Automotive Robotics Market is projected to reach $13.60 billion by 2027, registering a CAGR of 12.8% from 2020 to 2027

According to a recent report published by Report Ocean, titled, “Automotive Robotics Market by Component, Type, and Application: Opportunity Analysis and Industry Forecast, 2020–2027,” the global automotive robotics market size was valued at $6.63 billion in 2019, and is projected to reach $13.60 billion by 2027, registering a CAGR of 12.8% from 2020 to 2027.

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By region, Asia-Pacific dominated the market, followed by Europe, North America, and LAMEA in 2019. China dominated the Asia-Pacific automotive robotics market share in 2019, and Africa is anticipated to exhibit a remarkable growth during the forecast period.

Automotive companies are well known for adoption of new technologies in the manufacturing process and they are taking the lead by implementing automation systems. In addition, according to International Federation of Robotics (IFR), a non-profit organization to support robotics application, UK stands 22nd in the ranking in the world in terms of robot density. Moreover, even the density of robots on low, automotive manufacturers are in need of investment for adoption of robotics systems to boost the production, which in turn is anticipated to propel the automotive robotics market in coming years.

Leading automobile manufacturers are ordering industrial robotics systems for the manufacturing of new range of vehicles. For instance, on November 30, 2020, Volkswagen, a German automobile manufacturer announced to purchase digitally controlled industrial robots by KUKA, a German manufacturer of industrial robots. In addition, the industrial robots will be installed at the Volkswagen’s commercial vehicle factory at Hannover, Germany, and it will be responsible for planning, assembly, delivery, and commissioning of completely automated body shop system for the new all-electric ID. BUZZ.

According to report from French Association for Manufacturing Technologies (Symop), adoption of cobots, and industrial robots is increasing and grew by around 9% in the year 2019. In addition, this progress is largely due to the development of polyarticulated robots, which accounts for around 84% of the market. From the year 2014 to 2019, an increase of around 20% in robotics installation was observed per year in France, while the automotive application as leading user of the robotics market with share of around 30%. Advantages such as increased production, enhanced safety, high reliability, and others due to adoption of industrial robots in the automotive manufacturing plants is propelling the growth of market.

Adoption of industrial robots by various industries in this region is increasing with a remarkable growth rate, which in turn is anticipated to boost the automotive robotics market. According to National Association of Robotics Market Participants and International Robotics Federation, Russia has around five robots per 10,000 industrial employees, which is significantly low compared to global average. However, there is a plenty of scope for future scope of the automotive robotics market in this region as industrial robots are majorly used by the automotive application. Growing demand for automobile is this region is driving the growth of automotive robotics market, as robots can help the companies to boost the production rate to fulfill the increasing demand. In addition, incorporation of new manufacturing facilities with installed industrial robots is anticipated to propel the market.

Rise in automation in automotive industry and increase in accuracy, safety, and productivity are anticipated to drive the growth of the global automotive robotics market. In addition, reduction in labor cost in organizations is propelling the growth of the market. However, high cost of industrial robots hinders the growth of the market. Furthermore, factors such as incorporation of industry 4.0, is anticipated to provide remarkable opportunity for the expansion of the automotive robotics market during the forecast period.

COVID-19 impact analysis:

Deployment of industrial robots was already growing pre-COVID, across various industries and countries. However, post-COVID, number of factors has contributed to the rising deployment of industrial robots. In addition, factors such as higher risk of production disruptions, need to maintain social distancing in manufacturing plants, reduce human-to-product contact to contain the spread of virus are expected to boost the deployment of industrial robots in automotive industry.

Key Findings Of The Study

On the basis of component, the drive segment is anticipated to exhibit a remarkable growth during the forecast period.
On the basis of type, the articulated segment is the highest contributor to the global market, in terms of revenue.
On the basis of region, LAMEA is the fastest growing region, followed by North America, Europe, and Asia-Pacific.
The key players analyzed in this report are ABB, Comau, DENSO WAVE INCORPORATED, FANUC CORPORATION, Kawasaki Heavy Industries, Ltd., KUKA AG, NACHI-FUJIKOSHI CORP., Rockwell Automation, Inc., Seiko Epson Corporation, YASKAWA ELECTRIC CORPORATION, and others.

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This release was published on openPR.