2Q26 Robot/Automation Landscape Analyzer: How are market shares shifting?

研报英文原文证据摘录

2Q26 Robot/Automation Landscape Analyzer: How are market shares shifting?

Equity Research

27 July 2026 | 9:15PM HKT

CHINA INDUSTRIAL TECH

already holds leadership, reinforcing our view that Jacqueline Du

+852-2978-1783 |

share consolidation is continuing around Inovance’s jacqueline.du@gs.com

Goldman Sachs (Asia) L.L.C.

strongest verticals.

n 2Q26 total industrial robot (IR) unit sales (according

2Q26 key observations on the China Industrial Robot to MIR data) reached 101k, +17%/+15% yoy/qoq vs.

1Q26’s +14%/-5% yoy/qoq; Cobots remained the

& Automation competitive landscape fastest-growing segment at +43% yoy. Against this,

NBS-reported IR production units grew 24% yoy/28%

Post MIR’s estimated sales data (vs. production data reported by qoq, with the discrepancy between production and

the NBS) as well as our coverage companies’ business segment domestic sales widening sequentially. Export growth

disclosures, we compile our latest landscape analyzer within. helped absorb part of the sequential increase in

production. Across robot types, leadership was

n Industrial automation (IA) market growth came in at +6%

stable at the top but still competitive beneath, with

yoy in 2Q26, with the project/OEM (mainly discrete

ESTUN/Inovance retaining No.1/No.3 overall,

automation) market at -1%/+17% yoy, extending the

Inovance sustaining the No.3 position it took from

visible OEM-led recovery observed in 1Q26. In this

FANUC in 1Q26, and yoy share gains modestly

broader environment, Inovance again stands out as

consolidating around the top three (ESTUN/KUKA

the clearest automation share-gainer: it retained

(Midea)/Inovance at 0pp/+1pp/+1pp).

No.1 market position in Servo, Low-voltage inverter