Robotics - Vietnam

Vietnam

Revenue in the Robotics market is projected to reach US$312.20m in 2024.
Industrial robotics dominates the market with a projected market volume of US$230.60m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.54%, resulting in a market volume of US$449.00m by 2029.
In global comparison, most revenue will be generated in the United States (US$9,421.00m in 2024).

Key regions: United States, China, South Korea, Japan, Germany

Definition:

The Robotics market refers to the industry that encompasses the design, development, manufacturing, and deployment of robotic systems and technologies. It involves the creation of machines that perform tasks autonomously or with minimal human intervention. These machines, also known as robots, mimic human actions and/or perform specialized functions in various sectors. These sectors include manufacturing, healthcare, agriculture, logistics, defense, and entertainment.

A robot is defined as a powered machine that is programmable on two or more axes and has some degree of autonomy; it moves within its environment to perform its programmed tasks.

Structure:

The Robotics market shows the market size of robotics in industrial and service use cases. In Industrial Robotics, there are six distinct markets:

The Automotive Industry Robotics market
The Chemical Industry Robotics market
The Electric/Electronic Industry Robotics market
The Food Industry Robotics market
The Metal Industry Robotics market
The Other Industry Robotics market

Service Robotics is further split into:

The Commercial Service Robotics market, which contains the Agriculture, Logistics, Medical and Other Service Robotics markets
The Consumer Service Robotics market, which contains the Domestic and Entertainment Robotics markets

Additional information:

Data includes revenues, volume, and the average price per newly installed robot. It also examines the level of automation, the share of collaborative robots, and investment in robotics, as well as a list of the key players in the market and their consolidated revenues. The market displays both B2B and B2C revenues, and the revenue is based on the country’s demand for robots. It is shown in manufacturer prices. Industrial Robotics does not include software revenues, as industrial robots are mostly used with specific software solutions that belong to the company that deploys them. For Service Robotics, software revenues are considered, as service robots are mostly delivered with software solutions that have been implemented by the manufacturer.

Key players in the market include Kuka, ABB, Boston Dynamics, and Yaskawa Electric Corporation.

For more information on the data displayed, use the info button right next to the box.

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Analyst Opinion

The Robotics market in Vietnam is witnessing significant growth, driven by factors such as increasing adoption of automation, rising demand for efficient manufacturing processes, and the convenience offered by service robots. The unknown growth rate is impacted by the country's focus on developing its industrial and service sectors and government initiatives to promote the use of robotics technology.

Customer preferences: With the rise of automation and advanced technology in Vietnam, consumers are showing a growing interest in robotics solutions for various tasks and industries. This trend is driven by the need for efficiency, accuracy, and cost savings. Additionally, the increasing adoption of smart homes and smart cities is pushing the demand for robotics in the consumer market. As Vietnamese society becomes more tech-savvy, there is a growing acceptance and trust in robotics as a reliable and convenient tool for daily life.

Trends in the market: In Vietnam, the Robotics Market is experiencing a surge in demand for automated solutions in industries such as manufacturing, logistics, and healthcare. This trend is expected to continue as the country aims to increase its competitiveness in the global market. Additionally, there is a growing focus on developing local talent and promoting research and development in the robotics industry. This presents opportunities for industry stakeholders to tap into the country's potential and contribute to its economic growth. However, there may also be implications for traditional labor sectors, as the adoption of robotics could potentially lead to job displacement. As such, it is crucial for stakeholders to carefully manage this transition to ensure sustainable development for both the industry and the workforce.

Local special circumstances: In Vietnam, the Robotics Market is experiencing significant growth due to the government's focus on developing the country's technology and manufacturing sectors. The country's strategic location and low labor costs make it an attractive destination for foreign investors. Additionally, the increasing demand for automation in industries such as manufacturing, healthcare, and agriculture is driving the growth of the Robotics Market in Vietnam. Moreover, the country's cultural emphasis on education and innovation is creating a skilled workforce capable of driving the development and adoption of advanced robotics technology.

Underlying macroeconomic factors: The Robotics Market in Vietnam is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in industrial infrastructure. Countries with favorable regulatory environments and strong investment in robotics technologies are experiencing faster market growth compared to regions with regulatory challenges and limited funding for industrial development. Furthermore, the increasing demand for automation and efficiency in manufacturing processes, along with the rising labor costs in Vietnam, are driving the adoption of robotics solutions in various industries.

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.