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2024 Automotive Manufacturing Equipment Market Report : Market Size, Growth Drivers, And Key Trends
Automotive Manufacturing Equipment Global Market Report 2024
According to The Business Research Company's, the automotive manufacturing equipment market size has grown rapidly in recent years. It will grow from $6.74 billion in 2023 to $7.53 billion in 2024 at a compound annual growth rate (CAGR) of 11.7%. The growth in the historic period can be attributed to economic growth, consumer preferences, regulatory standards, globalization of supply chains, cost efficiency..
The automotive manufacturing equipment market size is expected to see rapid growth in the next few years. It will grow to $11.03 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. The growth in the forecast period can be attributed to electric vehicle adoption, industry 4.0 integration, environmental sustainability, supply chain resilience, customization demands.. Major trends in the forecast period include adoption of industry 4.0 technologies, introduction of collaborative robots (cobots), integration of augmented reality (ar) and virtual reality (vr), implementation of 3d printing/additive manufacturing, shift towards flexible and modular production systems, development of advanced material handling systems..
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Market Drivers and Trends:
The increasing demand for electric vehicles is expected to propel the growth of the automotive manufacturing equipment market going forward. An electric vehicle (EV) is an automobile powered by electricity, primarily or exclusively, rather than traditional internal combustion engines that rely on gasoline or diesel fuel. Automotive manufacturing equipment plays a pivotal role in shaping the future of transportation, especially in the context of electric vehicles, where precision, efficiency, and innovation converge to drive the sustainable automotive revolution. For instance, in September 2022, according to the International Energy Agency, a Paris-based autonomous intergovernmental organization, electric car sales set a new high in 2021, climbing by four percent. Sales nearly doubled to 6.6 million compared to 2020, increasing the total number of electric vehicles on the road to 16.5 million. Therefore, the increasing demand for electric vehicles is driving the growth of the automotive manufacturing equipment market.
Major companies operating in the market are focusing on product innovation to drive the revenues in the market. A serial-link robot is a type of robotic arm configuration in which a series of rigid links are connected end-to-end in a chain-like structure. For instance, in January 2022, FANUC, a Japan-based robotics company, introduced the M-1000iA largest serial-link robot, a heavy-duty robot capable of handling heavy products such as automotive components, construction materials, and electric vehicle battery packs. The robot's serial-link construction allows for a wider range of motion in every direction, allowing it to extend its arm upright or rotate it backward. With a 1000 kg payload, 3,253mm horizontal reach, and 4,297mm vertical reach, the M-1000iA is ideal for manufacturers seeking to increase output and maximize production line efficiency.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Siemens AG, Denso Corporation, Mitsubishi Electric Corporation, ABB Ltd., Emerson Electric Co., JTEKT Corporation, Seiko Epson Corporation, Rockwell Automation Inc., Bosch Rexroth AG, FANUC Corporation, Hexagon AB, Trumpf GmbH, Dürr Group, Daifuku Co. Ltd., Yaskawa Electric Corporation, KUKA AG, DMG MORI Co. Ltd., Amada Co. Ltd., ATS Automation Tooling Systems Inc., Nachi-Fujikoshi Corporation, Schuler AG, Stäubli International AG, Okuma Corporation, Cognex Corporation, AIDA Engineering Ltd., HD Hyundai Robotics, Fronius International GmbH, Kawasaki Heavy Industries Ltd., Universal Robots A/S, Comau SpA
Automotive Manufacturing Equipment Market 2024 Key Insights:
• The automotive manufacturing equipment market is expected to grow to $11.03 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%.
• Growing Automotive Manufacturing Equipment Market Driven by Increasing Demand for Electric Vehicles
• Development Of Innovative Products To Drive The Revenues In The Market
• North America was the largest region in the automotive manufacturing equipment market in 2023
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