In 2022, the market for autonomous mobile robots was expected to be worth $ 2.85 billion. By 2032, the market is anticipated to reach a value greater than $ 20.99 billion. The forecast period is expected to see this market expand at a CAGR of 22.1 per cent.
The rising demand for automation in the manufacturing and logistics industry is expected to drive the growth of the autonomous mobile robots market. The increasing need to reduce operational costs, improve efficiency and accuracy, and enhance productivity is anticipated to boost the growth of the market. The growing trend of automation in warehousing operations is also a major factor driving the growth of the autonomous mobile robots market. The growing demand for these robots in industrial applications is expected to continue to fuel the growth of the market.
Geographically, the Asia-Pacific region is expected to hold a major share of the autonomous mobile robots market during the forecast period. The increasing number of manufacturing and automotive industries in the region is a major factor driving the growth of the market. In addition, the presence of various major players in the region is also expected to contribute to the growth of the autonomous mobile robots market in this region.
What are the drivers and restraints of this market?
An autonomous mobile robot that is fully functional can gather detailed information about its surroundings and act accordingly without the need for external control. Due to this factor, the market for robots will experience significant growth during the forecast period. These machines can operate without causing harm to anyone or anything. Environmental sensors are now integrated into them thanks to technological advancements, which improves functionality. Therefore, it is anticipated that factors like self-maintenance, environment awareness, and autonomous navigation will drive the global market for autonomous mobile robots.
Competitive landscape
Currently, autonomous mobile robot manufacturers are focused on continuous upgradation and the addition of functional abilities to autonomous mobile robot technology. Vendors in this industry are aggressively focused on the expansion of their customer base. These vendors now more than ever have understood the importance of the digital medium in the promotion and strategically using modern digital channels for marketing. Companies follow collaboration and partnership as key tactics to expand the business and gain an advantage through the partner’s knowledge.