The worldwide automotive robotics market is expected to rise as the automotive industry automates and improves accuracy, safety, and productivity. Furthermore, the industry is growing due to lower labor costs in businesses. However, the expensive cost of industrial robotics limits market expansion. Furthermore, factors such as the adoption of Industry 4.0 are expected to present significant growth opportunities for the automotive robotics market over the forecast period. The persistence of high investment in the production capacity of new or advanced automotive product lines in an evolving market, modernization in key automobile producing regions such as the United States, Russia, Germany, India, China, Japan, and others, and emerging need for saving product launch time, evolving need for an alternative source for unskilled labor or eliminating the issue of rising labor costs, and others are the major drivers of robot demand in the automotive industry. The Global Automotive Robotics Market is expected to grow at a CAGR of ~12% between 2021-2027.
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Market Overview
With the tremendous expansion of the automotive industry, there has been an increase in demand for industrial robots to simplify complicated production processes, which is driving the market growth. Automotive robots help to improve quality and productivity while lowering costs, which is fueling industry growth. Another growth-inducing aspect is the growing worry about employee safety as a result of the increasing number of injuries, manual errors, and accidents caused by working in hazardous settings in the car manufacturing business. This is bolstered by substantial financing and a slew of favorable initiatives by government agencies throughout the world to incorporate new gadgets and equipment to assure worker safety while adhering to safety regulations. Rapid technical improvements, such as the integration of the Internet of Things (IoT), cloud solutions, and autonomous intelligent vehicles (AIVs) for safely transporting components and materials from one location to another, are further driving market expansion. Other factors, such as strategic collaborations among key players, rising vehicle production due to rising disposable incomes in emerging economies, and rising research and development (R&D) investments for introducing energy-efficient automotive robots, are all contributing to the market's positive outlook.
COVID-19 Impact
COVID-19 and the ensuing shutdowns in all major markets were exacerbated by the automotive industry, which was already experiencing weak growth. In 2020, all automakers and tier players will see a decrease in car and component production and sales. The COVID-19 epidemic has presented the automotive industry with various issues. Among the main industrialized economies, South Korea, Italy, and Japan are the most affected. As a result, 80 percent of automotive and associated companies expected Coronavirus to have a direct impact on revenue in 2020. 78 percent of businesses lack sufficient personnel to run a full production line. However, China is responsible for more than 80% of the global car supply chain. China's car sales dropped by 18% in January 2020. Initial concerns about a halt in Chinese parts exports swiftly morphed into widespread factory outages across Europe. Assembly plant closures in the United States added to the mounting pressure on an increasingly distressed global supply chain, where companies are at risk of defaulting on covenants, prompting banks to intervene. The pandemic's exogenous shock exacerbates a worldwide demand downturn, which will likely lead to greater M&A activity as possibilities for sector consolidation emerge for private equity firms.
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Global Automotive Robotics Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Component, the market is primarily studied into:
· Controller
· Robotic arm
· End effector
· Sensors
· Drive
· Others
Based on component, the market is segmented into Controller, Robotic arm, End effector, Sensors, Drive, and Others. The Controller segment generated revenue of USD XX billion in 2020 and is expected to grow at a CAGR XX% during the forecasted period. In terms of value, the controller category is predicted to have the greatest market share in 2020. The increased sales of all types of robots that use the controller are a major driver of the industry. Another cause for its dominance is due to its ability to offer high motion control and faster integration with any additional hardware
By Type, the market is primarily bifurcated into:
· Articulated
· Cylindrical SCARA
· Cartesian
· Others
Based on type, the market is segmented into Articulated, Cylindrical SCARA, Cartesian, and Others. The Articulated segment generated revenue of USD XX billion in 2020 and is expected to grow at a CAGR XX% during the forecasted period. Rotary joints are found on articulated robots. Rotary joints can range in complexity from a simple two-joint mechanism to a complicated ten-joint device. The most frequent type of robot utilized in the automotive industry is an articulated robot. High flexibility enables quick process changes, which is why small and medium-sized businesses are embracing articulated robots, resulting in increased global demand
By Application, the market is primarily bifurcated into:
· Welding
· Painting
· Cutting
· Material Handling
· Others
Based on application, the market is segmented into Welding, Painting, Cutting, Material Handling, and Others. The Welding segment generated revenue of USD XX billion in 2020 and is expected to grow at a CAGR XX% during the forecasted period. The rising deployment of welding robots is linked to factors such as improving production line safety and efficiency and boosting the speed of multi-material vehicle production
Global Automotive Robotics Market Region Segmentation Includes:
· North America
· Europe
· Asia Pacific
· Rest of World
During the projection period, Asia Pacific is expected to hold the largest market share during the forecasted period of 2020-2027 as it is the world's fastest-growing area, with countries like India, China, Taiwan, and South Korea emerging as regional leaders. Leading vendors such as ABB and KUKA are establishing operations in the region. Furthermore, government laws and subsidies have aided infrastructure improvement projects. These factors have positioned APAC as the preferred automobile manufacturing hub, driving the automotive robotic market. In terms of growth, China and India are the most developed countries in Asia-Pacific, and many sectors, like automotive, electronics, and aviation, are opening facilities in these countries, creating demand for automotive robots and making Asia-Pacific an expanding region.
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The major players targeting the market includes:
· Kawasaki Heavy Industries, Ltd
· Fanuc Corporation
· Yaskawa Electric Corporation
· Abb Ltd
· Comau SPA
· Nachi-Fujikoshi Corp
· Rockwell Automation, Inc
· Seiko Epson Corporation
· Denso Wave Incorporated
· Kuka Ag
Competitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating in the Global context. The specialist team of research analysts sheds light on various traits such as Global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Global Automotive Robotics Market. The major players have been analyzed using different research methodologies for getting insight views on market competition.
Key questions resolved through this analytical market research report include:
· What are the latest trends, new patterns, and advancements in the Global Automotive Robotics Market?
· Which factors are influencing the Global Automotive Robotics Market over the forecast period?
· What are the global challenges, threats, and risks in the Global Automotive Robotics Market?
· Which factors are propelling and restraining the Global Automotive Robotics Market?
· What are the demanding global regions of the Automotive Robotics Market?
· What will be the market size in the upcoming years?
· What are the crucial market acquisition strategies and policies applied by the companies?
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