Service Robotics - Mexico

Mexico

Revenue in the Service Robotics market is projected to reach US$319.90m in 2024.
Commercial service robotics dominates the market with a projected market volume of US$278.00m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.03%, resulting in a market volume of US$492.80m by 2029.
In global comparison, most revenue will be generated in the United States (US$8,681.00m in 2024).

Key regions: France, United Kingdom, United States, Canada, South Korea

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Analyst Opinion

The Service Robotics Market in Mexico is experiencing slow growth due to factors such as limited adoption of technology, low awareness among consumers, and lack of convenience in online services. However, growth is expected to pick up with increasing demand in both Commercial and Consumer sectors.

Customer preferences: As the demand for automation and efficiency continues to grow, there is a noticeable shift towards service robots in Mexico. This can be attributed to the increasing adoption of technology and the need for contactless services in the post-pandemic era. Additionally, the aging population and a shortage of skilled labor are also driving the demand for service robots in industries such as healthcare and hospitality. The trend towards service robots is expected to continue as consumers prioritize safety and convenience in their daily lives.

Trends in the market: In Mexico, the Service robotics Market within the Robotics Market is experiencing a rise in demand for automation solutions in the manufacturing sector, leading to increased adoption of industrial robots. Additionally, there is a growing trend of using service robots in the healthcare sector to assist with tasks such as patient care and medication delivery. These trends are significant as they improve efficiency and reduce costs for businesses, while also enhancing patient care in the healthcare industry. Industry stakeholders should stay updated on these trends to stay competitive and capitalize on the opportunities they present.

Local special circumstances: In Mexico, the Service robotics market is influenced by the country's strong manufacturing industry, particularly in the automotive sector. This drives the demand for industrial robots in the market. Additionally, the government's initiatives to modernize and improve the country's healthcare system have led to a growing demand for medical robots. However, Mexico's relatively low adoption of advanced technologies poses a challenge for the growth of the service robotics market. Furthermore, cultural factors such as the preference for human interaction in service industries may also hinder the widespread adoption of service robots in the country.

Underlying macroeconomic factors: The growth of the Service robotics market is heavily influenced by macroeconomic factors such as technological advancements, government policies, and investment in research and development. Countries with supportive regulatory frameworks and significant investments in advanced robotics technology are witnessing a rapid growth in the market. Furthermore, the increasing need for automation and efficiency in various industries, coupled with the rising labor costs, is driving the demand for service robots in the market. The growth of the market is also fueled by the aging population and the need for innovative solutions to meet the growing healthcare demands.

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.