The global automotive robotic market is segmented into product type such as articulated robots, cartesian robots, cylindrical robots, SCARA (Selective Compliance Assembly Robot Arm/ Selective Compliance Articulated Robot Arm) robots, and others, out of which articulated robots segment accounted for the largest segments in overall automotive robotic market and articulated robots segment is projected to grab a remarkable CAGR over the forecast period i.e. 2017-2024. Likely, growing demand for automotive all across the globe is believed to foster the growth of automotive robotic market. In addition to this, increasing labor cost along with lack of skilled labor is also projected to intensify the growth of automotive robotic market by the end of 2024.
Global automotive robotic market is anticipated to post a noteworthy CAGR of 10.1% over the forecast period i.e. 2017-2024. Additionally, robust expansion of automotive industry has augmented the demand for automotive robotics. Moreover, the global automotive robotic market is anticipated to account notable revenue of USD 8.8 billion by the end of 2024.
The primary manufacturing process robots segments captured the largest market of automotive robotic in 2016. In terms of regional platform, Asia-pacific region accounted for the biggest automotive robotic market in 2016 owing to presence of largest automotive industry. Moreover, China and India are the major countries witnessing the augmented demand for automotive robots. Likely, rapid urbanization and positive GDP figures are believed to positively impact the growth of Asia-pacific automotive robotic market.
Robust Expansion of Automotive Industry
Increasing sales of vehicles on the back of rise in per capita income of the consumers and increase in adoption of automation to ensure quality production are believed to be the dynamic factor behind the rapid growth of automotive robotic market. Moreover, automotive robotics reduces the operational cost and improves quality of product. This factor is envisioned to propel the growth of automotive robotic market.
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Technological Advancements in Robotics
Continuous technological advancement in automotive robotics by major key vendor is predicted to flourish the growth of automotive robotic market by 2024. Furthermore, various government norms regarding labor safety is also projected to foster the growth of automotive robotic market
On the contrary, high initial investment regarding installation of automotive robotics is projected to hinder the growth of automotive robotic market during the forecast period.
The report titled “Automotive Robotic Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global automotive robotic market in terms of market segmentation by product type, by application and by region.
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.
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This report also provides the existing competitive scenario of some of the key players of the global 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 global 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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