New York, USA, Aug. 01, 2022 (GLOBE NEWSWIRE) — According to Research Dive’s newly published report, the global delivery robot market es predicted to grow at a stable CAGR of 17.8%, thereby garnering a revenue of $2,405.1 million in the 2021-2028 timeframe. This holistic report provides an overarching overview of the nature of the delivery robot market including its main characteristics like growth drivers, growth opportunities, restraints, and hindrances in the 2021-2028 timeframe. The report also contains all the necessary and essential market figures to help new entrants gain an insight into the working of the market.
Drivers: Since the inception of robotics technology, there has been a gradual integration of the robotics technology and the e-commerce industry, and over the years, robotics has been increasingly used by this industry. As a result of this, the delivery robot market is predicted to garner substantial growth in the forecast period. Additionally, growing adoption of advanced technologies like Artificial Intelligence is predicted to increase the market in the forecast period.
Opportunities: Massive growth and expansion of e-commerce industry is predicted to provide numerous growth opportunities to the market in the forecast period. Moreover, development of advanced technologies like machine learning is predicted to increase the growth rate of the market in the coming period.
Restrictions: High regulatory restrictions, however, might prove to be a hindrance in the growth trajectory of the delivery robot market.
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Impact of Covid-19 on the Market
The novel coronavirus pandemic and the resulting lockdowns have negatively impacted numerous industries by hampering both the supply-side and demand-side supply chains. However, despite these challenges, the delivery robot market has registered a growth in the pandemic years. Growth in demand for delivery robots in order to maintain safety standards especially in the food industry was the main reason behind the expansion of this market during the pandemic years.
Segments of the Market
The report has divided the delivery robot market into certain segments based on load handling capacity, number of wheels, end-user, and region.
Load Handling Capacity: Up to 10 Kg Sub-Segment to be the Most Dominant
By load handling capacity, up to 10 kg sub-segment is predicted to have the most dominant market share and garner a revenue of $1,105.5 million by 2028. Increasing adoption of robots to deliver small products from food, e-commerce, and healthcare industry is predicted to be the primary growth driver of the market in the forecast period.
Number of Wheels: 6 Wheels Sub-Segment to be the Most Profitable
By number of wheels, the 6 wheels sub-segment is predicted to have the highest market share and garner a revenue of $1,137.4 million by 2028. Encouragement from governments in the North America and Europe region to adopt these kinds of robots is predicted to have a positive impact on the growth rate of this sub-segment in the coming period.
Check out Post COVID-19 Impacts on Global Delivery Robot Market. Connect with our Expert Analyst for more Details
End User: Retail Sub-Segment to be the Most Lucrative
By end user, the retail sub-segment is predicted to garner the largest revenue and gather $835.3 million by 2028. The massive growth in the global e-commerce industry has led to an increase in the demand for delivery robots especially from the logistics market to deliver retail goods. This is predicted to become the primary growth driver of the sub-segment in the forecast period.
Region: Market in North America Region to Have the Highest Market Share
By regional analysis, the delivery robot market in the North America region is projected to generate maximum revenue and is predicted to reach $811.0 million by 2028. North America region is one the most developed parts of the world and has infrastructure suited for appropriate deployment of robots . Additionally, most of the research and development that is underground in the robotics industry is in the North America region. These two factors are estimated to play a huge role in the growth of the market in this region.
Prominent Market Players
Some prominent market players of the delivery robot market are
- Boston Dynamics, Inc.
- Amazon.com, Inc.
- Starship Technologies
- Nuro, Inc.
- Postmate Inc.
- Savioke, Inc.
- Panasonic Corporation
These companies are coming up with various innovations using different business strategies like acquisitions, mergers, and collaborations to gain a prominent position in the market.
For instance, in December 2021, Delhivery, an Indian logistics service provider, announced the acquisition of Transition Robotics Inc., a California-based unmanned aerial system platforms developer. This acquisition will help Delhivery, the acquiring company, to consolidate its position in the market substantially in the coming years.
Finally, this report published by Research Dive, also summarizes many crucial aspects of the delivery robot market including latest strategic developments, SWOT analysis, financial performance of the key players, and product portfolio.
Region: North America Region has a lucrative growth rate (Avail Customization)
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