The robots that are designed for the sole purpose of providing entertainment to humans, are categorized under home entertainment and leisure robots. These robots are designed and developed with artificial intelligence and robotics to interact with speech recognition and face-tracking. The demand for the home entertainment and leisure robot is rising on the account of its ease of function and increased fascination among the end-users. Therefore, robot toys and hobby systems have paved way into the households. Additionally, there is an increased demand for education and research robots for the purpose of interactive education among schools and teachers. Moreover, home entertainment and leisure robots are gaining popularity in order to curb loneliness among children and elderly people living alone. This is also driving the demand for robotic companion pets for therapeutic and wellness purposes. Furthermore, growing technological advancements, product awareness among people and rapidly growing demand for robots in the households has strengthened the growth of the home entertainment and leisure robots market around the globe.
The global market for home entertainment and leisure robots is estimated to grow at a significant CAGR over the forecast period i.e. 2019-2027. The market is expanding on the back of reduced input costs, and rising revenue generation opportunities among the companies around the globe.
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Growing rate of elderly population, and children living alone is expected to drive the demand for robots during the forecast period. These factors, along with, the changes in lifestyle; where both the spouses are working, are contributing towards increasing the demand for robots, for the dependents, in order to take care of them or provide entertainment to overcome their loneliness. According to WHO, people aged 65 or older are anticipated to grow nearly 1.5 billion in 2050 from 524 million in 2010, especially in developing countries. These factors are expected to benefit the expansion of the home entertainment and leisure robots market during the forecast period.
Growing technological advancements in artificial intelligence and integration with robotics along with, rising awareness among people is raising the demand for home entertainment and leisure robots. Additionally, availability of cameras and sensors at affordable prices in the market are also expected to act as notable drivers behind the growth of home entertainment and leisure robots market during the forecast period.
The technical complexity to develop the product and the cost involved in research and development are some of the restraining factors that are estimated to hamper the growth of the market during the forecast period. Further, complications faced by the manufacturers to make personal robots available at affordable prices is anticipated to hinder the growth of the home entertainment and leisure robots market during the forecast period.
Our-in depth analysis of the home entertainment and leisure robots market includes the following segments:
On the basis of regional analysis, the global home entertainment and leisure robots market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America is anticipated to hold the largest market share on account of implementation of advanced technology in developing home entertainment and leisure robots coupled with early adoption of robots in the households. Further, the market in Europe is expected to achieve significant growth on the back of growing adoption of robots for the children and ageing society. Moreover, Europe is promoting collaborations with global companies to exploit this emerging market. Furthermore, market in Asia Pacific, is anticipated to hold highest growth rate during the forecast period owing to growing collaborations among the key players and hardware companies to create comprehensive robots manufacturing platforms. The market in Asia-Pacific is progressive for adoption of leisure robots and is working constantly towards providing this technology at low costs. These factors are anticipated to propel the demand for entertainment robots in the Asia- Pacific region.
The home entertainment and leisure robots market is further classified on the basis of region as follows:
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