Driving force: population supply contraction and downstream demand release drive industry growth

The aging of the population leads to the rise of labor costs, and machines are the trend of The Times. Fertility rates around the world have been declining for years, and the proportion of people aged 15-64 in China has fallen to 68.3 percent in 2021, according to the National Bureau of Statistics. According to the data of the National Bureau of Statistics, the per capita wage of China’s manufacturing employees in 2022 has reached 86,933 yuan, an increase of 5.2%, higher than the growth rate of GDP. The long-term trend of rising labor costs will become a strong driving force for the development of the industrial robot industry.

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The outbreak of new energy vehicles has brought demand release to industrial robots. Driven by new energy vehicles, the automotive industry has entered the next round of expansion cycle, and industrial robots will continue to benefit. Taking China as an example, according to the flush data, from 2021 onwards, the sales of new energy vehicles have entered a stage of explosive growth, with sales exceeding 800,000 in June 2023. Semiconductor, photovoltaic, lithium and other industries are also expected to bring a large number of industrial robot demand. Automotive and 3C electronics are the two industries with the largest demand for industrial robots, and today the demand for 3C electronics is relatively weak, and most companies have begun to actively explore performance growth points outside of automobiles and 3C, such as semiconductors, photovoltaic, lithium, etc. In 2022, the global semiconductor market size reached 573.5 billion U.S. dollars, and with AI driving the demand for computing chip design, manufacturing, packaging and other industries, semiconductor production expansion is expected to drive the demand for industrial robot construction.