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(Transportation-News.com, October 14, 2017 ) Market Size and Forecast
The global automotive robotic market is expected to grow at a CAGR of 10.1% over the forecast period i.e. 2017-2024. Further, automotive robotic market is anticipated to reach USD 8.8 billion globally by 2024. Riding on the back of growing automotive industry, automotive robotic market is anticipated to show a tremendous growth over the forecast period. In addition, rising demand for vehicles such as trucks, cars, two-wheelers and others are envisioned to bolster the growth of global automotive robotic market.
Geographically, Asia-Pacific is expected to dominate the global automotive robotic market over the forecast period. The region is anticipated to witness significant growth owing to rapid industrialization accompanied by increasing manufacturing activities in this region during the forecast period. The major countries witnessing the demand for automotive robot include China, India and Japan. Furthermore, China automotive robot market share is expected to show considerable growth owing to advent of several government initiatives. Asia-Pacific is expected to be the most lucrative market owing to the presence of largest automotive industry.
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Followed by Asia Pacific, North America holds the second largest market for automotive robotic. North America is likely to exhibit high growth avenues with strong growth in the U.S. automotive robotic market. Europe market for automotive robotic is expected to witness stupendous growth over the forecast period. Moreover, high demand for superior quality consumer goods in Europe is anticipated to be the dynamic factors behind the growth of automotive robotic market. Apart from this, Germany is the dominating country in this region. Middle East and Africa and Latin America region is also projected to fuel the demand for automotive robotic over the forecast period.
Market Segmentation
Our in-depth analysis segmented the global automotive robotics market in the following segments:
By Region
Global automotive robotics market is further classified on the basis of region as follows: North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis, Latin America (Brazil, Mexico, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis, Western and Eastern Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, Rest of Western Europe) Market size, Y-O-Y growth & Opportunity Analysis, Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, South Korea &Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis, Middle East and North Africa (MENA) Market Size and Y-O-Y Growth Analysis
Growth Drivers and Challenges
Factors such as rising demand of automobiles and to meet the market demand on time by automotive industries are adopting automotive robots. This factor is propelling the growth of automotive robotic market. Moreover, automotive robotics market is driven by factors such as it helps in reducing the operational cost, improves quality, operational flexibility and it decreases the manufacturing errors.
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Further, rising labor cost and continuous increase in vehicle production across the globe are believed to be the dynamic factors behind the growth of automotive robotic market. Increased concerns for labor safety and adoption of automation to ensure quality production are also anticipated to grow the demand for automotive robotics over the forecast period. Moreover, lack of skilled labor and rising per capita income of developing nations is expected to foster the growth of automotive robotic market.
However, high initial investment associated with the installation of automotive robotics is anticipated to dampen the growth of global automotive robotic market over the forecast period. Moreover, high maintenance associated with automotive robotics is expected to further hamper the growth of this market.
Key players
The major key players for market automotive robotics are as follows
ABB, Adept, Epson Robotics, Fanuc, Honda, Intuitive Surgical, iRobot, Kawasaki
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Research Nester
Ajay Daniel
+1 6465869123
news@researchnester.com
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