Global Robotics Market Volume to Reach 26 Million Units by 2024

Estimated reading time: 1 minute

The global robotics market was worth nearly 10 million units in 2018, registering a CAGR of 21.8% during 2011-2018. The market volume is further projected to reach 26 million units by 2024.

This report provides a deep insight into the global robotics market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter's five forces analysis, value chain analysis, etc.

Market Drivers

Robots can be used in hazardous environment conditions such as toxic environments, uneven terrains, poor lighting, etc., as they are less prone to accidents as compared to human beings. This is mainly the result of controlled movements as well as the ability of robots to lift heavy loads without injury or tiredness which has positively influenced the growth of the market.

Over the past few years, governments of various developing regions have been encouraging consumers to shift towards automation for performing different tasks. Apart from this, numerous large manufacturers have also started investing in the R&D activities so as to explore growth opportunities in these markets, thereby contributing towards the propelling growth of the robotics market.

Currently, robots are being used across several end-use industries which include healthcare, defence, automotive, etc. The growth in these industries is also supporting the rising demand for robots during the forecast period.

At present, consumers are leading busy lifestyles which has given a rise to the dependence upon easy-to-operate automated technologies. In addition to this, as the use of robots is income elastic, rapid rise in disposable income levels of the consumers have enabled them to employ the services of robots. This has further been acting as a growth-inducing factor for the global robotics market.

Breakup by Product Type

The robotics market has been segmented on the basis of different types of products available for the consumers including industrial robotics and service robotics. Currently, service robots hold the majority of the market share.

Regional Insights

On a regional basis, North America represents the largest market for robotics, followed by Europe, Asia Pacific and Latin America. The growth in North America is due to an increase in the demand for industrial production.