A new market study, titled “Discover Global Cleaning Robots Market Upcoming Trends, Growth Drivers and Challenges” has been featured on WiseGuyReports.
From smartphones to IoT enabled devices and everything within, every part of our life is deeply affected by technology. One such part of the technological revolution that has undergone through extensive research is the robotics industry. The machines can be used for all purposes. From programming them for warfare to using them during natural calamities, robots can be used for varied tasks.
One such solution that has already hit the market is the cleaning robot. A lot many companies have invested in the design and development of their solutions. Factors like insufficient time, increasing cost, scarcity of domestic help and rising buying power has given the cleaning robots market a considerable boost. These robots come handy and work silently without you being noticing them.
Furthermore, increasing safety concerns have also played quite a crucial role, and hence, these robots have made their presence for both residential as well as commercial purposes. These robots can clean your floors, pools and lawns in your absence and can charge themselves in case they run out of battery.
The cleaning robots market represents a huge opportunity and hence, has attracted investors all over the world. As per estimations, the market is poised to grow at an effective compound annual growth rate of 16.21% between the years 2018 to 2023. The industry has already crossed a significant milestone in the year 2018 and is supposed to hit the $xx million-dollar mark in the year 2024.
Key Players of Global Cleaning Robots Market =>
The cleaning robots market represent a vast potential and hence, has attracted major names in the electronics industry. Some of the most prominent names who have already made a place in the market are Samsung, IRobot, Phillips, Miele, Karcher, Hayward, Kyosho and many more.
The vast market opportunity is also enticing for the startup community. Multiple numbers of companies have brought out innovative solutions and are now giving a run for money to the more prominent companies. The large corporates may acquire these companies shortly, and hence space is also a favourite among the venture capitalists.
A detailed analysis can reveal a lot many facts about the industry. Uncertain regulations, coupled with rising unemployment rates, can be a limiting factor. But the solution addresses a large market and hence can be quite profitable as a business venture.
The cleaning robots market represents a massive potential in the Asia Pacific region. Major companies like Xiaomi have already launched their cleaning robot and had a great response from the market. The industry is still in a nascent stage and is about to witness significant growth by the year 2024. Other notable regions include the United States, India, China and the major economies of South East Asia.
The rising wages of domestic help and access to cheap devices have helped it to grow exponentially. More than 90 % of the market belongs to households who either do not have enough time or are searching for cheaper alternatives.
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