Chicago, Sept. 26, 2023 (GLOBE NEWSWIRE) -- The Automotive Manufacturing Equipment Market Size is predicted to grow from USD 6.7 billion in 2023 to USD 11.4 billion by 2028, at a CAGR of 11.1%.
ABB (Switzerland), FANUC CORPORATION (Japan), KUKA AG (Germany), Yaskawa Electric Corporation (Japan), and Kawasaki Heavy Industries, Ltd (Japan), AMADA CO., LTD. (Japan), AIDA ENGINEERING, LTD. (Japan), Dürr Group (Germany), Schuler Group (Germany), TRUMPF (Germany), Universal Robots (Denmark), Daifuku Co., Ltd. (Japan), Yamazaki Mazak Corporation (Japan) are among the key players in the automotive manufacturing equipment Companies.
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Market Dynamics
DRIVERS: Increased sales of electric and hybrid vehicles
The electric vehicle market has experienced significant growth in the past few years. The increase in the electric vehicle market is due to sustained policy support, improved battery technology, better-charging infrastructure, carmakers’ shift towards electrifying their fleets and changing consumer preferences. In 2021, several significant automakers announced their transition to an all-electric future by developing new product lines and transforming current production facilities.
RESTRAINTS: High initial cost of Installation for SMEs
Automotive manufacturing components are complex and require advanced technology and engineering to design and manufacture them. These components are designed to perform specific tasks in the automotive industry, which drives up the initial installation cost. For instance, a robot used in the automotive industry is equipped with smart cameras, sensors, lenses, and software, and all these components of robots cost a little higher and require large investments.
OPPORTUNITIES: Increasing demand for machine learning, and artificial intelligence-based systems in the automotive industry
Globally, traditional systems are almost shifted toward smart manufacturing and digitization. They allowed physical equipment or machines to communicate with control systems and act autonomously using machine learning and artificial intelligence. For instance, customers return a defective product with a scratch or a food item past its expiration date. Defects can hurt a brand or retailer’s credibility in an era when maintaining consumer trust is critical.
CHALLENGES: Vulnerability of industrial manufacturing systems to Cyberattacks
According to a report by Trend Micro Inc., an American Japanese multinational cybersecurity software company, some major threats, such as data hacking and account hacking, can impact the performance of industrial robots. It will directly impact the adoption of the latest technologies, such as AI machine vision and computer vision. AI-based machine vision systems are subject to cyberattacks, which may compromise accuracy, safety, and integrity, hampering their effectiveness.
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Automotive Manufacturing Equipment Companies - ABB (Switzerland) and FANUC CORPORATION (Japan) are the Key Players
ABB is a global leader in power and automation technologies. The company was formed through the merger of ASEA (Sweden) and Brown, Boveri & Cie AG (Switzerland) in 1988. Its operations are organized into four business divisions—Electrification; Motion; Process Automation; and Robotics & Discrete Automation. In 2018, the company sold its Power Grid business to Hitachi (Japan) to focus on its core businesses.
FANUC CORPORATION is one of the leading companies offering robotics and factory automation worldwide. The company operates its business through four divisions-F.A. (Factory Automation), ROBOT, ROBOMACHINE, and Service. Industrial robots are offered under the ROBOT segment, whereas CNC machines are provided under the Factory Automation Segment.
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