Keenon Robotics was ranked highly in a recent report from International Data Corp., or IDC, entitled “Market Share of Commercial Service Robots in China Catering Industry.” The company was ranked No. 1 in market share and growth in China’s commercial service robots for the catering industry for 2021.
The Shanghai-based company had a growth rate of 153.4%, with a market share of 48.6%, almost twice as large as the second largest, Pudu Robotics.
“The demand for service robots, such as delivery robots, is growing significantly across many industries, especially catering,” IDC reported. “The catering industry has become one of the most mature industries in the application of commercial service robots, with the market displaying a rapid growth trend over the past two years.”
“In 2021, the total market size of commercial service robots in the catering industry in China reached $84 million U.S. dollars, which is an increase of more than 110% compared to the previous year – this is significant growth,” it said.
Chinese market rapidly adopts service robots
“The commercial service robot market for China's catering industry achieved rapid growth in 2021, [amid] labor shortages and favorable national policy, establishing a positive long-term trend,” said Can Cui, a research manager at IDC. “In the short term, however, with the market becoming more mature and more refined in terms of operations, products, teams, costs, and services, there will be improved profitability as developments in catering spread to related industries, and overseas expansion will become a key direction for market development.”
Keenon Robotics said it has a significant edge by maintaining high growth levels and occupying nearly 50% of the domestic market share. The company was founded in 2010 and offers a range of service robots, including the T1, T2, T5, T6, and T8.
In 2021, Keenon said its catering-specific service robots exploded in popularity, with almost 65% of the top 100 food and beverage brands, such as Haidilao Hotpot, Pizza Hut, Xiao NanGuo Restaurant, Grandma's House, and more, adopting its products.
Keenon Robotics successfully closed Series D
In September, Keenon Robotics completed a $200 million Series D financing round led by Alibaba's exclusive strategic financing and the SoftBank Vision Fund. The company achieved successful results and was ranked on the Hurun “global unicorn company” list last year.
Meanwhile, Keenon Robotics was named one of the top 10 “best investment cases in advanced manufacturing” by the CVINFO 2021 Annual List.
The company has launched with six global business areas: North America, Europe, the Asia-Pacific, South America, the Middle East, and Africa. In these areas, Keenon Robotics said it is cooperating with large local multinationals on strategic development to continue supporting the world with commercial service robots.
Keenon Robotics said it plans to increase its investment in research and development, accelerate the growth of global distribution channels, boost digital transformation, and improve efficiency.