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

Auto & Auto Components
Jitendra New EV appoints Sachin Shende as National Head of Sales & Marketing

Jitendra New EV appoints Sachin Shende as National Head of Sales & Marketing

Established in 2016 under the Shah group, Jitendra New EV Tech Pvt. Ltd is a foray into the future of transportation. The Shah Group is a diversified conglomerate that operates across real estate, a..

Read more
Smart Manufacturing
Slow local demand & sluggish export growth heavily affect Chinese manufacturing

Slow local demand & sluggish export growth heavily affect Chinese manufacturing

The US’ ‘decoupling’ with the Chinese supply chain is having notable impacts on China’s manufacturing industry, as some related companies are relocating or duplicating supply chains outside ..

Read more
Automation & Robotics
Over 500,000 industrial robots shipped in 2023 globally

Over 500,000 industrial robots shipped in 2023 globally

The industrial robot market growth trajectory is in line with global manufacturing output figures.

Read more

Related Products

Automation Studio Copilot

INDUSTRIAL AUTOMATION & TECHNOLOGY CONSULTANCY

B&R Industrial Automation offers a wide range of automation studio copilot.

Read more

Request a Quote

Industrial Desalination System

INDUSTRIAL AUTOMATION & TECHNOLOGY CONSULTANCY

Shakunth Aqua Products offers a wide range of industrial desalination system. Read more

Request a Quote

Industrial Castors & Wheels

INDUSTRIAL AUTOMATION & TECHNOLOGY CONSULTANCY

H M Gulamali offers a wide range of castors and wheels manufactured by Blickle, Germany. 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

Reach out to us

Call us at +91 8108603000 or

Schedule a Call Back