Market Insights Technology Robotics Service Robotics

Consumer Service Robotics - China

China

Revenue in the Consumer Service Robotics market is projected to reach US$5.53bn in 2024.
Domestic service robotics dominates the market with a projected market volume of US$4.00bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 12.80%, resulting in a market volume of US$10.10bn by 2029.
In global comparison, most revenue will be generated in China (US$5,532.00m in 2024).

Key regions: South Korea, Germany, Japan, Canada, France

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Analyst Opinion

The Consumer service robotics market in China is experiencing minimal growth due to factors such as slow adoption of digital technologies, lack of health awareness among consumers, and limited convenience offered by online services. This trend is reflected in both the Domestic and Entertainment sub-markets within the larger Service robotics market, indicating a need for greater awareness and accessibility of these technologies in China.

Customer preferences: With the rise of e-commerce and online shopping, Chinese consumers are increasingly seeking convenient and efficient solutions for their daily needs. This trend has led to a growing demand for consumer service robotics, such as delivery robots and automated customer service agents. Additionally, the increasing urbanization and aging population in China has created a need for robots to assist with household chores and caregiving, driving the growth of the consumer service robotics market.

Trends in the market: In China, the Consumer service robotics Market within the Service robotics Market is experiencing a surge in demand for home cleaning robots, driven by the increasing adoption of smart home technology. Additionally, there is a growing trend of using service robots in the hospitality industry, with hotels and restaurants utilizing robots for customer service and delivery. These trends are significant as they indicate a shift towards automation and convenience in daily tasks. They also have potential implications for industry stakeholders, such as increased efficiency and cost savings for businesses and improved quality of life for consumers.

Local special circumstances: In China, the consumer service robotics market is experiencing rapid growth due to the country's large population and increasing disposable income. The market is heavily influenced by the government's initiatives to promote technological advancements and automation in various industries. Additionally, cultural factors such as the preference for convenience and efficiency in daily life are driving the adoption of service robots in the country. However, strict regulatory policies and concerns about job displacement may hinder the market's growth in the long term.

Underlying macroeconomic factors: The growth of the Consumer service robotics market is also influenced by macroeconomic factors such as technological advancements, government initiatives, and investment in research and development. Countries with favorable policies and strong investment in service robotics technologies are experiencing faster market growth compared to regions with regulatory challenges and limited funding for innovation. Additionally, the increasing demand for automation and efficiency in consumer services, coupled with the growing aging population, is driving the adoption of service robotics in various sectors such as retail, hospitality, and healthcare.

Methodology

Data coverage:

The data encompasses B2B and B2C revenues. Figures are based on the country’s demand for robotics in manufacturer prices.

Modeling approach / Market size:

Market sizes are determined through a regional bottom-up approach, and further detailed by a top-down rationale for each market segment. As a basis for evaluating markets, we use trade data of the respective economic sector. Furthermore, we use relevant key market indicators such as level of automation and digitization or the economy composition to estimate each country's specialization in demand and supply. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques but primarly exponential smoothing. The selection of forecasting techniques is based on the behavior of the relevant market.

Additional notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.