New York, United States, Nov. 27, 2023 (GLOBE NEWSWIRE) — Automation is delegating previously human-performed tasks to machines to increase productivity, reduce human error, and facilitate the organization of repetitive tasks. Automobile industries are adopting robotics in their production processes because robots offer numerous advantages, including increased precision, efficiency, adaptability, and dependability. This application of automotive robotics has allowed the automotive industry to become the most automated industry worldwide and one of the most significant users of industrial robots worldwide. In addition, automotive manufacturing robots provide automotive companies with a competitive advantage by enhancing quality, increasing capacity, decreasing warranty costs, and protecting workers from dangerous and challenging tasks. Moreover, car assembly plants use automotive robotics primarily for spot welding, painting, and other applications; however, there are countless opportunities to use automotive robotics throughout the supply chain.
Download Free Sample Report PDF @ https://straitsresearch.com/
According to Straits Research, “The global automotive robotics market size was valued at USD 6,404 million in 2021, expected to reach USD 17,207 million growing at a CAGR of 13.15% during the forecast period.” The global market for automotive robotics is anticipated to be driven by factors such as the increasing rate of automation in the automotive industry and increases in precision, safety, and productivity. In addition, labor cost reductions within organizations are driving market expansion. However, the high cost of industrial robots hinders the growth of the automotive robotics market. In addition, factors such as the incorporation of industry 4.0 are anticipated to present enormous growth opportunities for the market for automotive robotics over the forecast period.
The Growing Automation in the Automotive Sector and Increased Need for Accuracy, Safety, and Productivity to Drive the Global Automotive Robotics Market
To keep up with the intense competition, many businesses are automating their operational processes to reduce costs, save time, produce higher-quality products, and boost their overall productivity. Industrial robots in the production facility automate internal processes and minimize worker workload by collaborating with them to enhance productivity. The automotive industry has utilized automation technologies for several years, and market participants are advancing the industry’s automation capabilities. Moreover, automotive manufacturers and suppliers collaborate with automation technology companies to implement these technologies in manufacturing facilities.
Utilizing industrial robots in an automobile manufacturer’s production facility confers a competitive advantage. Using automotive robotics in manufacturing provides numerous benefits, including improved quality, increased capacity, decreased warranty costs, elimination of bottlenecks, and worker protection from hazardous and challenging tasks. In addition, when personnel is replaced with automotive robotics, the potential for erroneous workflow is decreased, resulting in a rise in the output of real, productive work. In addition, robots are primarily used in automobile assembly plants for painting and spot welding. There are opportunities to increase productivity by employing robots throughout the supply chain. Furthermore, robots do not experience end-of-shift fatigue; consequently, production cycles and peak production rates are consistent throughout the day. Accordingly, improvements in precision, safety, and productivity are driving the growth of the automotive robotics market.
The Incorporation of Industry 4.0 Version to Create Global Automotive Robotics Market Opportunities
Industry 4.0 is the new industrialization phase emphasizing automation, connectivity, real-time data, and machine learning. Industry 4.0 is also known as intelligent manufacturing and operations utilizing smart digital technology to create a more interconnected ecosystem for manufacturing and supply chain management companies. Industry 4.0 incorporates robotics as a fundamental component. It is anticipated that factories and manufacturing facilities will utilize new types of equipment, such as networked mobile and collaborative robots. Artificial intelligence (AI), data analytics, and cloud computing will increase the dependability of industrial robots in the coming years. Additionally, the primary goal of industry 4.0 is to maximize productivity while minimizing downtime. Thus, incorporating industry 4.0 is anticipated to increase the market for automotive robotics and generate new opportunities.
The Asia Pacific region is estimated to have the largest share growing at a CAGR of 11.6% during the forecast period. The primary aspect propelling the expansion of the automotive robotics market in this region is the rising demand for automobiles. Robots can help businesses increase their production rate, which is required to meet the rising demand. Incorporating new manufacturing facilities equipped with industrial robots is another factor that drives market expansion. China is one of the market leaders for industrial robots, accounting for approximately 25% of all industrial robots installed worldwide. Moreover, the adoption rate of industrial robots is directly proportional to the number of automobiles sold using the automotive application. Given that China is one of the world’s leaders in automotive applications, analysts predict that the global market for automotive robotics will experience a remarkable growth rate in the region during the forecast period.
Europe will hold a share of USD 3,515 million, growing at a CAGR of 14.5%. Automobile manufacturers’ adoption of automotive robotics technology for producing new vehicle models is anticipated to stimulate the market for automotive robotics. France and Germany are expected to contribute to market expansion significantly. Leading German automakers are placing orders for industrial robotics structures to manufacture a new range of vehicles. Volkswagen, a German automaker, has announced that it will acquire digitally controlled industrial robots from KUKA, a German industrial robot manufacturer, in 2020. In addition, the industrial robots installed at Volkswagen’s commercial vehicle plant in Hannover, Germany, are said to be in charge of the planning, assembly, delivery, and commissioning of a fully automated body shop system for the new all-electric ID.
- Based on components, the robotic arm segment will likely grow at a CAGR of 10.7% and hold the largest market share.
- Based on type, the articulated segment is expected to hold the largest market share during the forecast period and grow at a CAGR of 10.42%.
- Based on the application, the material handling segment is expected to hold the largest market share and grow at a CAGR of 9.75%.
- Based on regional analysis, Asia Pacific will hold the largest share growing at a CAGR of 11.6% during the forecast period.
Competitive Players in the Market
- Denso Wave Incorporated
- Fanuc Corporation
- Kawasaki Heavy Industries, Ltd.
- KUKA AG
- NACHI-FUJIKOSHI CORP.
- Rockwell Automation, Inc.
- Seiko Epson Corporation
- YASKAWA ELECTRIC CORPORATION
- In 2022, ABB announced a collaboration with Microsoft on reducing carbon emission of operations and empowering industrial decarbonization.
- In 2022, Denso Wave Incorporated developed “mQR Code” that can be printed in long, narrow spaces while retaining a QR code’s scan speed and data capacity characteristics.
Get Detailed Market Segmentation @ https://straitsresearch.com/