Service Robotics - Eastern Asia

Eastern Asia

Revenue in the Service Robotics market is projected to reach US$9.00bn in 2024.
Consumer service robotics dominates the market with a projected market volume of US$6.33bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 10.26%, resulting in a market volume of US$14.67bn by 2029.
In global comparison, most revenue will be generated in the United States (US$8,681.00m in 2024).

Key regions: France, United Kingdom, United States, Canada, South Korea

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Analyst Opinion

The Service Robotics Market in Eastern Asia is currently experiencing minimal growth, influenced by factors such as increasing demand for automation in the commercial and consumer sectors, technological advancements, and growing awareness of the benefits of service robotics. These factors are contributing to the gradual growth of the market in the region.

Customer preferences: The rise of smart homes and the Internet of Things (IoT) has led to a growing demand for service robots in Eastern Asia. These robots are equipped with advanced technologies such as voice recognition and artificial intelligence, making them capable of performing a variety of tasks such as cleaning, cooking, and even providing companionship. This trend is driven by the increasing number of dual-income families and an aging population in the region, which has created a need for efficient and convenient home management solutions. Furthermore, the integration of cultural values, such as the importance of hospitality and respect for elders, in these service robots has made them more socially acceptable and desirable among consumers.

Trends in the market: In Eastern Asia, the Service robotics Market within the Robotics Market is experiencing a surge in demand for autonomous robots in industries such as healthcare, retail, and logistics. This trend is driven by the region's aging population and increasing labor costs, leading to a shift towards automation. Additionally, there is a growing emphasis on AI and machine learning in developing advanced robotics solutions. These trends are significant as they offer cost-effective and efficient solutions for businesses, and have implications for industry stakeholders as they adapt to this shift towards automation.

Local special circumstances: In Eastern Asia, the Service robotics market is thriving due to the region's high demand for automation in various industries, such as manufacturing, healthcare, and retail. The cultural emphasis on efficiency and precision has also fueled the adoption of service robots in this market. Additionally, regulatory policies promoting the use of advanced technologies have further accelerated the growth of the service robotics market in Eastern Asia. In countries like Japan and South Korea, where aging populations are prevalent, service robots are increasingly being used in elderly care, creating a unique niche in the market.

Underlying macroeconomic factors: The Service robotics Market within the Robotics Market in Eastern Asia is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in research and development. Countries with strong economic growth and investment in robotics technology, such as Japan and South Korea, are experiencing faster market growth compared to other countries in the region. Additionally, the aging population and increasing labor costs in Eastern Asia are driving the demand for service robots for tasks such as caregiving and household chores, leading to further market growth.

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.