Collaborative Robot Market Forecast, Set to Reach US$12.07 Bn by 2031, Expanding at 33.8% CAGR

Market Overview and Growth Insights

The collaborative robot market, commonly referred to as the cobot market, has witnessed unprecedented growth in recent years. Cobots are specifically designed to work alongside humans in shared workspaces, unlike traditional industrial robots that are fenced off for safety. Their flexibility, compact design, and intuitive programming capabilities make them a game-changer for industries like automotive, electronics, logistics, and healthcare. According to recent market insights, the global collaborative robot market was valued at US$1.24 billion in 2023 and is projected to reach US$12.07 billion by 2031, expanding at a remarkable CAGR of 33.8% between 2024 and 2031.

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The market's growth is driven by multiple factors, including rising labor shortages, the demand for cost efficiency, and the global shift towards smart manufacturing under Industry 4.0. Among product segments, cobots with up to 5 kg payload capacity dominated the market in 2023, contributing more than 42% of global revenue due to their suitability for SMEs and flexible automation requirements. Regionally, North America currently leads the collaborative robot market, holding over 30% of global revenue. The dominance of this region is attributed to significant automation investments by the automotive, aerospace, and electronics sectors, alongside strong research and development capabilities. Meanwhile, East Asia is expected to outpace other regions with the fastest CAGR of 36.3% by 2031, led by China, Japan, and South Korea's rapid adoption of robotics in manufacturing.

✦ Key Highlights from the Report

✦ The collaborative robot market is expected to reach US$12.07 Bn by 2031 at a CAGR of 33.8%.
✦ Cobots with up to 5 kg payload capacity accounted for over 42% of 2023 revenues.
✦ The automotive industry held the largest market share in 2023, exceeding 30% of revenue.
✦ North America leads with over 30% of market share, driven by automation in automotive and aerospace.
✦ East Asia is forecasted to achieve the highest CAGR of 36.3% through 2031.
✦ Integration of AI, ML, and vision systems is expanding cobot applications into complex tasks.

Market Segmentation

The collaborative robot market is segmented based on payload capacity, application, and industry. By payload capacity, cobots in the up to 5 kg range dominate, with widespread deployment in industries requiring lightweight handling such as electronics assembly, food processing, and medical device manufacturing. The 5-10 kg payload segment is also expanding rapidly, projected to grow at a CAGR of 35.4% through 2031, due to its versatility in automotive and metal fabrication applications.

By application, material handling is expected to be the fastest-growing segment, expanding at a CAGR of 36.9% during the forecast period. Cobots are being widely integrated for packaging, palletizing, and inventory management, especially in e-commerce and logistics. Meanwhile, assembly and quality inspection applications continue to contribute significantly to demand, as manufacturers prioritize efficiency and accuracy.

From an industry perspective, the automotive sector leads the market with more than 30% share in 2023. Cobots have been adopted across production lines for assembly, welding, gluing, and quality testing. The electronics and semiconductor sector follows closely, forecasted to grow at a CAGR of 34.2%, driven by the demand for precise assembly of circuit boards and delicate components. Healthcare, plastics, and food & beverage industries are also emerging as promising adopters, expanding the diversity of cobot use cases.

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Regional Insights

North America currently dominates the global collaborative robot market, contributing over 30% of revenue. Its leadership is fueled by strong industrial automation adoption in the U.S. and Canada, significant R&D investments, and high deployment in automotive and aerospace sectors. According to the International Federation of Robotics (IFR), the U.S. installed over 44,303 industrial robots in 2023, with cobots forming a growing share of this deployment.

East Asia is expected to be the fastest-growing region, with a CAGR of 36.3% through 2031. China, Japan, and South Korea are aggressively integrating cobots into their manufacturing ecosystems. China, in particular, is addressing labor shortages and rising wages through automation, while Japan and South Korea are leveraging their leadership in robotics to enhance production efficiency.

Europe is another strong market, led by Germany, Italy, and France, where cobots are integral to Industry 4.0 strategies. Meanwhile, regions such as Latin America and the Middle East are gradually adopting cobots, primarily in automotive, packaging, and logistics, supported by increasing foreign investments.

Market Drivers

The key growth drivers for the collaborative robot market include the adoption of Industry 4.0 and smart manufacturing, growing labor shortages, and the increasing need for cost efficiency. Cobots are lightweight, energy-efficient, and easy to program, making them attractive to SMEs seeking automation solutions without high costs. Industries such as automotive and electronics are integrating cobots to enhance accuracy, reduce production errors, and maintain competitiveness in global markets.

Market Restraints

Despite rapid adoption, cobots face challenges such as competition from SCARA robots, which offer superior speed and precision in high-throughput tasks. In industries like electronics, SCARA robots are often preferred due to their ability to deliver rapid and highly accurate assembly. Additionally, cobots require further advancement in payload capacity and speed to compete directly with traditional robots in certain applications. High initial costs for advanced cobot systems can also limit adoption among smaller enterprises.

Market Opportunities

Future opportunities for the market lie in AI and ML integration, which enable cobots to learn, adapt, and collaborate more efficiently with humans. The pairing of cobots with mobile robotic platforms is also expected to revolutionize industries, enhancing flexibility and enabling deployment across dynamic environments such as warehouses and assembly floors. Healthcare, logistics, and e-commerce sectors represent untapped growth avenues, where cobots can perform tasks ranging from patient assistance to automated fulfillment processes.

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Reasons to Buy the Report

✔ Comprehensive analysis of market trends, growth drivers, restraints, and opportunities.
✔ In-depth segmentation insights by payload, application, and industry vertical.
✔ Regional analysis covering North America, East Asia, Europe, and emerging markets.
✔ Competitive landscape profiling leading players and strategies shaping the industry.
✔ Coverage of latest technological advancements and real-world use cases.

Company Insights

• Doosan Robotics
• AUBO Robotics
• ABB
• KUKA
• Yaskawa Electric Corporation
• HAHN Group
• Techman Robot
• FANUC
• Comau
• Universal Robots (UR)

Recent Developments:

In April 2024, Collaborative Robotics secured a $100 million Series B funding round led by General Catalyst, highlighting strong investor confidence in cobot solutions.

In May 2024, FANUC America introduced the CRX-10iA/L Paint collaborative robot, expanding cobot applications into painting and coating industries with enhanced safety standards.

Conclusion

The collaborative robot market is entering a transformative phase, moving from niche deployments to mainstream industrial adoption. With a forecasted CAGR of 33.8% through 2031, cobots are set to redefine automation across industries by bridging the gap between human creativity and robotic precision. North America leads the current adoption, but East Asia is poised to become the fastest-growing region. While challenges from traditional robots remain, opportunities in AI integration, mobile cobots, and emerging industries ensure that cobots will play a vital role in shaping the future of smart manufacturing, logistics, and healthcare.

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