Global cobot market exceeds $1bn in 2023; strong growth forecast 2024-28

  • Industry News
  • May 30,24
There has been a clear shift from individual to holistic solutions.
Global cobot market exceeds $1bn in 2023; strong growth forecast 2024-28

In 2023, the global collaborative robot (cobot) market surpassed $1 billion in revenue, although the overall demand recovery post-pandemic was slower than expected, as per recent data from Interact Analysis. Looking ahead, the market specialist forecasts a 22% increase in cobot shipments in 2024, with similar growth levels (>20%) projected annually until 2028. Despite manufacturing challenges, economic hardships, and supply chain disruptions, cobot revenue saw a growth of approximately 11.9% in 2023.

While demand remained robust in the automotive and new energy sectors, it declined notably in electronics and semiconductors, resulting in a small V-shaped trajectory from 2022 to 2024. Expectations suggest a rebound in orders from the semiconductor and logistics sectors in 2024, although high interest rates may dampen overall order intake this year. 

Maya Xiao, Research Manager, Interact Analysis, says, “The global cobot market is becoming more refined, as end-users seek out holistic solutions rather than purchasing large pieces of equipment. Over the coming year, we expect to see major cobot vendors target large customers, which could impact capacity and resource allocation.

“Moving forward, China will dominate the global cobots market in the medium term, but it is also the region where average revenue per unit (ARPU) is expected to fall most sharply, as competition in the market increases. The cobot market growth rate in regions other than China will approach that of China after 2025 and the global average market price for cobots is expected to increase slightly between 2023 and 2028 as demand grows for collaborative robots capable of handling larger payloads.”

Related Stories

Electrical & Electronics
India must focus on R&D alongside electronics manufacturing: Sanjay Huprikar

India must focus on R&D alongside electronics manufacturing: Sanjay Huprikar

In this interview with Rakesh Rao, Sanjay Huprikar, Chief Global Officer of the Global Electronics Association, explores trends in global electronics industry, India’s manufacturing ambitions, and..

Read more
Auto & Auto Components
Carraro India opens first authorised service centre in Faridabad

Carraro India opens first authorised service centre in Faridabad

New Faridabad hub marks Carraro India’s aftermarket expansion, with four centres planned nationwide by 2026.

Read more
Material Handling Equipment
Why Batteries Trail Strategy in Humanoid Robot Development

Why Batteries Trail Strategy in Humanoid Robot Development

Battery makers are racing ahead of robot OEMs in positioning humanoids as the next growth frontier. This press release examines developments from both perspectives and considers how deeper cross-ind..

Read more

Related Products

Digimatic Smart Caliper

INDUSTRIAL AUTOMATION & TECHNOLOGY CONSULTANCY

Veekay Industries offers a wide range of digimatic smart caliper.

Read more

Request a Quote

Compact Fmc - Motorum 3048tg With Fs2512

INDUSTRIAL AUTOMATION & TECHNOLOGY CONSULTANCY

Meiban Engineering Technologies Pvt Ltd offers a wide range of Compact FMC - Motorum 3048TG with FS2512.

Read more

Request a Quote

Digital Colony Counter

INDUSTRIAL AUTOMATION & TECHNOLOGY CONSULTANCY

Rising Sun Enterprises supplies digital colony counter.

Read more

Request a Quote

Hi There!

Now get regular updates from IPF Magazine on WhatsApp!

Click on link below, message us with a simple hi, and SAVE our number

You will have subscribed to our Industrial News on Whatsapp! Enjoy

+91 84228 74016