New York, May 23, 2023 (GLOBE NEWSWIRE) -- According to the report published by Next Move Strategy Consulting, the global Automotive Robotics Market size generated USD 12.20 billion in 2022, and is projected to reach USD 23.18 billion by 2030, at a CAGR of 7.9% from 2023 to 2030. The research offers a detailed analysis regarding drivers, restraints, and opportunities to highlight changing market dynamics of the market. Moreover, the research provides an extensive analysis of major segments and their sub-segments to determine the fastest-growing and highest revenue-generating segments.
Equipping the extensive analysis of each and every aspect of the market in 408 pages, accompanied by 311 tables and 258 figures, the report aims to become a source of guidance for market players, investors, and startups as they devise strategies for the next few years to achieve sustainable growth.
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| Report Coverage | Details |
| Forecast Period | 2023–2030 |
| Base Year | 2022 |
| Market Size in 2022 | USD 12.20 billion |
| Market Size in 2030 | USD 23.18 billion |
| Market Volumes in 2022 (Units) | 326325 Units |
| Market Volumes Forecast in 2030 (Units) | 845545 Units |
| CAGR | 7.9% |
| No. of Pages | 408 |
| Tables | 311 |
| Figures | 258 |
| Segments Covered | Type, Component, Application, and Geography |
| Drivers | Increasing demand for automation in the automotive industry |
| Advancements in robotics technology | |
| Growing focus on electric vehicle (EV) production: | |
| Opportunity | The emergence of Industry 4.0 |
The report offers a comprehensive analysis of the automotive robotics market dynamics based on drivers, restraining factors, and opportunities. Automotive robotics are used in the production of automotive industries as they provide a number of benefits, including higher quality, increased capacity, lower warranty costs, the elimination of bottlenecks, and the protection of workers from hazardous and difficult jobs drive the growth of the global automotive robotics industry.
However, the high cost of robotics technology and high maintenance cost restrain the market growth. Lead Analyst for Automotive & Transportation at Next Move Strategy Consulting, stated, “The increasing implementation of industry 4.0 that is highly focused on automation, interconnectivity and is wholly dependent on robotics, which facilitates increased digital connection in the smart manufacturing units and operation, creating new opportunities in the coming years.”
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Asia-Pacific accounted for the highest market share in 2022, and is expected to maintain its dominance throughout the forecast period. This can be attributed to the increased production of automobiles in countries such as China, India, Japan, and Taiwan. According to International Trade Administration, China is the world’s largest vehicle market by both annual sales and manufacturing output, with domestic production expected to reach 35 million vehicles by 2025.
Additionally, the presence of several major automotive manufacturers such as Toyota, Honda, and Nissan have adopted automation to enhance productivity and ensure safety for the workers which in turn drives the market growth in Japan. For instance, in February 2022, Toyota announced a partnership with Symbio Robotics. SymbioDCS software enables robots to automate assembly processes and allows robots to learn, adapt, and execute tasks on Toyota’s highest volume production lines.
However, Europe is projected to register a steady growth rate throughout the forecast period, owing to the high adoption of automation and robotic systems in order to meet growing consumer demand. According to the International Federation of Robotics, the robot density in Germany’s automotive industry reached a new high record of 1,311 robots per 10,000 employees reported in March 2021.
In addition, the increasing adoption of electric vehicles in the region, owing to rising government initiatives further contributes to the growth of the market. For instance, in November 2021, The German Association of the Automotive Industry (VDA) announced EVs accounted for 30.4 percent of new vehicle registrations for the first time. The automotive robots take up various automating processes such as welding, painting and materials handling providing improved quality and increased productivity to meet the growing demand for EVs.
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The report offers a detailed analysis of leading market players in the global automotive robotics market trends. Leading players analyzed in the research include Yaskawa Electric Corporation, ABB, Kawasaki Heavy Industries, Ltd., Denso Corporation, Terredyne (Universal Robots A/S), Omron Corporation, Fanuc Corporation, KUKA AG, Epson Corporation Hyndai Robotics, and others.
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