Market Overview:
Retail robots are motorized machines used to automate retail tasks such as stocking shelves, packaging orders, sorting items and assisting customers. They help retailers by increasing efficiency, reducing costs and improving customer experience. With their ability to work 24/7 without breaks, retail robots provide a cost-effective solution for repetitive and labor-intensive tasks in the retail industry.
The retail robots market is estimated to be valued at US$ 15.63 Bn in 2023 and is expected to exhibit a CAGR of 30% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends fuels the growth of the retail robots market is increasing adoption of automation. Retailers are increasingly adopting automation solutions like retail robots to improve productivity and reduce labor costs. Automation helps retailers optimize operations, improve inventory management and streamline supply chain functions. Retail robots can boost throughput, lift heavy items and work effectively even in challenging retail environments like warehouses. Their use is projected to grow significantly with continual technological advances making robots smarter, cheaper and more collaborative to work with humans. This increased adoption of automation driven by various benefits is estimated to drive the retail robots market during the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the retail robots market requires significant investment for R&D, manufacturing, and distribution networks. Bargaining power of buyers: The bargaining power of buyers is moderate as the retail robots are differentiated products and offer efficient solutions to retailers, however buyers have numerous options to choose from. Bargaining power of suppliers: The bargaining power of suppliers is low as there are numerous component manufacturers for various parts used in retail robots. Threat of new substitutes: The threat of new substitutes is low as retail robots offer automation and help reduce operational costs which is difficult to replace. Competitive rivalry: High due to presence of numerous global players offering similar solutions.
SWOT Analysis
Strength: Retail robots offer enhanced productivity and efficiency. They assist in optimizing store operations. Weakness: High initial investments and maintenance costs. Technical challenges for complex store layouts. Opportunity: Growing retail industry worldwide. Increasing demand for automation solutions. Threats: Changing customer preferences. Risk of job losses limiting adoption.
Key Takeaways
The Global Retail Robots Market Size is expected to witness high growth, exhibiting CAGR of 30.% over the forecast period, due to increasing demand for automation solutions from warehouses and logistics centers to enhance productivity and efficiency. E-commerce companies extensively utilize robots for various applications like packaging, sorting, detection and others which is fueling the market growth.
The North America region is expected to dominate the retail robots market during the forecast period. U.S. and Canada have presence of major robotics companies as well as strong industrial and research base which is supporting market growth. Growing e-commerce sector and emphasis on warehouse automation in U.S. is propelling the demand.
Key players operating in the retail robots market are Amazon Robotics, Bossa Nova, Simbe Robotics, ABB Robotics, Greyorange, Softbank Robotics, Honda Motor Co. Limited., and others. Amazon robotics provides autonomous mobile robots for material handlingapplications. Bossa Nova designs AI and robotics technologies for retail stores.
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