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Global Mobile Robotics Market Report 2024: Market Share Insights
Mobile Robots Global Market Report 2024
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According to The Business Research Company's, The mobile robots market size has grown exponentially in recent years. It will grow from $21.23 billion in 2023 to $25.81 billion in 2024 at a compound annual growth rate (CAGR) of 21.6%. The growth in the historic period can be attributed to an increase in the use of containers for sea-borne cargo, growth of the demand for rehabilitation in medicine, rising influx for warehouse automation, rise in the need for safety for human life and rising upsurge in demand for mobile logistics by online retailers.
The mobile robots market size is expected to see exponential growth in the next few years. It will grow to $56.58 billion in 2028 at a compound annual growth rate (CAGR) of 21.7%. The growth in the forecast period can be attributed to the widespread deployment of autonomous mobile robots by logistics companies, massive financing from regulatory bodies, the requirement for material-handling equipment, expansion of regional distribution channels, and rising demand for self-driving forklifts. Major trends in the forecast period include the adoption of industry 4.0 technologies, innovations in mobile robot sensors and controllers for various applications, integration of advanced technologies such as 5G, integration of Al & ML algorithms with autonomous mobile robots, and development of application-specific autonomous robots.
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Market Drivers and Trends:
Increasing e-commerce activity is expected to propel the growth of the mobile robots market going forward. E-commerce activity refers to online transactions where goods or services are purchased through electronic platforms such as websites or mobile apps. E-commerce activity is rising due to increasing consumer preference for online shopping, driven by convenience, broader product selection, and competitive pricing. Mobile robots are increasingly used in e-commerce for automating warehouse operations and enhancing efficiency in picking, packing, and inventory management. They help reduce labor costs and improve order fulfillment speed, contributing to overall customer satisfaction. For instance, in February 2024, according to the Census Bureau of the Department of Commerce, a US-based government department, in the fourth quarter of 2023, e-commerce sales surged by 7.5% compared to the same period in 2022. Therefore, increasing e-commerce activity is driving the growth of the mobile robots market.
Major companies operating in the mobile robots market are focusing their efforts on developing technologically innovative solutions, such as the development of artificial intelligence (AI)-powered mobile robots, to enhance autonomous navigation, real-time data analysis, and adaptive learning capabilities. AI-powered mobile robots refer to robotic systems equipped with artificial intelligence capabilities that enable them to perceive their environment, make decisions, and execute tasks autonomously or semi-autonomously. For instance, in March 2024, ABB Ltd., a Switzerland-based technology company, launched the Flexley Tug, an autonomous mobile robot that facilitates the management of entire fleets of mobile robots. Equipped with AI-powered visual SLAM navigation technology and innovative AMR Studio software, this robot enables novice users to easily program and manage entire robot fleets, reducing setup time by up to 20% and addressing labor shortages.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Samsung Electronics Inc, LG Electronics Inc, Northrop Grumman Corporation, ABB Group, KION Group AG, Omron Automation Corp, Zebra Technologies Inc, Kuka AG, Teradyne Inc, Kongsberg Maritime Corporation, iRobot Corporation, ECA GROUP, Aethon Inc, JASCI LLC, DJI Corporation, Blue Frog Robotics Inc, Promobot LLC, OTTO Motors Inc, GeckoSystems Intl Corp, Mayfield Robotics Inc, Nauticus Robotics Inc.
Mobile Robots Market 2024 Key Insights:
• The mobile robots market size is expected to see exponential growth in the next few years. It will grow to $56.58 billion in 2028 at a compound annual growth rate (CAGR) of 21.7%.
• E-commerce Surge Fuels Mobile Robots Market Growth
• Advancements In AI-Powered Mobile Robots Transforming Automation And Efficiency
• North America was the largest region in the mobile robots market in 2023
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