Pune, India, Feb. 06, 2023 (GLOBE NEWSWIRE) -- The global Logistics Robots market size was valued USD 6.17 billion in 2021 and USD 7.11 billion in 2022. The market is projected to reach USD 21.01 billion by 2029, at Compound Annual Growth Rate (CAGR) of 16.7% during forecast period. The rise can be attributed to the benefit of reduced dependence on human labor and the flexible nature of these robots. This information is published by Fortune Business Insights™ in an report, titled, “Logistics Robots Market, 2022-2029.”
Key Industry Development:
May 2022 – Toyota Industries Corporation acquired Viastore, an intralogistics automation solutions provider. With this deal, the company extended its integration services and warehouse automation solutions for meeting the surging demand for robots in the logistics, materials handling, and warehousing sectors.
List of Key Players Mentioned in the Report:
- ABB Ltd (Switzerland)
- KUKA AG (Germany)
- Toyota Industries Corporation (Japan)
- Fanuc Corporation (Japan)
- Yaskawa Electric Corporation (Japan)
- Kion Group Ag (Germany)
- Toshiba Corporation (Japan)
- Krones AG (Germany)
- Kawasaki Heavy Industries Ltd. (Japan)
- Omron Corporation (Japan)
Industry Growth Hindered Due to Manufacturing and Supply Chain Disruptions
The COVID-19 pandemic affected the global market owing to disruptions in manufacturing operations and supply chains. Additional factors impacting the product demand comprised challenges associated with international travel restrictions. However, the efforts toward economic revival led to an increase in product demand across the e-commerce, healthcare, and automotive sectors.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/logistics-robots-market-102923
AGV Segment to Record Substantial Growth Driven by Increasing Product Adoption
Based on type, the market is segmented into robot arms, autonomous mobile robots, automated guided vehicles, and others. Of these, the automated guided vehicles segment is set to record commendable growth over the forecast period. The surge can be attributed to the escalating product adoption in numerous industries.
Robot Demand to Register Lucrative Growth Owing to Rapid Adoption in Packaging Sector
On the basis of application, the market is categorized into pick & place, palletizing & de-palletizing, transportation, and others (shipment & delivery). The palletizing segment is estimated to register substantial expansion over the estimated period. This can be attributed to the surging preference for automation in the manufacturing sector.
E-Commerce to Record Substantial Surge Considering the Increasing Internet Penetration
Based on industry, the market is fragmented into healthcare, retail, e-commerce, food & beverages, automotive, retail, and others (consumer electronics). The e-commerce segment is set to record appreciable growth throughout the forecast period. The rise is being driven by the increasing popularity of online shopping and surging internet penetration.
Considering the regional landscape, the market is subdivided into Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa.
Market Drivers and Restraints:
Industry Share to Rise Owing to Escalating Product Usage in Warehouses
The logistics robots market growth is set to be driven by an increase in product adoption in warehouses for the minimization of operation time of trucks. The robots are used in numerous industries such as automotive, pharma, and others for various applications for enhancing their manufacturing processes.
However, the market growth is likely to be hindered on account of various issues pertaining to data privacy and the availability of robotic components.
The report provides an in-depth analysis of the major trends that are poised to propel the business landscape over the forthcoming years. It further gives an insight into the key factors fueling the logistics robots industry expansion over the forecast period. Additional aspects of the report include the critical steps taken by leading industry participants for strengthening their industry position.
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Asia Pacific to Gain Traction Due to Presence of Manufacturing Businesses
The Asia Pacific logistics robots market share is expected to record considerable growth throughout the projected period. The rise can be attributed to the increasing implementation of initiatives for the improvement of healthcare infrastructure.
The North America market is slated to register a substantial surge over the estimated period considering the rapid construction of distribution centers and warehouses. The regional growth can be attributed to the soaring demand for logistics robots for saving time and cost.
Industry Players Enter into Partnership Agreements to Strengthen Market Presence
Prominent logistics robotic companies are entering into partnership agreements and collaborations for the consolidation of industry position. Many companies are also adopting a series of strategic initiatives such as acquisitions, mergers, and product developments for securing a competitive edge. Besides, several industry players are participating in trade conferences and activities for enhancing their business prospects.
Table Of Content:
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Logistics Robots Key Players Market Share Insights and Analysis, 2021
- Global Logistics Robots Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Type (USD Bn)
- Automated Guided Vehicles
- Autonomous Mobile Robots
- Robot Arms
- Others (UAV’s)
- By Application (USD Bn)
- Palletizing & De-palletizing
- Pick & Place
- Others (Shipment & Delivery, etc.)
- By Industry (USD Bn)
- Food & Beverage
- Others (Consumer Electronic, etc.)
- By Region (USD Bn)
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
- North America Logistics Robots Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
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