Business Wire IndiaSales of industrial robots in India reached a new record of 8,510 units installed in 2023. This is an increase of 59% compared to the previous year (2022: 5,353 units). In terms of annual installations, India now ranks in seventh position worldwide. These are findings of the report World Robotics 2024, presented by the International Federation of Robotics (IFR).
“India is one of the strongest growing economies among the Asian emerging markets,” says Marina Bill, President of the International Federation of Robotics. “The operational stock of industrial robots has almost doubled since 2018, reaching 44,958 units in 2023. This represents an average annual growth rate of 14% since 2018.”
Automotive
Installations in the automotive industry jump 139% to 3,551 units in 2023. Both car manufacturers and parts suppliers contributed to this development. This segment accounts for a market share of 42%. The general industry in India is led by the rubber and plastics industry with 408 units, up 17%. Installations in the metal industry remained steady at 329 units in 2023.
Long-term potential for India
The long-term potential of robotics in India becomes clearer when compared to China, which has a similar population size: Annual installations in China reached 276,288 units in 2023. This is 32 times higher than the current peak level in India.
Outlook
The OECD expects India’s GDP to grow at a strong rate of 6.5 % per annum in the fiscal years 2024 and 2025. The automotive industry as the largest customer has announced some investment projects, mainly related to the production capacity for electric vehicles and batteries. Some of these projects have already been incorporated in the present statistics, while other projects are in progress or in the early stages. Robot installations in India are expected to grow further in 2024 and 2025. A contraction is expected in 2026, when the Production Linked Incentives program runs out. After that, some of the already announced long-term projects will create demand for robots.
Downloads
IFR press releases about the US, China, Japan, India and Europe are available at: https://ifr.org/ifr-press-releases/
About IFR
The International Federation of Robotics is the voice of the global robotics industry: www.ifr.org
View source version on businesswire.com: https://www.businesswire.com/news/home/20240924894593/en/
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