Market Insights Technology Robotics Service Robotics

Consumer Service Robotics - Malaysia

Malaysia

Revenue in the Consumer Service Robotics market is projected to reach US$37.12m in 2024.
Domestic service robotics dominates the market with a projected market volume of US$24.69m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 21.12%, resulting in a market volume of US$96.74m by 2029.
In global comparison, most revenue will be generated in China (US$5,532.00m in 2024).

Key regions: South Korea, Germany, Japan, Canada, France

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Analyst Opinion

The Consumer service robotics market in Malaysia is witnessing significant growth, driven by factors such as increasing adoption of robotics, growing awareness of health and safety, and the convenience offered by online services. The domestic and entertainment sub-markets are also contributing to the overall market growth. The average growth rate of the market is influenced by factors such as technological advancements, government initiatives, and changing consumer preferences.

Customer preferences: As Malaysia continues to embrace digitalization, consumers are increasingly relying on service robotics for household tasks and errands. This trend is fueled by the country's aging population and growing demand for convenience. Furthermore, the rise of e-commerce and online shopping has led to a greater need for efficient and reliable delivery services, driving the adoption of service robots in the retail sector. Overall, consumers are becoming more open to incorporating robotics into their daily lives, creating a promising market for consumer service robotics in Malaysia.

Trends in the market: In Malaysia, the Consumer service robotics Market of the Service robotics Market within the Robotics Market is experiencing a surge in demand for automated retail and hospitality services. This trend is driven by the increasing need for contactless solutions during the COVID-19 pandemic. Additionally, there is a growing focus on incorporating artificial intelligence and machine learning in service robots to enhance their capabilities and improve customer experience. These developments are expected to have a significant impact on the hospitality and retail industries, as well as create new opportunities for robotics companies in Malaysia.

Local special circumstances: In Malaysia, the Consumer service robotics Market within the Robotics Market is driven by the country's growing focus on automation and technological advancements in various industries. Additionally, the government's initiatives to promote the adoption of robotics in the service sector have also contributed to the growth of this market. Furthermore, Malaysia's diverse cultural landscape and increasing demand for personalized and efficient services have created a unique demand for service robotics, particularly in the hospitality and healthcare sectors.

Underlying macroeconomic factors: The Consumer service robotics Market of the Service robotics Market within the Robotics Market is greatly impacted by macroeconomic factors in Malaysia. The country's strong economic growth and favorable regulatory environment have contributed to the increasing demand for service robotics in various industries. Furthermore, the government's investments in infrastructure and initiatives to promote automation in industries have also boosted the market growth. Additionally, the growing population and increasing disposable income have led to a rise in consumer spending, leading to a higher adoption of service robotics in the retail and hospitality sectors.

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.