中国引领全球机器人产业！大摩：市场呈现明显结构性分化特征

Core Insights - China is leading a new wave of transformation in the global robotics industry, being the largest market and production base for robots, accounting for 55% of global robot products [1][3] - The market size of China's robotics sector is projected to reach $47 billion in 2024, representing 40% of the global total [1] - By 2028, the market size is expected to grow to $108 billion, with a compound annual growth rate (CAGR) of 23% [3] Market Dynamics - Key growth drivers include drones, mobile robots, and collaborative robots, with respective CAGRs of 20%, 35%, and 46% [3] - Critical components such as motors, batteries, sensors, and vision systems are identified as high-potential investment targets, particularly sensors and vision systems which are expected to grow the fastest [3] Productivity Impact - The density of industrial robots in China's manufacturing sector has surged from 97 units per 10,000 people in 2017 to 470 units per 10,000 people in 2023, a 4.8-fold increase [3] - Companies utilizing robots have seen labor productivity and total factor productivity increase by over 30% compared to those that do not use robots [3] - Doubling the number of robots per employee leads to an 11% increase in labor productivity and an 8% increase in total factor productivity [3] Supply Chain and Market Share - China has established a complete supply chain from design to assembly, achieving large-scale localized production of key components [3] - The market share of Chinese brands in the industrial robot sector has risen from 28% in 2019 to 51% in 2024 [3] - In emerging fields such as mobile robots, service robots, and drones, the localization rate of Chinese brands has reached over 90% [3] Structural Trends - The robotics market in China shows significant structural differentiation, with traditional industrial robots experiencing moderate growth (CAGR of 18% from 2025 to 2028) [4] - The real growth engines are emerging robot types: collaborative robots (CAGR of 46%), mobile robots (CAGR of 35%), and service robots (CAGR of 25%) [4]