The mobile robots market is expected to be valued USD 20.3 billion in 2023 and grow at a compound annual growth rate (CAGR) of 14.9% to reach USD 40.6 billion by 2028. The market is expanding as a result of the rising demand for mobile robots in personal and healthcare applications as well as the quick developments in robotics and artificial intelligence technology.

With the advent of technologies like augmented reality, deep learning, and artificial intelligence (AI), robotics has experienced a quantum jump. The need for cutting-edge technology and virtual assistants, like companion robots, is expanding along with the global geriatric population and the rise in nuclear families. These technologies make tasks easier to complete. Many industry participants have successfully embraced these technologies in order to launch cutting-edge goods and obtain a competitive advantage in the mobile robots market. For instance, Honeybot, a companion robot that uses augmented reality (AR) for learning, is available from Shenzhen Huiyu Education Technology (China). Similarly, Buddy, a companion robot created with AI, is available from Blue Frog Robotics (France). Task-performing mobile robots are becoming more and more incorporated into homes.

Key Market Players
The major companies in the mobile robots companies include KUKA (Germany), ABB (Switzerland), Honda Motor (Japan), Mobile Industrial Robots (Denmark) and Omron Automation (US).

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Market Segmentation:

Personal & Domestic Robots type to grow at the highest CAGR during 2023-2028.

As technology advances and robotic solutions that improve consumers' daily lives become more affordable, the market for personal and domestic robots is predicted to expand. Personal robots provide convenience, efficiency, and a higher standard of living. These include robotic companions, aides, and entertainment systems. They can offer company, help with household chores, and even support with healthcare. Comparably, domestic robots concentrate on particular duties like gardening, cleaning, and security monitoring that take place in the home. The growing demand for these items is being driven by the increasing use of automation and smart home technologies, as well as the growing functionality offered by personal and domestic robots.

Agriculture application to grow at the highest CAGR during forecast period.

The agriculture sector is actively looking for novel ways to boost productivity and efficiency as the world's population continues to rise and the significance of sustainable food supply grows. The field of agriculture might undergo a major transformation if mobile robots were to automate chores like planting, harvesting, crop monitoring, and precise spraying. These robots are excellent at navigating difficult terrain, gathering data in real time, and carrying out tasks precisely, all of which increase productivity, lower labor costs, and maximize resource use. Additionally, mobile robots enable farmers to increase production, reduce environmental impact, and make data-driven decisions. The market is developing because of the increasing use of automation and robots in agriculture as well as the need for sophisticated farming methods.

Asia Pacific is expected to grow at the highest CAGR in the mobile robots market during the forecast period.

The field of mobile robots is expected to grow significantly in the Asia Pacific area. Businesses in the area are actively looking for ways to automate processes in order to boost productivity and cut expenses. Notable technological improvements have been made by China, South Korea, Japan, and other nations. These advancements have led to the development of sophisticated robotics technologies that have improved the usability and accessibility of mobile robots. The Asia Pacific area also has to deal with issues like an aging worker force and rising labor expenses, which has increased the appeal of using mobile robots for labor-intensive and repetitive jobs. In addition, the region's need for automation in last-mile deliveries and warehousing has increased due to the expansion of the e-commerce and logistics sectors.