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(MENAFN- iCrowdNewsWire) May 25, 2020

Robotic Vacuum Cleaners Market:

WiseGuyReports.com adds 'Global Robotic Vacuum Cleaners Market Size, Status and Forecast 2020-2030' reports to its database.

Executive Summary

The global robotic vacuum cleaners market is expected decline from $4.62 billion in 2019 to $4.50 billion in 2020 at a compound annual growth rate (CAGR) of -2.74%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and reach $6.40 billion in 2023 at CAGR of 12.47%.

The robotic vacuum cleaners market consists of sales of robotic vacuum cleaners and related services. It can clean floors, windows, pools and gardens efficiently without any human effort. Robotic vacuum cleaners or Robovac are home appliances, designed to clean our homes autonomously without human intervention. They are fully automated and artificial intelligence powered with various sensors and scheduling programs.

Asia Pacific was the largest region in robotic vacuum cleaners market in 2019. It is also expected to be the fastest growing region in the forecast period.

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The high cost of robotic vacuum cleaners is expected to limit the growth of the robotic vacuum cleaners market. Robotic vacuum cleaners are costly and causes potential consumers to think twice before they invest in them. For instance, in 2019, in the USA, iRobot's newly launched robotic vacuum cleaner Roombas are extremely expensive such as Roomba i7 priced at $1,099 and Roomba S9+ priced at $1,299. These factors are expected to have a negative impact on the robotic vacuum cleaners' market as high cost causes consumers to think twice, affecting the market's growth.

The robotic vacuum cleaners market covered in this report is segmented by type into robotic floor vacuum cleaner , robotic pool vacuum cleaner and by end-users into residential, commercial.

Companies are launching new products in order to increase their revenue and also for gaining a competitive edge over their rivals. For instance, in 2019, in the USA, iRobot Corporation, a leading advanced robotic vacuum technology company, launched its advanced robotic vacuum cleaner, Roomba s9+ and also launched its advanced robotic mop Braava jet m6 mopping robot, that complements cleaning with mopping. These robots can talk to each other with in-built imprint link technology for vacuuming and mopping autonomously without any human effort.

Rising investments for developing new technologies in robotic vacuum cleaners is contributing to the growth of the robotic vacuum cleaners market. The rising investments for innovations in hardware and software technologies, such as sensors and decision-making capabilities helps robotic vacuum cleaners in doing household tasks and also helps consumers to save time thereby attracting the customers to purchase robotic vacuum cleaners for household chores. For instance, in 2019, in the UK, the government invested £12 million ($16 million) for developing new technologies in robots that performs household tasks. It lead to partnership between Imperial College and Dyson, a robotic vacuum cleaner manufacturer for creating nextgen household products to complete household chores. Also, for instance, in 2020, in the USA, private companies such as Yidu Cloud, Tsinghua AI Fund and Matrix Partners invested $15 million in Trifo, into its AI-home robots vacuum in the hardware and software development for expanding in the U.S. and European markets. Rising investments and support from government thereby contributes to the growth of the market.

Major players in the robotic vacuum cleaners market are Dyson Ltd., ECOVACS Robotics Co. Ltd., Koninklijke Philips NV, LG Electronics Inc., Panasonic Corp., Samsung Electronics Co. Ltd., Sharp Corp., Neato Robotics, Miele & Cie. KG, and iRobot Corporation.

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NOTE : Our team is studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.

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