Delivery Robots Market Set to Grow at the Fastest Rate- Time to Grow your Revenue

The Delivery Robots Market is projected to grow from USD 0.4 Billion in 2023 to USD 1.8 Billion by 2028; it is expected to grow at a CAGR of 33.7% during the forecast period. Acceleration in venture funding is one of the primary factors for the delivery robots market. The continuous decline in delivery cost in last-mile deliveries is a key factor driving the demand for delivery robots. Advancements in features of autonomous delivery robots will boost the growth potential for the Delivery Robots market in the coming years.

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LiDAR is the method for measuring distances by illuminating the target with laser light and measuring the time the reflection of the light takes to return to the sensor. A LiDAR sensor is now firmly established as an essential component of many mapping, navigation, and localization applications. Hence, this technology is being used in autonomous vehicles. These sensors are typically used in conjunction with cameras and, sometimes with radar, to provide a complete view of the surrounding environment and bring a range of benefits to these types of applications, including the ability to measure depth in a 3D environment with very high precision, the ability to see in variable light conditions and up to a 360-degree horizontal field of view. These sensors offer a 360-degree range and sub-centimeter accuracy. They are used to generate huge 3D maps that the device uses to navigate predictably around its environment and enable it to see obstacles and update its trajectory within milliseconds.

The food & beverage industry held the second-largest share of ~27% of the delivery robots market in 2022. For delivering food to a single client, a robot with a load-carrying capacity of up to 10 kg is sufficient. Therefore, many universities and corporate campuses worldwide have been adopting these robots to reduce their waiting time. In September 2022, Nuro Inc and Uber Eats Technologies, Inc. announced a partnership to utilize Nuro's autonomous electric vehicles for food delivery services in the US. This partnership will accelerate the growing potential for lats-mile autonomous delivery for food, groceries, and other goods and enhance autonomous delivery technology.

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The Asia Pacific market is expected to register the highest CAGR of 36.7% during 2023-2028, owing to the high market potential for delivery robots in several applications, especially for e-commerce in the retail industry. The growth of the Asia Pacific market is also expected to be driven by the growing demand for delivery robots in various end-user industries based in China, Japan, and South Korea for delivery services

News also Covered: https://www.prnewswire.com/news-releases/delivery-robots-market-worth-1-8-billion-by-2028---exclusive-report-by-marketsandmarkets-301763030.html

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This release was published on openPR.