DUBLIN--(BUSINESS WIRE)--The "Delivery Robots Market by Load Carrying Capacity, Component, Number of Wheels, End-User Industry, and Geography - Global Forecast 2024" report has been added to ResearchAndMarkets.com's offering.
The delivery robots market projected to grow at a CAGR of 19.15% during 2018-2024
The delivery robots market is expected to grow from USD 11.9 billion in 2018 to USD 34 billion by 2024, at a CAGR of 19.15% during the forecast period.
There are numerous giant online retailers in the global market, along with the emerging ones. Even some giant offline retailers are going online because people all over the world have started preferring online shopping owing to the huge discount and smooth delivery at their doorstep.
The introduction of autonomous delivery robots in e-commerce will not only give customers greater convenience at a lower cost but also significantly alter the competitive landscape. Hence, the reduction in costs of last-mile deliveries is one of the key factors driving the market growth.
However, stringent regulations pertaining to operations of delivery robots act as a key restraining factor for the market growth.
The delivery robots market for software to grow at a higher CAGR during forecast period
Owing to technological advancements, robot OEMs have started integrating data analytics platforms, such as big data analysis and predictive analysis, into the robotic system.
With the help of the software, a delivery robot can perform various tasks, such as route mapping and navigation, dynamic path planning, and obstacle identification. The fast growth of the market for software can also be attributed to the increased demand for delivery robots with auto navigation and autonomous decision-making capabilities.
The market for 6-wheeled delivery robots to grow at a high CAGR from 2018 to 2024
6-wheeled delivery robots can run on different types of terrain in a balanced way. In APAC, countries such as India and China will opt for 6-wheeled delivery robots, which would be widely used for the delivery of food items and beverages. Most of the 6-wheeled delivery robot manufacturers offer a delivery robot with all-wheel drive capability.
This feature allows the robot to handle the toughest and steepest hill with an ability to drive 20 miles in a single charge, and these robots are costlier than 4-wheeled delivery robots, which is the key factor fueling the growth of the market for 6-wheeled delivery robots.
North America to dominate the delivery robots market in 2018
North America is expected to hold the largest share of the delivery robots market in 2018. The dominance of North America can be attributed to the increasing demand for delivery robots in the retail industry and growing labor charges for last-mile deliveries.
Apart from the retail industry, the delivery robots have also been adopted for delivering food items and beverages to the university and corporate campuses specifically in the US, which also is one of the key driving factors for the delivery robots market in North America. Further, restrictions on using drones for delivery applications create a growth opportunity for the delivery robots market in the region.
Market Dynamics
Drivers
- Reduction in Delivery Costs in Last-Mile Deliveries
- Increase in Venture Funding
Restraints
- Stringent Regulations Pertaining to Operations of Delivery Robots
Opportunities
- Worldwide Growth of E-Commerce Market
- Restrictions on Use of Drones for Delivery Services
Challenges
- Limited Range of Operation
- Operations in Populated Areas Creating Safety Issues
Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Delivery Robots Market, By Load Carrying Capacity
7 Delivery Robots Market, By Component
8 Delivery Robots Market, By Number of Wheels
9 Delivery Robots Market, By Speed Limit
10 Delivery Robots Market, By End-User Industry
11 Geographic Analysis
12 Important Safety Components of Delivery Robots
13 Competitive Landscape
14 Company Profiles
- Amazon Robotics
- Boston Dynamics
- Box Bot
- Dispatch
- Eliport
- JD.Com (Jingdong)
- Kiwi Campus
- Marble
- Nuro
- Panasonic System Solutions Asia Pacific
- Piaggio Fast Forward
- Robby Technologies
- Robomart
- Savioke
- Starship Technologies
- Teleretail
For more information about this report visit https://www.researchandmarkets.com/research/xqgwq8/34_billion?w=4
