Robotics Market in India and China
The historic handshake between PM Modi and Xi Jinping in Kazan after the India-China LAC agreement. The meeting amid the backdrop of the BRICS summit in Russia, paved the way for strongly needed negotiations between two countries, India and China.
It can change the whole geo-political tension between the two Asian countries and also the trade businesses, providing an important phase in the ever-evolving journey of the countries.
As the countries are finding an alternative route of dependency from China. India, Vietnam, and other Asian countries have become lucrative offers for the West. However, time will tell, how reliable the journey can be.
As of now, a historic handshake can literally change the whole trade business between China and India and also maybe with the world.
According to Song Xiaogang, Secretary-General of the China Robot Industry Alliance (CRIA), “Robotics is the key technology of modern industry.”
As a result, China has presented its second development plan for the robotics industry under its 14th Five-Year Plan. This plan is of “great significance for promoting and developing high-quality Chinese robotics,” said the Secretary-General.
According to the International Federation of Robotics (IFR), it has a positive outlook for the Indian robotics market. According to the reports, India has become one of the fastest-growing robotics markets in the world.
India’s operational stock of industrial robots has almost doubled since 2018, reaching 44,958 units in 2032. It represents an average annual growth rate of 14% since 2018.
In 2023, India ranked 7th globally in annual robot installation with 8,510 units installed.
According to Milton Guerry, President of the International Federation of Robotics (IFR), “China is by far the largest robot market worldwide.” In 2020, China installed 168,000 new robots, and over the past five years, sales have increased by an average of 20% annually.
The market share of foreign suppliers in China is recorded at 73%. The acquisition of German robot manufacturer KUKA by Chinese household appliance company Midea caused a significant stir. According to the Chairman of the Supervisory Board, Andy Gu, the goal is “market leadership in the highly dynamic robotics and automation sector.”
The Indian robotics market is projected to reach $446.70 million by 2024, with service robotics dominating the market and a projected volume of $281.50 million. India has around 100 leading robotics companies and startups as of October 2024. The Indian robotics market is expected to grow at a CAGR of 8.26% from 2024 to 2029, reaching a market volume of $664.60 million by 2029.
Experts predict that India aims to be a global leader in robotics by 2030, with increasing adoption in sectors such as healthcare, agriculture, manufacturing, and national security.
Sources:- Statista, F6S, Trade Brains, builtin, handelsblatt
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