The automotive robotic market has been segmented by product type into articulated robots, cartesian robots, cylindrical robots, SCARA robots and others. Among these segments, the articulated robots are expected to grow with major market share in overall automotive robotics market over the forecast period. This can be attributed to its increasing applications in welding, material removal and handling among others.
The global market of automotive robotic is expected to reach USD 8.8 Billion by 2024, expanding at a compound annual growth rate of 10.1% over the period 2017-2024. This can be attributed to growing automotive industry. Further, the rising demand for vehicles such as trucks, cars, two-wheelers among others is estimated to boost the market growth by noteworthy revenue by the end of 2024.
In the regional segment, Asia Pacific is anticipated to dominate the global automotive robotic market with a significant growth. This can be attributed to increasing manufacturing activities and rapid industrialization. Additionally, presence of largest automotive industry is anticipated to drive the automotive robotic market in Asia Pacific region. Followed by Asia Pacific, North America holds the second largest market for automotive robotic and is likely to exhibit high growth revenue due to strong growth in the U.S. automotive robotic market. Further, high demand for superior quality consumer goods is anticipated to be the dynamic factor behind the growth of automotive robotic market in Europe.
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Automotive Industries Reflect Significant Opportunities
Factors such as rising demand of automobiles combined with meeting the market demand on time are driving automotive industries to adopt automotive robots as it helps in reducing the operational cost, improves quality, operational flexibility and decreases the manufacturing errors. These factors are expected to benefit the expansion of automotive robotic market. Further, rising labor cost and continuous increase in vehicle production is believed to supplement the growth of automotive robotic market across the globe.
However, high initial investment combined with high maintenance associated with automotive robotics is likely to dampen the growth of the automotive robotic market in the near future.
The report titled “Automotive Robotic Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the automotive robotic market in terms of market segmentation by product type, by application and by region.
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Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the automotive robotic market which includes company profiling of ABB, Adept, Epson Robotics, Fanuc, Honda, Intuitive Surgical, iRobot, Kawasaki , KUKA and Yaskawa Electric.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the automotive robotic market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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