Robotics - Asia

Asia

Revenue in the Robotics market is projected to reach US$15.30bn in 2024.
Service robotics dominates the market with a projected market volume of US$11.12bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.76%, resulting in a market volume of US$23.28bn by 2029.
In global comparison, most revenue will be generated in the United States (US$9,421.00m in 2024).

Key regions: United States, China, South Korea, Japan, Germany

Definition:

The Robotics market refers to the industry that encompasses the design, development, manufacturing, and deployment of robotic systems and technologies. It involves the creation of machines that perform tasks autonomously or with minimal human intervention. These machines, also known as robots, mimic human actions and/or perform specialized functions in various sectors. These sectors include manufacturing, healthcare, agriculture, logistics, defense, and entertainment.

A robot is defined as a powered machine that is programmable on two or more axes and has some degree of autonomy; it moves within its environment to perform its programmed tasks.

Structure:

The Robotics market shows the market size of robotics in industrial and service use cases. In Industrial Robotics, there are six distinct markets:

The Automotive Industry Robotics market
The Chemical Industry Robotics market
The Electric/Electronic Industry Robotics market
The Food Industry Robotics market
The Metal Industry Robotics market
The Other Industry Robotics market

Service Robotics is further split into:

The Commercial Service Robotics market, which contains the Agriculture, Logistics, Medical and Other Service Robotics markets
The Consumer Service Robotics market, which contains the Domestic and Entertainment Robotics markets

Additional information:

Data includes revenues, volume, and the average price per newly installed robot. It also examines the level of automation, the share of collaborative robots, and investment in robotics, as well as a list of the key players in the market and their consolidated revenues. The market displays both B2B and B2C revenues, and the revenue is based on the country’s demand for robots. It is shown in manufacturer prices. Industrial Robotics does not include software revenues, as industrial robots are mostly used with specific software solutions that belong to the company that deploys them. For Service Robotics, software revenues are considered, as service robots are mostly delivered with software solutions that have been implemented by the manufacturer.

Key players in the market include Kuka, ABB, Boston Dynamics, and Yaskawa Electric Corporation.

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Market

Region

Region comparison

Currency

Analyst Opinion

The Robotics Market in Asia has been experiencing steady growth, driven by factors such as increasing demand for automation, advancements in artificial intelligence, and the growing need for efficient and cost-effective solutions. However, the growth rate of the market remains relatively low due to factors such as high initial investment costs and limited adoption in certain industries. Despite these challenges, the market is expected to continue growing in the coming years as more industries recognize the potential benefits of robotics.

Customer preferences: With the rise of automation and artificial intelligence, there is a growing demand for robotics solutions in the Asia market. This is fueled by the region's aging population, which is increasingly in need of assistive technologies to support daily activities. Additionally, cultural norms and preferences for high-tech gadgets and convenience are driving the adoption of robotic assistants in homes and workplaces. As a result, companies are focusing on developing culturally sensitive and user-friendly robotic products to cater to the diverse needs of Asian consumers.

Trends in the market: In Asia, the Robotics Market is experiencing a surge in demand for collaborative robots (cobots) due to their ability to work alongside humans, increasing efficiency and safety in manufacturing processes. Additionally, there is a growing trend of using artificial intelligence (AI) and machine learning in robotics, enabling advanced capabilities such as autonomous navigation and predictive maintenance. These trends are significant as they enhance productivity and reduce costs for businesses, while also addressing labor shortages. However, there are potential implications for industry stakeholders as the rise of automation may lead to job displacement and require re-skilling of the workforce.

Local special circumstances: In China, the Robotics Market is flourishing due to the country's large manufacturing industry and government support for automation. The use of robots in factories has increased efficiency and reduced labor costs. In Japan, the market is driven by an aging population and a shortage of skilled workers, leading to a high demand for robots in healthcare and elderly care. In South Korea, the market is influenced by the country's tech-savvy culture and advancements in artificial intelligence, leading to the development of cutting-edge robotics technology for various industries.

Underlying macroeconomic factors: The growth of the Robotics Market market is also influenced by macroeconomic factors such as technological advancements, government support, and investment in automation infrastructure. Countries with favorable regulatory environments and strong investment in robotics technologies are experiencing faster market growth compared to regions with regulatory challenges and limited funding for automation. Additionally, the increasing demand for efficient and cost-effective production processes, as well as the rising labor costs in Asia, are driving the adoption of robotics in the region.

Methodology

Data coverage:

The data encompasses B2B and B2C revenues. Figures are based on the country’s demand for robotics in manufacturer prices.

Modeling approach / Market size:

Market sizes are determined through a regional bottom-up approach, and further detailed by a top-down rationale for each market segment. As a basis for evaluating markets, we use trade data of the respective economic sector. Furthermore, we use relevant key market indicators such as level of automation and digitization or the economy composition to estimate each country's specialization in demand and supply. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques but primarly exponential smoothing. The selection of forecasting techniques is based on the behavior of the relevant market.

Additional notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.