for time for performing cleaning and mopping tasks.

Availability of counterfeit products poses a threat and is a key challenge for the robotic vacuum cleaners market growth during the forecast period. These counterfeit products developed in the robotic vacuum cleaner product segment are priced significantly low and pose a serious challenge to established brands. Manufacturers of such counterfeit products pay special attention to packaging for showcasing a similarity to the original brand. Moreover, the growing trend of online shopping often compromises the assurance of product quality and originality causing the market to hamper.

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Robotic Vacuum cleaner Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the robotic vacuum cleaners market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

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