According to Interact Analysis’s latest Cobot 2024 research report, the global cobot market revenue grew by 11.9% in 2023 to reach $1.07 billion, officially breaking the $1 billion milestone. However, in terms of growth rate, 2023 growth rate hit a new low after the epidemic.

In the years before and after the epidemic, the growth rate of the collaborative robot market fluctuated significantly. 2019-2021 is a clear “V-shaped” move – 330525-02 a sharp fall followed by a sharp rise. After bottoming out in growth rates in 2020, the cobot market has enjoyed a strong recovery, with growth of more than 35% in 2021, so much so that the overall market size exceeds 2019 levels. During the 2022-2024 period, the growth rate of collaborative robot sales showed a new “V-shaped” trajectory, with 2023 marking the bottom of this smaller cycle, mainly because of the global economic downturn and supply chain issues that put great pressure on the market in 2022-2023, resulting in a new growth trough in 2023.

The medium – and long-term outlook remains positive, with the downward trend in prices moderating

The demand for automation upgrades in the traditional manufacturing industry after the pandemic, combined with the current situation of labor shortage, will be the main driving force for the nearly 20% annual average growth of the collaborative robot market during the forecast period (2024-2028).

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The latest data shows that the average price of cobots in 2023 has increased compared to previous forecasts, mainly due to the increase in shipments of high-load robots. In the fourth quarter of last year, shipments of high-load cobots (especially the >20kg group) increased significantly. In addition, during the forecast period, we expect shipments of >10kg cobots to grow at a higher rate than the <10kg small-load market. As a result, in the latest forecast, the average market price in 2028 is revised up by 4.4% compared to the previous version.

But there is no denying that the driving force of falling prices is also very obvious. In addition to the overall cost reduction brought about by economies of 330525-02 scale and the maturity of the industrial chain, the price decline in the Chinese market, which accounts for more than half of global shipments, has further dragged down the average price in the global market. The ARPU curve above already excludes a single “economy” cobot that costs less than $5,000. At the same time, the emergence of some large orders of more than 100 units has also pulled down the average market price. According to our research, several orders of more than 100 units from the electric vehicle sector are trading at prices below $6,000 / unit.