Automotive Robotics Market Size to Grow USD 13.60 Billion by 2027 at a CAGR of 12.8% | Valuates Reports

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May 22, 2023, 10:10 ET

BANGALORE, India, May 22, 2023 /PRNewswire/ -- The Global Automotive Robotics Market is Segmented by Component (Controller, Robotic arm, End effector, Sensors, Drive, and Others), Type (Articulated, Cylindrical SCARA, Cartesian, and Others), and Application (Welding, Painting, Cutting, Material Handling, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027. It is published in Valuates Reports under the Robotics Category.

The global automotive robotics market size was valued at USD 6.63 Billion in 2019 and is projected to reach USD 13.60 Billion by 2027, registering a CAGR of 12.8% from 2020 to 2027.

Major factors driving the growth of the Automotive robotics market:

The automotive robot market is predicted to develop as a result of rising automation in the sector and improvements in accuracy, safety, and productivity. Additionally, the industry is expanding due to organizations' decreased labor costs. Additionally, throughout the forecast period, elements like the adoption of Industry 4.0 are projected to offer wonderful potential for the growth of the automotive robotics market.

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TRENDS INFLUENCING THE GROWTH OF AUTOMOTIVE ROBOTICS MARKET:

Many businesses concentrate on automating operational operations to save costs, save time, offer high-quality goods, and boost productivity in order to compete with fierce rivalry. Industrial robots in the manufacturing facility automate internal operations and lighten the workload of staff by collaborating with them for increased productivity. The automobile sector has long used automation technology, and automation in the sector is progressing. Additionally, to incorporate these technologies in their manufacturing facility, automobile businesses, and their suppliers are collaborating with automation technology firms. Companies are also using virtual and augmented reality to address the problems in production. As a result, the automotive robotics market is expanding due to increased automation in the automation sector.

The use of industrial robots in the manufacturing facility offers the car company a competitive edge. The use of automotive robots in production has a number of benefits, including higher quality, increased productivity, lower warranty costs, the elimination of bottlenecks, and the protection of people from hazardous and arduous occupations. Additionally, when employees are replaced with automotive robots, the possibility of faulty workflow is decreased, resulting in an increase in production that is both accurate and productive. Additionally, the incorporation of robots into manufacturing facilities enables uninterrupted operation with reduced procedures. Robots also don't experience end-of-shift weariness, so the production cycles remain constant throughout the day and stability in peak output rates is maintained. This factor is expected to drive the growth of the automotive robotics market

Industry 4.0 is the latest stage of the industrial revolution, and it is characterized by a strong emphasis on automation, connectivity, real-time data, and machine learning. Industry 4.0, which aims to improve ecosystem connectivity for businesses specializing in manufacturing and supply chain management, is also known as smart manufacturing and operations. Robotics is a crucial component of Industry 4.0. It is projected that new technology, such as mobile and collaborative robots that are connected to one another, would be used in factories and production facilities. Industrial robots will also become more dependable in the upcoming years thanks to artificial intelligence, data analytics, and cloud computing. Additionally, industry 4.0's main objective is to offer optimum efficiency with minimal downtime. This factor is expected to drive the growth of the automotive robotics market.

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AUTOMOTIVE ROBOTICS MARKET SHARE:

The LAMEA region section is anticipated to be the most profitable area.

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Key Companies:

ABB
Comau
DENSO WAVE INCORPORATED
FANUC CORPORATION
Kawasaki Heavy Industries, Ltd
KUKA AG
NACHI-FUJIKOSHI CORP
Rockwell Automation, Inc
Seiko Epson Corporation
YASKAWA ELECTRIC CORPORATION

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- The global Mobile Robotics market was valued at US$ 8860 million in 2022 and is anticipated to reach US$ 22960 million by 2029, witnessing a CAGR of 17.2% during the forecast period 2023-2029.

- Due to the COVID-19 pandemic, the global Warehouse Robotics market size is estimated to be worth US$ 3027.3 million in 2022 and is forecast to a readjusted size of US$ 4823.9 million by 2029 with a CAGR of 6.8% during the forecast period 2023-2029.

- Due to the COVID-19 pandemic, the global Agricultural Robots market size is estimated to be worth USD 5820.3 million in 2022 and is forecast to a readjusted size of USD 16120 million by 2028 with a CAGR of 18.5% during the review period.

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