Asia-Pacific Leads in the Adoption of Advanced Automotive Robots, Driving Market Growth
Global Automotive Robotics Market
Dublin, Oct. 05, 2023 (GLOBE NEWSWIRE) -- The "Automotive Robotics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
In 2022, the global automotive robotics market reached a substantial size, totaling US$ 9.9 Billion. Projections indicate robust growth in the coming years, with the market expected to expand to US$ 19.2 Billion by 2028. This growth will be driven by a remarkable Compound Annual Growth Rate (CAGR) of 11.4% during the period from 2023 to 2028.
Automotive robotics refers to computer-programmed engineering solutions widely used by manufacturers to execute complex tasks efficiently. These robots offer flexibility, higher efficiency, reliability, and accuracy, helping organizations improve quality and production capacity, optimize workflows, eliminate errors, and ensure employee safety. Automotive robotics finds applications in vehicle assembly facilities, performing various tasks such as spot welding, painting, trimming plastic molding, cutting fabric, and removing unwanted materials. The market features different product types, including cartesian, articulated polar, and cylindrical robots.
Market Trends:
The significant expansion of the automotive industry has fueled the demand for industrial robots to streamline complex production processes, driving market growth. Automotive robots enhance quality and working capacity at lower costs, further supporting market expansion.
Additionally, increasing concerns about employee safety due to rising instances of injuries, manual errors, and accidents in hazardous working conditions within the automotive manufacturing sector are contributing to growth. Government bodies in various countries are actively funding and implementing initiatives to incorporate advanced equipment and devices, ensuring worker safety while adhering to safety standards.
Moreover, rapid technological advancements, such as the integration of the Internet of Things (IoT), cloud solutions, and autonomous intelligent vehicles (AIVs) for secure component and material transportation, are propelling the market. Other factors contributing to market growth include strategic collaborations among key players, rising vehicle production due to increasing disposable incomes in emerging economies, and growing investments in research and development (R&D) for introducing energy-efficient automotive robots.
Key Market Segmentation:
The report provides a detailed analysis of key trends within each sub-segment of the global automotive robotics market, offering forecasts at the global, regional, and country levels from 2023 to 2028. The market is categorized based on product type, component type, application, and end-user.
Product Type Insights:
Cartesian Robots
SCARA Robots
Articulated Robot
Others
Component Type Insights:
Controller
Robotic Arm
End Effector
Drive and Sensors
Application Insights:
Assembly
Dispensing
Material Handling
Welding
Others
End-User Insights:
Vehicle Manufacturers
Automotive Component Manufacturers
The report includes a comprehensive breakdown and analysis of the automotive robotics market by product type, component type, application, and end-user, with articulated robots representing a significant share.
Additionally, the report provides a thorough analysis of major regional markets, covering North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa. According to the report, Asia-Pacific leads the global automotive robotics market, driven by the increasing adoption of advanced technology across various industries.
Competitive Landscape:
The report offers a detailed analysis of the competitive landscape in the global automotive robotics market, covering market structure, market share held by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant.
Additionally, the report includes comprehensive profiles of major companies in the industry, including ABB Ltd., Denso Wave Incorporated (DENSO Corporation), Durr Aktiengesellschaft, FANUC, Harmonic Drive Systems Inc., Kawasaki Heavy Industries Ltd., KUKA Aktiengesellschaft (Midea Group), Nachi-Fujikoshi Corp., Omron Corporation, Seiko Epson Corporation, Yamaha Motor Co. Ltd., and Yaskawa Electric Corporation, among others. Please note that this represents only a partial list of companies, and the complete list is available in the report.
Key Questions Answered in This Report:
What was the size of the global automotive robotics market in 2022?
What is the expected growth rate of the global automotive robotics market during 2023-2028?
What impact has COVID-19 had on the global automotive robotics market?
What are the key factors driving the global automotive robotics market?
What is the breakdown of the global automotive robotics market by product type?
What is the breakdown of the global automotive robotics market by component type?
What is the breakdown of the global automotive robotics market by application?
What are the key regions in the global automotive robotics market?
Who are the key players/companies in the global automotive robotics market?
Key Attributes:
Report Attribute | Details |
No. of Pages | 143 |
Forecast Period | 2022 - 2028 |
Estimated Market Value (USD) in 2022 | $9.9 Billion |
Forecasted Market Value (USD) by 2028 | $19.2 Billion |
Compound Annual Growth Rate | 11.7% |
Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/4l9nky
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