Global automotive robotics market is projected to amass approximately US$ 14,170 million by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
Ascent in the demand for automotive robotics due to excessive need for the automation of manufacturing processes has accelerated the expansion of the automotive robotics market worldwide. Small & medium sized organizations are widely adopting automotive robots for automating manufacturing activities. Surging deployment of collaborative robots in numerous automotive applications will also positively influence market growth.
According to the report, depending on the type, the articulated robots market held the biggest share of revenue in the global market, in the year 2017. In terms of regional penetration, Asia-Pacific is anticipated to be the biggest contributor to the worldwide market revenue, in the year 2017.
In view of the regulatory landscape, the stringent international labor safety standards are promoting the deployment of robots. Robots are being employed in work environments that are perilous for humans. They are replacing humans to avoid life risks as well as reduce the occurrence of work accidents, which in turn, bolsters the implementation robotics solutions in the automotive sector.
With an aim to meet the surging demands of the worldwide automotive industry, market players are launching application-specific, low-cost & high-quality robots. Technological advancements are enabling developers to design innovative and affordable products.
The burgeoning labor costs coupled with the ascending need for automation is fueling the market progress for automotive robotics. Moreover, the market growth is further triggered by the availability of high quality, affordable & customized robotic solutions suitable for varied applications in this industry.
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On the basis of regional segmentation, the Asia Pacific region amassed the highest revenue in the global automotive robotics market in 2017 and is slated to lead the market throughout the estimated timeline. Amid intense competition prevailing in the automotive industry, numerous companies are establishing manufacturing facilities in APAC nations to ensure timely product deliveries to their customers. Huge demand for robots in South Korea and Japan is setting high pace for market growth. Other factors propelling the APAC market are rising automation need in the production processes and burgeoning industrialization.
The latest study also provides an in-depth analysis of the global automotive robotics market drivers, restraints, and opportunities that potentially dominate the commercialization scope of this industry throughout the forecast period. Furthermore, the industry analysis of this market encompasses information about Porter’s five forces that constitute bargaining power of the supplier, bargaining power of the buyer, threat of new entrant, threat of substitute, and degree of competition.
The global automotive robotics market is endowed with a broad competitive spectrum, involving key players like Rockwell Automation, Inc., Kawasaki Heavy Industries, Denso Corporation, Yaskawa Electric Corporation, Kuka AG, Fanuc Corporation, Mitsubishi Electric Corporation, DiFacto Robotics and Automation Pvt. Ltd., Nachi-Fujikoshi Corporation, and ABB Ltd. These companies are said to team up with other major market leaders for innovating and launching new products and fulfilling the growing consumer requirements.