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Automotive Robotics market Size
WILMINGTON, NEW CASTLE, DE, UNITED STATES, October 21, 2024 /EINPresswire / -- According to a recent report published by Allied Market Research, 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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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.
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.
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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.
The robotic arm segment dominated the market
By component, the robotic arm segment held the lion's share in 2019, accounting for more than two-fifths of the global automotive robotics market, as robotic arms can be programmed to move in a very precise manner repeatedly with a high level of reliability and accuracy. However, the drive segment is projected to manifest the highest CAGR of 23.5% during the forecast period, due to increase ig automotive production with rise in sales in the automotive industry over the years.
The painting segment to manifest the highest CAGR through 2027
By application, the painting segment is estimated to register the highest CAGR of 20.8% from 2020 to 2027, due to fast operations, good quality, and cost-efficiency in working units offered by robots. However, the material handling segment held the largest share in 2019, contributing to nearly half of the global automotive robotics market, owing to remarkable precision and highly accurate link-and-gear combinations.
LAMEA, followed by North America, to portray the highest CAGR by 2027
By region, the market across LAMEA, followed by North America, is expected to register the highest CAGR of 22.0% during the forecast period, due to incorporation of new automobile production plants with installed advanced industrial robots. However, the global automotive robotics market across Asia-Pacific dominated in 2019, accounting for more than two-thirds of the market share, owing to rise in demand for automobiles in this region and robots are helpful tools to increase the production rate to meet the demand.
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Major market players
ABB
DENSO WAVE INCORPORATED
Comau
Kawasaki Heavy Industries, Ltd.
FANUC CORPORATION
NACHI-FUJIKOSHI CORP.
KUKA AG
Seiko Epson Corporation
Rockwell Automation, Inc.
YASKAWA ELECTRIC CORPORATION
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.
About Allied Market Research
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
AMR launched its user-based online library of reports and company profiles, Avenue. An e-access library is accessible from any device, anywhere, and at any time for entrepreneurs, stakeholders, and researchers and students at universities. With reports on more than 60,000 niche markets with data comprising of 600,000 pages along with company profiles on more than 12,000 firms, Avenue offers access to the entire repository of information through subscriptions. A hassle-free solution to clients' requirements is complemented with analyst support and customization requests.
David Correa
Allied Market Research
+1 800-792-5285
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