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14 June, 2024

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Cobot sales hit $1bn and will grow faster than 20%

03 June, 2024

Global revenues from sales of collaborative robots (cobots) exceeded $1bn during 2023, despite demand recovering more slowly than expected after the Covid pandemic, according to new data from Interact Analysis. It predicts the market will see a 22% increase in shipments during 2024 and expects growth rates to exceed 20% every year in the period to 2028.

Cobot revenues grew by around 11.9% in 2023, despite tough economic conditions and supply chain issues. Demand from the automotive and new energy industries remained high, but interest from the electronics and semiconductors sector fell significantly, leading to a V-shaped trajectory between 2022-24. Interact expects orders from the semiconductor and logistics industries to bounce back in 2024, but high interest rates could weaken orders this year.

“The global cobot market is becoming more refined as end-users seek holistic solutions rather than purchasing large pieces of equipment,” says Interact research manager, Maya Xiao. “Over the coming year, we expect to see major cobot vendors targeting large customers, which could impact capacity and resource allocation.

“Moving forward, China will dominate the global cobots market in the medium term, but it is also the region where average revenue per unit is expected to fall most sharply, as competition increases,” she adds. “The cobot market growth rate in regions other than China will approach that of China after 2025 and the global average market price for cobots is expected to increase slightly between 2023 and 2028 as demand grows for collaborative robots capable of handling larger payloads.”

Revenues (blue bars, $m, left axis) and growth rates (red graph, %, right axis) for the global cobot market from 2018-2028.
Source: Interact Analysis

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