Press release
Automotive Robotics Market Size to Hit USD 5.96 billion by 2024: Analysis of Key Players, Trends, Drivers, & Challenges
Automotive Robotics Market size is projected to exceed USD 5.96 billion by 2024; according to a new research report.
Growth in automobile industry is creating positive impact over the implementation of advanced products to meet the customer demand. Improved focus of vendors on automation solutions to eliminate risk factors arising from labor will spur the demand for automotive robotics. Additionally, extensive usage of robotics will lead to reduction of labor costs and thereby increase OEMs profitability.
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Growth drivers: by region NA, EU, APAC, LATAM, MEA.
Increasing demand from applications such as welding, robotic processing, painting & dispense, and handling operations will augment the industry growth rate. Further, benefits offered including light weight, easy deployment, durable and space saving is predicted to increase the product penetration.
Technical support will facilitate the product as an alternative for skilled labors. Growth in R&D activities will support the industry growth. It has unlocked multiple avenues for automakers to offer its customers with increased versatility, flexibility, and reliability.
Reduced cost, low energy consumption, and enhanced product quality owing to usage of improved quality sensors, electronics, and software programming will propel the industry demand. Increasing unemployment due to consistent demand for automated solutions will hamper the automotive robotics industry growth rate.
SCARA robots used in the automobile industry will cross over 33 thousand units by 2024. This can be credited to increasing usage in applications such as high-speed assembly and handling operations. Rising demand for reduced bottlenecks and optimized productivity will boost the product penetration.
Parallel robots will witness over 4% CAGR by 2024. Micro-manufacturing automation is a key factor that will fuel the product demand over the forecast time frame. High speed, stiffness, and flexible fixturing are the benefits supporting the product demand.
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Handling operations dominated the automotive robotics market share in 2016 owing to lifting tasks meeting several demands of the automakers. Safety regulations for these advanced products has resulted in employee?s well-being coupled with minimized associated injuries.
In 2016, APAC automotive robotics industry was approximately USD 2.0 billion. The region is attributed to have highest overall industry share owing to product?s motion control technology. Further, the region has substantial number of vehicle manufacturing facilities contributing to the automotive industry growth. Europe is estimated to have 3.5% CAGR from 2017 to 2024.
Global industry consists of several players and the key players are ABB, KUKA, Fanuc, and Yamaha acquiring significant market share in 2016. Other notable players include Omron Corporation, Kawasaki Heavy Industries, Rockwell Automation, Staubli, and Universal Robots.
Strategies including partnerships and new product launches are being adopted by these companies. KUKA entered in partnership with Volkswagen for enhancement of electric autonomous vehicles in July 2017
Automotive Robotics Market By Product: Articulated, Cartesian, SCARA, Parallel, Cylindrical.
Automotive Robotics Market By Component: Hardware, Controllers, Robotics arm, End effector, Automotive robotic drive, Automotive robotic sensor, Software & services, Automotive Robotics Market By Application, Welding, Handling operations, Robotic processing, Robotic assembly, Paint & dispense, Others.
The above information has been provided on a regional and country basis for the following: North America, U.S, Canada, Mexico, Europe, Germany, Denmark, France, Italy, UK, Spain, Belgium, Sweden, Asia Pacific, China, India, Japan, South Korea, Thailand, Singapore, Australia, Latin America, Brazil, Argentina, Colombia, Middle East & Africa, Saudi Arabia, UAE, South Africa.
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