Robot suitcases provide automatic navigation and remote operation features like obstacle avoidance, accurate location tracking and maneuvering capability for aided luggage transportation. These automated luggage solutions assist elderly and disabled travellers by reducing the physical burden of carrying luggage. The growing elderly population worldwide is fuelling the demand for such mobility assistive technologies.
The global Robot Suitcase Market is estimated to be valued at US$ 100 Mn in 2024 and is expected to exhibit a CAGR of 3.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Robot suitcases provide convenience to travellers by automatically following them inside airports and railway stations without any physical effort. They are proving to be beneficial for disabled, kids and elderly people with reduced mobility. With growing awareness about assistive technologies, the demand for robot suitcases is rising across hospitals, old-age homes, airports and other public places. The ability of robot suitcases to navigate crowded areas and stairs independently makes them a preferable baggage transportation solution. Their adoption is expected to increase manifold over the coming years, substantially contributing to the growth of the global robot suitcase market.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as high research and development costs involved in robotics technology acts as a barrier. However, large technology companies can enter this market easily.
Bargaining power of buyers: The bargaining power of buyers is high as there are numerous product options available from different brands. Buyers can easily switch to substitutes if offered better prices and features.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many component manufacturers. However, few suppliers have technology and expertise in robotics.
Threat of new substitutes: The threat of substitutes is high as traditional luggage and smart luggage without robotic features can replace robot suitcases.
Competitive rivalry: The competitive rivalry is high as key players compete on the basis of technology, features, quality, and pricing.
SWOT Analysis
Strength: Robot suitcases offer autonomous mobility, can follow owners via cameras and sensors, and reduce lifting weight at airports. Their rechargeable batteries provide power for up to 8 hours of use.
Weakness: High price of robot suitcases limits their adoption. Technical glitches and defects can damage brand image. Dependence on lithium batteries increases maintenance costs.
Opportunity: Rising international travel and preference for hassle-free mobility creates demand. Online retail growth and e-commerce promotion increases accessibility. Advancements in AI, sensors, and power technologies spur innovations.
Threats: Stringent regulatory norms for robotics delay product clearances. Economic downturns affect discretionary spending on such luxuries. Privacy and data security issues raise consumer concerns.
Key Takeaways
The Global Robot Suitcase Market Size is expected to witness high growth over the forecast period aided by rising international travel and demand for hassle-free mobility solutions. The global Robot Suitcase Market is estimated to be valued at US$ 100 Mn in 2024 and is expected to exhibit a CAGR of 3.1% over the forecast period 2023 to 2030.
Regional analysis: North America currently accounts for over 30% market share due to high disposable incomes and technology adoption. Asia Pacific region is estimated to grow at the fastest CAGR during the forecast period led by countries like China, Japan and South Korea. Major suitcase manufacturers based in these regions are expanding their robot suitcase offerings.
Key players: Key players operating in the robot suitcase market are Bluesmart, Travelmate Robotics, ForwardX Robotics Inc., and Anthropic. Bluesmart is a leading player with its AI-powered suitcases that use multi-directional wheels, location tracking and remote control features via smartphone apps.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it