Delivery Robot Market Size Worth USD 356.6 Million by 2027 | CAGR 17.7%: Astute Analytica
NEW DELHI, Aug. 3, 2021 /PRNewswire/ -- The report "Global Delivery Robot Market by Component, By Robot Type, By Operations, By Payload, By Application, By Industry and By Region – Asia Pacific, North America, South America, Europe and MEA) – Industry Dynamics, Market Size, and Opportunity Forecast to 2027, published by Astute Analytica, the market is expected to add an opportunity of US$ 356.6 Mn over the forecast period 2021-2027.
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Globally, delivery robot market is forecast to grow at an annual growth rate of 17.7% during the forecast period. Global Delivery Robot Market include both indoor and outdoor delivery robots. Autonomous delivery robots for outdoor or indoor deliveries are expected to transform or modernize the last mile delivery systems by offering a cheap and efficient method of delivery. Though delivery robots are still at development stage of various companies, with only few of them are commercialized until now are driven by some of the major market growth factors such as increasing labor cost, marketing strategy, advancements in technologies such as AI, machine learning, robotics, GPS tracking, automation, and navigation and reduction in the overall cost of last-mile deliveries and government regulations regarding environmental emission. Growing trend of smart or connected home is playing a significant role in the overall market growth. Cloud based robotics is expected to boost the capabilities of indoor robots. And similarly, as the cost of labor increases, technology becomes relatively more affordable, accelerating the transition to automation. Increasing harmful gases emission from vehicles contributes a lot to environmental degradation due to which battery assisted or electric vehicles are being preferred by the government, this is further propelling the adoption of delivery robots. Service robots are increasingly being adopted for new applications due to various advantages such as increased productivity, streamlined processes, and greater workplace safety. The main advantage of using service robots is the reduction in cost of operation and high ROI. Last-mile delivery is the key challenge faced by logistics companies in the entire process of delivering products to consumers, issues include damaged products, failed delivery, and increased traffic congestion. With delivery robots increasingly marking their presence on roads and premises, there is a threat of potential job losses that might hinders the market growth.
"Huge capital expenditure required for installation and maintenance of delivery robots may show the restraining impact on the overall growth of the global delivery robots market for the study period."
COVID-19 Impact on the Delivery Robots Market
The 2020 COVID-19 pandemic comes up with a new and interesting dynamics for delivery robots. With significant ratio of population facing lockdown at differing times and with many people attempting to self-isolate and socially distance from the public, the delivery robots present a perfect non-human delivery system. The social distancing norms imposed by the government in various countries has driven the growth as delivery robots do not require human intervention. COVID-19 accelerated the adoption of existing robots and their adaptation to new niches, but it might also lead to new robots.
Shifting customer preferences towards automated delivery generates profitable opportunities
The rising trend of digitalization automation, and robotics with use of AI and big data analytics in the delivery processes with the integration of Industry 4.0 is likely to foster the growth of the delivery robot market over the forecast period. The traditional delivery system such as time slot delivery and unattended delivery may influence the customer delivery options of online delivery as e-commerce functioning on the B2C market majorly depends upon product deliveries. Opportunities offered by robotics in combination with cameras, sensors, speech recognition, big data, analytics, artificial intelligence (AI), mobile and cloud technology, geotagging and biometrics are likely to impact the advancement of robots on frontline employees across industries with significant attention from business practitioners.
Asia Pacific Delivery Robot Market: Top-Tier Region in the Global Market
Asia Pacific Delivery Robot Market is projected to have the largest hold, with a share of around 27.1% in the global delivery robot industry, owing to the increasing demand for delivery robots by various industries such as retail, E-commerce, hospitality, healthcare, logistics and others.
Many domestic and global players offer numerous delivery robots with variety of features across the world. Some major key players covered in the report are Aethon, Effidence, Keenon Robotics Co., Ltd., Pudu Technology Inc., E Guangzhou Aobo Information Technology Co., Ltd., ANYbotics AG, CATRobotics, Dispatch AI, Locus Robotics, Eliport, FedEx bot and others. Despite of capital-intensive nature of the industry, the delivery robots industry witnessed an active participation from new market entrants.
Get Full Research Summary on "Global Delivery Robot Market"
Market segments comprehend in the report include market size analysis based on revenue and volume distribution in different categories. For instance, Food delivery under application is projected to grow at the highest CAGR of 20.3% in the forecast period. The delivery robots market for 4-wheeled delivery robots accounted for the largest market share in terms of value in 2020. Mostly companies offer four-wheeled robots for delivering groceries, food orders, flowers, packages, and boxes among other things. The growing adoption is mainly driven by the increasing affordability and return on investment of an increasing variety of infrastructure-light robots. The market is segmented on the basis of component, robot type, operations, payload, application and industry.
Similarly, the < 0.5 Kgs payload among all the Payloads category dominated the global market with around 27.1% share in the forecast period.
The report provides thorough analysis of Delivery Robots Market – Industry Dynamics, Market Size and Opportunity Forecast to 2027, based on the following segments:
By Robot Type
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