China's robotics market set to double from 2024 to 2028: Morgan Stanley
China's
robotics market is set to grow at an annual rate of 23 per cent to US$108 billion by 2028 from US$47 billion in 2024, solidifying the country's dominant position in the fast-developing sector, according to a research note published by Morgan Stanley on Monday.
China's share of the global robotics market was about 40 per cent last year, according to the report by Hong Kong-based analysts Sheng Zhong and Chelsea Wang. A specific forecast for China's market share by 2028 was not provided.
'China is not only the largest market but also is arguably the world's innovation hub, propelling cost efficiencies and next-gen robotics development,' they said.
'Robots have been reshaping China's manufacturing and will have a deeper impact on society in the future as they become more intelligent, collaborative and affordable.'
Separate data published by China's National Bureau of Statistics on Monday revealed that the country's industrial robot output surged 35.5 per cent year on year in May, reaching 69,056 units, while service robot output jumped 13.8 per cent to 1.2 million units.
02:01
China's humanoid robots test skills in unique kickboxing competition
China's humanoid robots test skills in unique kickboxing competition
Robotics is a key component of the
Made in China 2025 initiative , launched a decade ago to position the country at the forefront of various hi-tech industries. The strategy aims to establish the country as a global leader in smart manufacturing.
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