A new report has been added by Market Study Report on the global Automotive Robotics market. As per the report, Automotive Robotics Market Size to Go Beyond 210 thousand units by 2024. The report, titled ‘Automotive Robotics Market Size By Product- Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 - 2024’.
Automotive Robotics Market size is projected to exceed USD 5.96 billion by 2024; according to a new research report.
Growth in automobile industry is creating positive impact over the implementation of advanced products to meet the customer demand. Improved focus of vendors on automation solutions to eliminate risk factors arising from labor will spur the demand for automotive robotics.
Additionally, extensive usage of robotics will lead to reduction of labor costs and thereby increase OEMs profitability.
Necessity for better productivity and proper functioning of assembly lines in vehicle production has enhanced industry growth. Increasing technological advancements in raw materials used for robot making will escalate the product demand.
Increasing demand from applications such as welding, robotic processing, painting & dispense, and handling operations will augment the industry growth rate. Further, benefits offered including light weight, easy deployment, durable and space saving is predicted to increase the product penetration.
Technical support will facilitate the product as an alternative for skilled labors. Growth in R&D activities will support the industry growth.
It has unlocked multiple avenues for automakers to offer its customers with increased versatility, flexibility, and reliability.
Reduced cost, low energy consumption, and enhanced product quality owing to usage of improved quality sensors, electronics, and software programming will propel the industry demand. Increasing unemployment due to consistent demand for automated solutions will hamper the automotive robotics industry growth rate.
SCARA robots used in the automobile industry will cross over 33 thousand units by 2024. This can be credited to increasing usage in applications such as high-speed assembly and handling operations.
Rising demand for reduced bottlenecks and optimized productivity will boost the product penetration.
Parallel robots will witness over 4% CAGR by 2024. Micro-manufacturing automation is a key factor that will fuel the product demand over the forecast time frame.
High speed, stiffness, and flexible fixturing are the benefits supporting the product demand.
Software and services segment is projected to cross USD 1 billion in 2024. Improved software programming has enhanced the quality that will further propel the industry growth.
Software loaded in the product will enable real time decision making in the production process supporting the industry growth rate.
Automotive robotic controllers are the most commonly used hardware with a CAGR of over 4% in the forecast period. High acceptance of robotic arms is required in areas, where repetitive tasks are performed.
Easy installing, lightweight model, and space-saving ability are the features, accelerating the robotic arms industry growth.
Handling operations dominated the automotive robotics market share in 2016 owing to lifting tasks meeting several demands of the automakers. Safety regulations for these advanced products has resulted in employee?s well-being coupled with minimized associated injuries.
In 2016, APAC automotive robotics industry was approximately USD 2.0 billion. The region is attributed to have highest overall industry share owing to product?s motion control technology.
Further, the region has substantial number of vehicle manufacturing facilities contributing to the automotive industry growth. Europe is estimated to have 3.5% CAGR from 2017 to 2024.
Global industry consists of several players and the key players are ABB, KUKA, Fanuc, and Yamaha acquiring significant market share in 2016. Other notable players include Omron Corporation, Kawasaki Heavy Industries, Rockwell Automation, Staubli, and Universal Robots.
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