Service Robotics - Asia

Asia

Revenue in the Service Robotics market is projected to reach US$11.12bn in 2024.
Consumer service robotics dominates the market with a projected market volume of US$7.18bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 10.96%, resulting in a market volume of US$18.70bn 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

Market

Region

Region comparison

Currency

Analyst Opinion

The Service Robotics market in Asia is experiencing slow growth due to factors such as limited awareness and high costs. However, the increasing adoption of digital technologies and convenience of online services may drive growth in the future. Commercial and Consumer sub-markets may also play a role in shaping the market's trajectory.

Customer preferences: In Asia, there is a growing demand for service robotics in the healthcare sector. With an aging population and increasing healthcare costs, consumers are turning towards robotic solutions for tasks such as medication management and daily assistance. Additionally, there is a cultural preference for technology-based solutions, making service robotics an attractive option. This trend is expected to continue as the region experiences significant demographic shifts and a rise in chronic conditions.

Trends in the market: In Asia, the Service robotics Market within the Robotics Market is experiencing an increase in demand for collaborative robots in industries like manufacturing and healthcare. This trend is driven by the need for automation and efficiency in these sectors. Additionally, there is a growing trend of using service robots in retail and hospitality, especially in countries like Japan and South Korea. This signifies the potential for growth and adoption of service robots in various industries. Industry stakeholders should closely monitor these trends and invest in research and development to stay competitive in the market.

Local special circumstances: In Japan, the Service robotics Market within the Robotics Market is heavily influenced by the country's aging population and declining birth rate. This has led to a strong demand for robotic solutions in healthcare, elderly care, and household chores. Additionally, Japan's advanced technology and high living standards have created a favorable environment for the adoption of service robots. In China, the market is driven by the government's focus on developing and deploying service robots in various industries, such as healthcare, hospitality, and retail. The country's large population and rapid urbanization also contribute to the growth of the market.

Underlying macroeconomic factors: The Service Robotics Market within the Robotics Market is significantly impacted by macroeconomic factors in Asia. This includes technological advancements, government policies, and investment in infrastructure. Countries with favorable regulatory environments and strong investment in service robotics are experiencing faster market growth compared to regions with regulatory challenges and limited funding. Additionally, the increasing need for automation and efficiency in industries such as manufacturing, healthcare, and logistics is driving the demand for service robotics in Asia. The region's growing population and rapid urbanization are also contributing to the market's growth as there is a higher demand for services and labor-saving technologies.

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.