Market Definition: The Automotive Robotics Market size was valued at USD 6. 60 billion in 2021 and is predicted to reach USD 18. 00 billion by 2030 with a CAGR of 12. 0% from 2022-2030.
New York, June 13, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Automotive Robotics Market by Type, Component, Application – Global Opportunity Analysis and Industry Forecast 2022-2030” – https://www.reportlinker.com/p06272284/?utm_source=GNW
In the beginning, robots were used to accomplish simple tasks like pick and place. Since they had no external sensing, they could only help in tedious, repetitive, arduous, and dangerous tasks. However, with the integration of different sensors, they have evolved to handle complex applications such as grinding, welding, assembly and deburring. Robots have been used in the automotive industry for many years. They assist in all major manufacturing phases starting from material handling to process operations and assembly. Automotive robots not only increase the productivity in manufacturing facilities but also minimizes the wastage of raw materials. They are also cost-effective and can complete the given task much faster than their human counterparts with higher precision.
Market Dynamics and Trends:
Rising demand for automobiles all over the globe due to the increasing per capita income is fuelling the growth of automotive robotics market. Robots play a vital role in automotive industry. For instance, autonomous intelligent vehicles (AIVs) or mobile robots are used to transfer components and materials safely from one place to another. Also, the use of articulated robots has been significantly increased in the automotive industry due to their flexibility, cost-effectiveness, and ability to perform various operations. Moreover, rising investments in the automotive industry to build new production facilities and ramp up production through modernization of the existing facilities, leads to greater adoption of robots. Furthermore, aggressive R&D is undergoing to enhance the capability of robots and to promote sustainable production processes, which in turn is expected to favour the growth of automotive robotics in the coming years.
However, high initial investment and maintenance cost may restrain the automotive robotics market growth to some extent. On the other hand, greater penetration of smart devices, use of wireless and cloud technologies in automotive robotics will provide ample growth opportunities for the market players in the coming years.
Market Segmentations and Scope of the Study:
The automotive robotics market is segmented based on type, component, application, and geography. On the basis of type, the market is divided into SCARA Modular Robots, Articulated Modular Robots, Collaborative Modular Robots, Cartesian Modular Robots, Parallel Modular Robots, and Others. Based on component, the market is segmented into Hardware, Software and Services. On the basis of application, the market is divided into Material Handling, Assembly and Diassembly, Welding, Painting, Cutting, Pick & Place and Others. Based on geography, the market is divided into North America, Europe, Asia-Pacific, and the RoW.
North America holds the lion share of automotive robotics market and is expected to continue this trend throughout the forecast period. This is attributed to factors such as rapid urbanization and significant economic growth in countries like Canada and the U.S. To meet the high vehicle demand in this region, automotive manufacturers are using automation and robotics in vehicle production, which in turn is driving the growth of automotive robotics in North America.
However, Asia-Pacific is expected to witness a steady growth in automotive robotics market. This region is home to countries such as China, Japan, South Korea, and India among others, where majority of the world’s manufacturing plants are situated. For instance, leading automobile players such as Toyota, Hyundai, BYD auto and TATA Motors have their production units in this region. Also, favourable government policies and funds to encourage manufacturing sector make Asia-Pacific region a favourable automotive manufacturing centre and thereby favours the growth of automotive robots’ market in this region.
Competitive Landscape :
The key players in the automotive robotics market include Seiko Epson Corporation, KUKA AG, Kawasaki Heavy Industries, ABB, FANUC Corporation, Yaskawa Electric Corporation, Denso Wave Incorporated, Nachi-Fujikoshi Corp., Rockwell Automation, Inc., Comau SPA, and Others. Strategic alliances, acquisitions and innovations along with R&D are key strategies used by market players to maintain market dominance. For instance, in April, 2021, Rockwell Automation, Inc., and Comau, announced that they would join hands to give businesses worldwide vital tools to maximize manufacturing efficiencies through unified robot control solutions. Also, in May, 2020, Fincantieri and Comau, signed an agreement to develop prototypes of robotized steel welding solutions.
KEY MARKET SEGMENTS:
– Automotive robotic market- By Type
– SCARA Modular Robots
– Articulated Modular Robots
– Collaborative Modular Robots
– Cartesian Modular Robots
– Parallel Modular Robots
– Automotive robotic market – By Component
– Automotive robotic market – By Application
– Material Handling
– Assembly and Diassembly
– Pick & Place
– Automotive robotic market- By Geography
– North America
– Rest of Europe
– South Korea
– Rest of Asia-Pacific
– Latin America
– Middle East
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