Prominent automotive robotics market players include ABB, Fanuc, Yamaha, KUKA, Kawasaki Heavy Industries, Omron Corporation, Rockwell Automation, Universal Robots, and Staubli.
SELBYVILLE, Del., March 26, 2020 /PRNewswire/ -- According to the latest report "Automotive Robotics Market by Product (Articulated, Cartesian, SCARA, Parallel, Cylindrical), Component (Hardware [Controllers, Arms, End Effector, Drive, And Sensor], Software & Services), Application (Welding, Assembly, Processing, Handling Operations, Paint & Dispense), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2024", by Global Market Insights, Inc., the market valuation of automotive robots will exceed $5.9 billion by 2024.
The software & services segment in the automotive robotics market is poised to surpass the USD 1 billion-mark by 2024. Progress in software programming has resulted in increased proficiency in performance. Moreover, embedding advanced software in automotive robots is supporting real-time decision-making in production processes, thereby encouraging adoption.
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By 2024, the need for SCARA robots in the automobile sector is set to reach 33 thousand units. This growing demand can be attributed to increasing applications in handling operations and high-speed assembly. Improved quality sensors used in SCARA robots result in low energy consumption and enhanced product handling. The escalating need to reduce bottlenecks and achieve optimum productivity is likely to boost the market share.
The parallel robot segment will garner momentous gains of more than 4% during the forecast period. The key factor fueling the demand of parallel robots is a growing requirement for micro-manufacturing automation within the automotive industry. The product offerings include high speed, flexible fixturing and stiffness, which are boosting product adoption, hence, triggering the automotive robotics market growth.
Robotic controllers are among the commonly used hardware in automotive manufacturing processes and are likely to exhibit a growth rate of 4% through 2024. Robotic controllers are primarily used in industries where repetitive tasks are performed. Space-saving ability, easy installation, and lightweight model options are some of the key features accelerating the market revenue.
Asia-Pacific automotive robotics market was worth approximately USD 2 billion in 2016. The region is at the forefront of motion control technology, which provides unprecedented leverage for industry growth. Moreover, increasing sales of vehicles, along with the presence of a significant number of vehicle manufacturing facilities across the region, is aiding the industry growth.
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Table of Contents (ToC) of the report:
Chapter 3. Automotive Robotics Market Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 - 2024
3.3. Industry ecosystem analysis
3.3.1. Raw material supplier
3.3.3. Profit margin analysis
3.3.4. Distribution channel analysis
3.3.6. Vendor matrix
18.104.22.168. Product portfolio
22.214.171.124. Global presence
3.4. Technology & innovation landscape
3.5. Regulatory landscape
3.6. Industry impact forces
3.6.1. Growth drivers, by region
126.96.36.199. North America
188.8.131.52. Asia Pacific
184.108.40.206. Latin America
3.6.2. Industry pitfalls & challenges
3.7. Growth potential analysis
3.8. Porter's analysis
3.9. Competitive landscape, 2016
3.9.1. Company market share analysis, 2016
3.9.2. Key stakeholders
3.9.3. Strategy dashboard
3.10. PESTEL analysis
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About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
GMIPulse, our business analytics platform, offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top-level categories and hundreds of industry segments within them, covering regional, company-level and cross-sectional statistics that make our offering a stand-out for decision-makers.
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Global Automotive Robots Market revenue to hit USD 5.96 Billion by 2024: GMI
Parallel automotive robots will garner momentous gains of more than 4% during the forecast period. The key factor fueling demand of parallel robots is a growing requirement for micro-manufacturing automation within the automotive industry.
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SOURCE Global Market Insights, Inc.