by Retail robots are intelligent machines that are used to automate various warehouse and retail functions through advanced AI capabilities. They can lift, carry, and sort products efficiently as well as recognize objects using computer vision. Key benefits include reduction of human errors, increased processing speed, optimized inventory management, and improved productivity.
The global Retail Robots Market is estimated to be valued at US$ 18.01 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the retail robots market is the increased adoption of collaborative robots or cobots. Cobots are designed to work safely alongside humans by incorporating advanced safety mechanisms. They can perform dangerous, repetitive, and labor-intensive tasks without jeopardizing human safety. For instance, cobots assist human workers in picking, packing, and sorting operations. Another key trend is the use of artificial intelligence and machine learning technologies in retail robots. AI-powered robots can identify products, detect obstacles, navigate autonomously, and respond to changes in real-time with minimal human intervention. This allows them to operate more efficiently in complex and dynamic retail environments like warehouses and distribution centers.
Porter’s Analysis
Threat of new entrants: The retail robots market requires high initial capital investments for R&D, manufacturing, and technology which poses moderate threat of new entrants.
Bargaining power of buyers: The presence of numerous players in the retail robots market with variety of product offerings gives buyers higher bargaining power.
Bargaining power of suppliers: The dependence of retail robots on key electronic and mechanical components gives moderate bargaining power to suppliers.
Threat of new substitutes: Alternate technologies for retail automation like advanced barcode systems pose low-to-moderate threat of substitution to retail robots.
Competitive rivalry: The retail robots market experiences high competitive rivalry due to presence of global established players and new entrants fighting for larger market share.
Key Takeaways
The Global Retail Robots Market Size is expected to witness high growth.
Regional analysis: The retail robots market in Asia Pacific is expected to grow at fastest rate during the forecast period driven by rapid expansion of retail sector and demand for automation from major economies like China and India. North America currently dominates the global retail robots market owing to robust adoption across supermarkets and retail warehouses in countries like US.
Key players operating in the retail robots market are Chevron Corporation (U.S.), Royal Dutch Shell Plc (U.K.), Exxon Mobil Corporation (U.S.), ConocoPhillips (U.S), Reliance Industries Ltd. (India).
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
