Cobot Market 2023: Revenue Growth, Market Dominance in China

Analysis Cobot market cracks one billion dollar mark

2024-07-19 Source: Interact Analysis | Translated by AI 1 min Reading Time

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Despite the past year not being easy for the industry, revenue from cobots was still able to be increased. According to market researchers, not much will change about this in the coming years.

The cobot market will continue to grow until 2028.(Image: Nay - stock.adobe.com) — The cobot market will continue to grow until 2028.
(Image: Nay - stock.adobe.com)

The global cobot market has cracked the one billion US dollar mark in 2023. According to a statement by Interact Analysis, the demand for cobots is recovering more slowly than expected. For the next four years, market researchers expect revenue growth of more than 20 percent per year in this segment.

The interest in cobots will continue to rise in the coming years.
(Image:Interact Analysis)

The annual sales growth for cobots in 2023 was about 11.9 percent, defying a challenging year for the manufacturing industry, difficult economic conditions, and supply chain issues. The demand for cobots in the automotive and the new energy industry remained high last year, but the demand for cobots in the electronics and semiconductor industry fell significantly, according to market researchers.

China dominates

"The global cobot market is becoming increasingly refined as end users are looking for holistic solutions instead of buying large pieces of equipment. In the coming year, we expect that major cobot providers will target large customers, which could impact capacity and resource allocation," says Maya Xiao, research manager at Interact Analysis.

In the future, especially China will dominate the cobot market, it continues. The global average price for cobots will slightly rise between 2023 and 2028, as the demand for collaborative robots that can handle larger loads grows.

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