Delivery Robots Market Expected to reach $1.8 Billion by 2028

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. The markets growth is attributed to the increasing venture funding and decline in cost associated with last-mile deliveries. The growth of the e-commerce market worldwide is expected to create growth opportunities for the market.

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Load Bearing Capacity (>50 Kg) Robots to account for a larger market share in 2023

Robots with a load-carrying capacity of more than 50 kg are mainly used to deliver groceries and heavy parcels ordered by online shoppers. In terms of volume, these robots accounted for a market share of ~26% in 2022. JD.com, the second-largest online retailer in China, has developed an autonomous delivery vehicle named JDX to carry out its last-mile deliveries with a load-carrying capacity of up to 300 kg. Another delivery robot that falls into this category is R1, developed by Nuro (US), capable of carrying 125 kg of cargo. Robots in this category need to follow a comparatively large number of regulations than the robots belonging to the other 2 categories because delivery robots with more than 50 kg load-carrying capacity travel on streets rather than sidewalks, thereby requiring effective traffic management.

Hardware to hold a majority of the market share during the forecast period

The hardware segment held a larger share of about ~70% of the delivery robots market in 2022, attributed to the costly components such as LiDAR sensors and radars, as they contribute majorly to the designing and development cost of a robot. The LiDAR sensor provides high-resolution, three-dimensional information about the surrounding environment to the delivery robot. This sensor not only locates the position of people and objects around it but also assesses the speed and route at which they are moving. With the help of this information, an onboard computer system can determine the safest way for the autonomous driving vehicle to lead to its destination. Further, LiDAR sensors can capture a 360° view. Hence, they make it possible for the delivery robot to understand the drivable area, avoid objects, stay in a lane or change the lane, or turn when required. Additionally, they are capable of recognizing road signs and navigating up or down slopes.

Retail segment to grow at the highest CAGR during the forecast period

There is significant growth in the adoption of delivery robots in the retail industry for e-commerce applications, as last-mile delivery is the primary and high-cost-consuming phase of the entire supply chain. The e-commerce industry is growing at 8-12% Y-o-Y, and last-mile delivery robots are expected to be part of this ever-growing industry. By 2030, almost 300 billion parcels will be delivered annually, presenting a strong potential market for last-mile delivery applications for delivery robots. Grocery at your doorstep is a worldwide evolved concept with different start-ups reducing human efforts of rushing to stores and standing in a queue to get fresh groceries. Adopting delivery robots for the delivery of groceries not only assures delivery of quality products but also at a minimum price. Self-driving vehicles by Nuro (US) are used to transport groceries and other goods safely from stores to consumers.

Market in Asia Pacific to hold significant growth opportunities during the forecast period

The market in Asia Pacific is expected to be worth USD 430.4 million by 2028, growing at the highest CAGR of 36.7% during the forecast period. Australia and Japan are currently involved in the testing of delivery robots. According to the January 2023 press release by THE JAPAN TIMES LTD., automated delivery robots remotely monitored by humans will be able to hit Japanese public roads from April 2023 under the revised road traffic law. The trials for deliveries of food and daily necessities by robots have also been conducted in some of the residential and business districts in Japan. The growth of the market in the Asia Pacific is likely to be driven by the growing awareness regarding the potential of delivery robots to provide delivery services with high efficiency and at a reduced cost.

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Major vendors in the Delivery Robots market include Starship Technologies (US), JD.com, Inc. (China), Panasonic Holdings Corporation (Japan), Relay Robotics, Inc. (US), and Nuro, Inc. (US)-accounting for about 35-45% market share. Starship Technologies (US), JD.com, Inc. (China), among others.

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.