The global Automotive Robotics Market is predicted to grow at a CAGR surpassing 11% over the forecast period (2016-2024). The market is likely to exceed USD 16 billion by 2024. Demand for trucks, cars, buses, and off-road vehicles will drive the industry. Growth in automotive manufacturing will increase the demand for automotive robots. Investment in new production capacity of emerging markets could add to market growth. Modernization in automobile manufacturing can stand to benefit the market.
Improvements in technology, production capacity, and sustainability are expected to augment demand. Investments to enhance production capacity in fledgling markets will also play a key role. Greater need for precision & quality control stimulates the demand for automotive robotics. The lack of skilled labor and rising wages are the other market drivers. However, high capital investment, uncertain return on investment, and lack of skilled labor for mechanical operations can inhibit industry growth.
The global automotive robotics market is split into applications, products, and regions. Applications include automated guided vehicles (AGVs), assembling, painting, welding, cutting, and dispensing, among others. Robots are deployed to find the minutest manufacturing differences in handling activities. The robot-to-robot work ensures quality and efficiency of the product.
Regions in the automotive robotics industry are North America, Europe, Asia Pacific, and Rest of the World (ROW). Asia Pacific is expected to witness substantial growth owing to rapid industrialization and rise in manufacturing activities. The China market will expand significantly because of government regulations and the availability of funds supporting domestic players. The country could exhibit high demand for robotics from its manufacturing sector by the end of 2017. Demand for automation in electronics and automotive industries will fuel this region. The U.S. automotive robotics industry will add to the growth of the North America market. With Germany contributing significantly to industry growth, the Europe automotive robotics market is expected to perform favorably.
Participants in the worldwide automotive robotics industry are the ABB Group, KUKA AG, Yamaha Robotics, and FANUC Corporation. These companies focus immensely on R&D to develop innovative technology. They also partake in mergers & acquisitions to enhance their market shares.
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