February 18, 2025
Retail Robots Market

The rising implementation of automation in retail outlets is anticipated to open up the new avenue for Retail Robots Market

Market Overview:

Retail robots are autonomous robots used in retail stores to assist customers, manipulate inventory, and streamline operations. They perform repetitive tasks such as product scanning, shelf monitoring, inventory checks, and delivering products to customers. Popular retail robots include facility cleaning robots, attended retail service robots, autonomous mobile robots, drones for surveillance, and robotic arms for packaging. They offer advantages such as consistent customer service, time and cost savings, productivity growth, and inventory management.

The retail robots market is estimated to be valued at US$ 15.63 Bn in 2023 and is expected to exhibit a CAGR of 30% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Rising focus on automating repetitive tasks in retail stores is a key driver for the retail robots market growth. Retail robots allow retailers to optimize workforce, eliminate human errors, and increase productivity by performing repetitive tasks 24/7. This helps retailers reduce operating costs and enhance profitability. Furthermore, growing labor costs and changing customer preferences are prompting retailers to integrate emerging retail automation technologies including retail robots. Customers increasingly demand personalized and fast experiences, pushing retailers to automate various floor operations through robots.

Segment Analysis

The retail robots market is dominated by mobile robots, accounting for around 65% share in 2023. Mobile robots are extensively used for inventory management, shelf monitoring and replenishment in retail stores. They are equipped with cameras, navigation systems and enabling technologies like computer vision that help them operate autonomously in dynamic store environments. Their mobility allows them to move freely through aisle and easily access different areas of the store to perform tasks with high efficiency.

PEST Analysis

Political: Governments across countries are coming up with regulations to ensure safety of consumers and workers from robotic technologies. For instance, laws around minimum wage and job losses due to automation.
Economic: Rising labor costs is a key factor driving retailers to adopt robots. They help optimize workflows, enhance productivity and reduce overall costs. Additionally, declining electronics costs is making robots more affordable.
Social: Customers especially millennials have a positive perception of technologies like retail robots. They find the concept of minimally manned stores interesting and enhance the shopping experience. However, some have concerns around job losses.
Technological: Advancements in artificial intelligence, computer vision, navigation systems and mobility solutions are fueling innovations in retail robots. Technologies like machine learning are enabling robots to adapt better to their environments.

Key Takeaways

The Global Retail Robots Market Size is expected to witness high growth, exhibiting CAGR of 30% over the forecast period, due to increasing labor costs. The market size for 2023 is US$ 15.63 Bn.

Regional analysis: North America dominates the retail robots market currently due to rapid adoption of automation technologies across industries. Additionally, presence of major players and faster 5G rollout is aiding market growth. Asia Pacific is anticipated to be the fastest growing region with over 35% CAGR driven by increasing labor wages, retail expansion and established electronics industry in countries like China and Japan.

Key players: Key players operating in the retail robots market include Amazon Robotics, Bossa Nova, Simbe Robotics, ABB Robotics, Greyorange, Softbank Robotics, Honda Motor Co. Limited., and others. Major players are focusing on developing innovative solutions integrated with advanced technologies like AI, computer vision and 5G to automate retail operations and enhance consumer experience. They are also expanding geographically by partnering with retailers.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it

Money Singh

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.

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