Automotive robotics market size is expected to exceed USD 15 billion by 2023: Global Market Insights Inc.
"Automotive Robotics Market Size, Industry Analysis Report, Regional Outlook, Application Development, Price Trend, Competitive Market Share & Forecast, 2016 - 2023"
The surge in the industry can be dedicated to rising demand for vehicles such as trucks, cars, two wheelers; off-road vehicles along with buses are likely to drive the industry growth over the forecast period. Industrial robotics market is expected to exceed USD 40 billion by 2023.
Proliferating growth of the automotive industry is anticipated to positively impact the industry demand. In addition, flourishing need of meeting consumer requirements are expected to fuel the demand for these systems.
The automotive robotics market is segregated on the basis of functions performed, products as well as end users. Key functions performed by robots encapsulate welding, assembling, painting, dispensing as well as cutting among others. In addition, automated guided vehicles are also likely to surge the demand for these robots. Based on products the industry can be segmented into SCARA Robots, Articulated Robot and Cartesian Robots, among others. End user sector involves multiple applications that includes all the task related to vehicle manufacturing as well as all the activities concerned with automotive component suppliers in the industry.
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Rising technology R&D along with increasing production capacity and push for sustainable processes is anticipated to drive automotive robotics market over the next seven years. In addition, high investments in new and emerging markets and increasing investments in production activities are expected to positively impact the industry growth. Factors such as innovation in key vehicle manufacturing nations, diminution of the time required to market the product accompanied by lack of skilled labor is likely to boost the industry demand over the forecast period. Increasing absolute precision demands, escalating labor wages along with rising quality control needs among others are likely to positively impact the automotive robots market demand from 2016 to 2023.
Key applications include welding, painting and assembling. Cutting as well as dispensing jobs are also well performed by optimum application of these robots. Numerous material handling applications are likely to incorporate the optimal utilization of these robots and are anticipated to drive the demand over the several forth coming years. Increasing use of automated guided vehicles (AGVs) in factories is expected to propel the industry growth.
Escalating adoption of these industrial robots in various developing nations is expected to drive the market. The industry is anticipated to receive massive demand from numerous industries such as electrical & electronic, food & beverages as well as automotive sectors over the forecast period. Proliferating use of these robots are expected to replace the skilled labors in the industries. Precision based tasks such as welding as well as packaging are performed much better by these robots.
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Asia Pacific is expected to witness significant growth owing to rapid industrialization accompanied by increasing manufacturing activities in the region over the forecast period. China automotive robotics market share is expected to exhibit considerable growth owing to advent of numerous governmental initiatives such as encouraging investment credits. That is likely to motivate the local trades and this ultimately aids in exponential development of the domestic vendors in the region.
North America is likely to exhibit high growth avenues with U.S automotive robotics market being the major region for implementation of these machines. Europe is automotive robotics market is anticipated to experience substantial hike from 2016 to 2023. The surge can be attributed to presence of high number of automotive industries across the region with Germany being the key region for the industrial surge. Intensifying hike in procuring capacities is also expected to positively spike the demand for superior quality consumer goods. This in turn is anticipated to elevate the industry growth over the several upcoming years.
Major industry partners occupying substantial automotive robotics market share encapsulate Comau SpA, ABB Group, Denso Wave, Fanuc Corporation, Dürr, Harmonic Drive System, Kawasaki Heavy Industries (Kawasaki Robotics), KUKA, Nabtesco Motion Control, Omron Corporation (Adept Technology), Nachi-Fujikoshi Corp, Panasonic Welding Systems, Kg Maschinenfabrik, Rockwell Automation, Reis Gmbh & Co, Siasun Robot & Automation, Stäubli, Yamaha Robotics, Universal Robots and Yasakwa Electric Corporation among others.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.