中国自动化市场季度图表手册：2025年第二季度增长、市场份额与展望

IrisZheng,HeadofAPACAutomation&Industrials|(+852)22035884|iris.zheng@db.com August 2025 IMPORTANTRESEARCHDISCLOSURESANDANALYSTCERTIFICATIONSLOCATEDINAPPENDIX1.DeutscheBankdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Thus,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision. THECONTENT MAY NOT BE DISTRIBUTED IN THE PEOPLE"S REPUBLIC OF CHINA("THE PRC")(EXCEPT IN COMPLIANCE WITH THE APPLICABLE LAWS ANDREGULATIONSOFPRC),EXCLUDINGSPECIALADMINISTRATIVEREGIONSOFHONGKONGANDMACAU. Table of content 3.China automation component market3.12Q25 growth and outlook 1.Market overview1.12Q25 overview and 2025E outlook 3.2AC Servo3.3LV Inverter3.4Small PLC3.5Large PLC3.6CNC3.7DCS_____________________________________________________________ 71.2End-market details9_____________________________________________________________ 2.Market share by product and by company2.1Market share by product 2.2Inovance2.3Estun2.4Supcon2.5Yaskawa Electric2.6FANUC2.7Siemens & Schneider Electric2.8ABB2.9Rockwell & Emerson & Honeywell2.10Market share by company over time 12141516171819202122 4.China industrial robot market3.12Q25 growth and outlook 403.2Overall industrial robot market413.3Small 6-axis robot433.4Large 6-axis robot443.5SCARA robot463.6DELTA robot483.7Collaborative robot (cobot)50_____________________________________________________________ 2Q25: Component market growth decelerated but Robot picked up; Chinese brands gainedshare In this quarterly series, we use data from MIR (a third-party market intelligence) to provide a comprehensive update on the automation market in China in 2Q25, includinggrowth by product and by end-market as well as the outlook. Additionally, we exhibit the quarterly market share dynamics by brand (Inovance,Supcon, Estun, FANUC,Yaskawa, Siemens, Schneider, ABB, Rockwell, Emerson, Honeywell, etc.) in China. Market growth in 2Q25: •China automation component market:After a short recovery of +2% YoY in 1Q25,2Q25reverted to a decline of-2%. Both Projects and OEMs markets decelerated–the Projectmarket entered a negative territory of-3% whilst the OEM market was flattish. By product, CNC (+17% YoY) showed the highest growth, lifted by automotive demand andequipment replacement policy. Servo (+10%) and PLC (+7%) showed healthy growth thanks to demand from logistics, battery, electronics and semiconductor. Large PLCbenefited from the resumed distributor orders after the completion of inventory de-stocking. •China robot market:The growthaccelerated to+20%YoY in2Q25,of which Cobot (+52%) delivered the highest growth, followed by Large 6-axis robot (+21%) and Small 6-axisrobot (+18%). By end-market, battery, electronics, semiconductor, and automotive all showed above 20% YoY growth. The price competition is unhelpful for the profitability ofrobotOEMs, buthas promoted further robot penetration among customers. •Byend-market:Battery (+12% YoY), logistics (+10%) andpackaging (+7%) are the bright spots for the OEM automation component marketin 2Q25. Most end-markets for theProject market werein decline, especially mining (-27%) and metallurgy (-12%). All end-markets for robot deliveredpositive growthin 2Q25, except solar–battery grew thestrongest at +34% YoY, followed by semiconductor at +34% and automotive at +29%. Market share development in 2Q25: •Local Chinese brandssaw broad-based share gains sequentially led byInovancein the component market, andEstunandInovancein the robot market. Chinese brands alreadyhold a dominant position (market share >50%) in products including DCS, HMI and most robot types except Large 6-axis robot.Estunovertook Kuka andFANUC, andbecamethe largest robot manufacturer in terms of sales unit in China in 2Q25. We think the healthy growth of the battery market in1H25 helped the locals to gain share given theirstrong presence in battery manufacturing.•Japanese brandslost share broadly across product categories sequentially. This was led by share loss ofMitsubishiin PLCs and Servo.Yaskawalost some share in Small 6-axisrobot andFANUCin Large 6-axis robot.•European and North American brandsshowed mixed trends.Siemenslost share sequentially in Small and Large PLC as well as LVinverter, butgained share in Servo.ABBlostshare in Large 6-axis robot. Rockwell’s share showed minor changes. 2H25E growth likely to slow down Looking ahead, MIR forecastsa slowdown in market growth in 2H25E: •China automation component market:MIR expects-1% decline for 2025E, of which 2H25E to be-2% after a flat 1H25. The decline in 2H25E is due to the drag from the Projectmarket as key end-markets such as metallurgy, chemicals andpetrochemare expected to be hit by low-carbon requirements, a subdued property market and over capacity. MIRexpects the OEM market to show similar growth of 1.5% in 2H25E as in 1H25 (1Q25 being the highest at 2%) thanks to growth