Robotics - NAFTA

NAFTA

Revenue in the Robotics market is projected to reach US$11.38bn in 2024.
Service robotics dominates the market with a projected market volume of US$10.08bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.90%, resulting in a market volume of US$17.43bn 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.

For more information on the data displayed, use the info button right next to the box.

Market

Region

Region comparison

Currency

Analyst Opinion

The Robotics Market in NAFTA is experiencing slow growth, due to factors such as limited adoption of digital technologies, lack of awareness among consumers, and challenges in incorporating robotics in industrial and service sectors. The market's negligible growth rate is impacted by these factors, hindering its potential for significant expansion.

Customer preferences: As technology continues to advance, consumers are increasingly looking towards robotic solutions for their everyday needs. This trend is particularly evident in the healthcare sector, where there is a growing demand for robotic-assisted surgeries and rehabilitation. Furthermore, the aging population and the rise of chronic diseases have also fueled the adoption of robotics in the healthcare industry, as it offers a more efficient and accurate approach to treatment and care. This shift towards robotic solutions is expected to continue as consumers seek out more convenient and effective ways to manage their health.

Trends in the market: In the NAFTA region, the Robotics Market is experiencing a surge in demand for collaborative robots or "cobots". These robots are designed to work alongside human workers, increasing efficiency and productivity while also addressing safety concerns. Additionally, there is a growing trend towards the integration of artificial intelligence and machine learning in robotics, allowing for more advanced and autonomous capabilities. This trend is expected to continue in the coming years, with implications for industry stakeholders such as manufacturers, suppliers, and end-users. It may lead to increased competition, as well as the need for upskilling and reskilling of the workforce to adapt to these new technologies. Furthermore, the adoption of cobots and AI in the robotics market could also have an impact on the job market, potentially creating new job opportunities in areas such as programming and maintenance, while also displacing some traditional manufacturing roles.

Local special circumstances: In Mexico, the Robotics Market is experiencing rapid growth due to the country's proximity to the United States and its participation in NAFTA. This has led to increased investment and partnerships with American companies, as well as access to advanced technology and resources. Additionally, Mexico's strong manufacturing industry and skilled workforce make it an ideal location for robotics development and production. However, the country's regulatory environment and cultural attitudes towards automation may present unique challenges for market players.

Underlying macroeconomic factors: The Robotics Market is greatly impacted by macroeconomic factors such as technological advancements, trade policies, and government investments in research and development. Countries with strong technological infrastructures and supportive trade policies experience higher growth in the Robotics Market compared to those with limited technological capabilities and restrictive trade policies. Furthermore, the increasing demand for automation and the adoption of Industry 4.0 practices are driving the growth of the Robotics Market globally. Additionally, the rising labor costs and the need for increased efficiency in production processes are also contributing to the growth of the market.

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.