Delivery Robots Market by Load Carrying Capacity (Up to 10, 10.01–50.00, and More than 50 kg), Component (LiDAR Sensors, Control Systems), Number of Wheels (3, 4, and 6), End-User Industry (Food & Beverages, Retail), and Geography – Global Forecast 2024
The delivery robots market is expected to grow from USD 11.9 million in 2018 to USD 34.0 million by 2024, at a CAGR of 19.15% during the forecast period. The increase in the adoption of delivery robots in the retail industry for delivering various products and groceries is one of the key factors driving the growth of the delivery robots market. Apart from this, the reduction in last-mile delivery costs due to the adoption of these robots is also a key factor fueling the market growth.
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Though the drone technology is advanced enough to perform accurate deliveries, the last-mile delivery requires adequate infrastructure. To avoid potential interference, it is important to develop infrastructure such as landing pads, delivery stations in the backyard. or a drone-compatible post box, which requires a good amount of investment. In the case of ground delivery robots, infrastructure is not an issue to carry out delivery. According to the regulations formulated by the Federal Aviation Administration (FAA) in the US, drones are not currently allowed to fly BVLOS, and a single controller cannot control more than one drone at a time. Though BVLOS flights are taking place with a handful of commercial partners, FAA will have to look at several instances before they sanction the drone delivery network. Hence, such restrictions on operating drones as a delivery medium provides a growth opportunity to delivery robot manufacturers.
The delivery robots market for 6-wheeled robots is expected to grow at the highest rate during the forecast period. As 6 wheels provide higher stability to a robot, most of the robots are expected to be manufactured with 6 wheels. Another advantage of 6-wheeled robots is that they can carry heavier loads compared to 3-wheeled and 4-wheeled robots. The 6-wheeled delivery robot, tested by Starship in the US and Europe, could carry 20 pounds of cargo with a top speed of 4 mph as it intended to navigate on sidewalks. Due to such compact size, these robots can easily travel on the sidewalks without damaging any surrounding public property or causing harm to any human being. Hence, investing in the development of 6-wheeled compact robots could help new entrants create impact in the market.
People across the world have started preferring online shopping; hence, the market for e-commerce is widening. The global retail e-commerce sales are estimated to reach USD 4.5 trillion by 2021. The year 2017 saw a 24.8% increase in retail e-commerce sales worldwide over the year 2016. Globally, e-commerce is a strongly growing industry with no signs of decline in 2018 and even in the following years. E-commerce remains a popular choice for investments and new businesses. Owing to this, the market for the retail industry is expected to grow at a high rate during the forecast period. Apart from this, e-commerce companies such as Amazon, Alibaba, and Walmart have started expanding their presence globally, which is expected to generate the need for delivery robots. Hence, developing delivery robots suitable for the retail industry could help market players to strengthen their position in the market.
The market in APAC is expected to grow at the highest CAGR during 2018–2024. This growth can be attributed to the increasing demand for delivery robots in China, Japan, and South Korea, mainly for industries such as food & beverages and retail. Because of technological and economic advancements, the overall demand for delivery robots is expected to increase across the aforementioned countries. Furthermore, government initiatives to strengthen the robotics industry in China and Japan are expected to fuel the growth of the delivery robots market in APAC during the forecast period. Players in the delivery robots market have started partnering with food chains and supermarket chains to gather more revenue from the APAC region.