Service Robotics - China

  • China
  • Revenue in the Service Robotics market is projected to reach €6.35bn in 2024.
  • Consumer service robotics dominates the market with a projected market volume of €5.13bn in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 12.32%, resulting in a market volume of €11.35bn by 2029.
  • In global comparison, most revenue will be generated in the United States (€8,050.00m in 2024).

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

 
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Analyst Opinion

The Service Robotics Market in China is growing at a minimal rate, influenced by factors such as increased demand for automation, rising labor costs, and advancements in artificial intelligence. Commercial and Consumer sub-markets are driving this growth with the convenience of robotic services and increasing awareness of the benefits of using robotics in various industries.

Customer preferences:
As China's population continues to age, there has been a growing demand for service robots in the healthcare sector. These robots are being used for tasks such as patient monitoring, medication reminders, and assistance with daily activities. This trend is driven by the increasing need for eldercare solutions, as well as the desire for more personalized and efficient healthcare services. Furthermore, the use of service robots in hospitals and healthcare facilities is also being propelled by the ongoing COVID-19 pandemic, as it provides a contactless and safe way to deliver care.

Trends in the market:
In China, the Service robotics market is experiencing a surge in demand due to the increasing adoption of automation in industries such as manufacturing, healthcare, and retail. This trend is expected to continue as the Chinese government has announced plans to invest in the development of smart manufacturing and service robots. Additionally, advancements in artificial intelligence and machine learning are driving the development of more sophisticated and intelligent service robots, leading to increased efficiency and productivity. These trends have significant implications for industry stakeholders, as they can lead to cost savings, increased productivity, and improved customer satisfaction. Furthermore, the growing demand for service robots in China presents opportunities for companies to expand their market share and tap into the country's vast potential.

Local special circumstances:
In China, the Service robotics Market within the Robotics Market is thriving due to the country's strong manufacturing capabilities and increasing investments in automation. The market is also driven by the government's initiatives to promote the adoption of service robots in various industries, such as healthcare and logistics. Additionally, China's large population and high demand for labor-saving solutions have contributed to the growth of the service robotics market. The country's strict regulations on labor and safety standards have also led to a higher demand for service robots, especially in hazardous work environments.

Underlying macroeconomic factors:
The Service robotics Market within the Robotics Market in China is greatly influenced by macroeconomic factors such as technological advancements, government policies, and investment in research and development. With China's strong focus on innovation and emergence as a global leader in technology, the market for service robotics is experiencing significant growth. Additionally, the country's large population and aging demographic are driving the demand for service robots to assist in healthcare, elder care, and other service industries, further contributing to 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.

Vue d’ensemble

  • Revenue
  • Key Players
  • Volume
  • Collaborative Robots
  • Price
  • Autonomous mobile robots
  • Analyst Opinion
  • Global Comparison
  • Methodology
  • Key Market Indicators
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