Manufacturing AUTOMATION

Global cobot market revenues exceed $1B in 2023; further growth expected until 2028

May 29, 2024
By Manufacturing AUTOMATION

According to a report by Interact Analysis, a market intelligence firm, the global collaborative robot market exceeded $1 billion in revenues during 2023, despite overall demand recovering more slowly than expected post-pandemic.

The firm predicts that the global market for cobots will see a 22 percent increase in shipments during 2024 and anticipates similar levels of growth (more than 20 percent) each year through to 2028.

The firm’s report shares that annual revenue growth for cobots was around 11.9 percent in 2023, despite a challenging year for manufacturing, tough economic conditions, and supply chain issues. Demand for cobots in the automotive and new energy industries remained high last year, but demand for cobots in electronics and semiconductors fell significantly, leading to a small V-shaped trajectory between 2022-24. Orders from the semiconductor and logistics industries are expected to bounce back in 2024, but high interest rates could weaken overall order intake this year.

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

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Moving forward, China will dominate the global cobots market in the medium term, but it is also the region where average revenue per unit (ARPU) is expected to fall most sharply, as competition in the market increases. 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.”


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