New York, Jan. 10, 2024 (GLOBE NEWSWIRE) -- The global conveyor system market size is projected to grow at a CAGR of over ~9% from 2023 to 2035. The market is expected to garner a revenue of USD 29.5 billion by the end of 2035, up from a revenue of ~USD 10.49 billion in the year 2022.This growth of the sector is set to be dominated by growing demand for automotive. Worldwide auto sales jumped from almost 65 million vehicles in 2021 to approximately 66 million vehicles in 2022. As a result, the demand for conveyor systems is also projected to surge.
Request Free Sample Copy of this Report @ https://www.researchnester.com/sample-request-4806
Furthermore, in order to minimize their overhead expenses, automotive companies must make use of equipment systems and conveyors since labor hire costs are constantly rising. Additionally, the growing adoption of digitalization in this sector is also estimated to influence the market revenue. Car manufacturers predict that over 23 percent of their manufacturing facilities will be smart factories by the end of 2022. In addition, 49% of automakers have already invested over USD 249 million in investments in smart manufacturing.
Growing Urban Population to Boost the Growth of Global Conveyor System Market
Around the world, over 4 billion individuals reside in rural areas and approximately 5 billion in metropolitan areas as of 2021. The number of people living in cities worldwide has increased significantly, from over 750 million in 1950 to close to 5 billion in 2021 and is expected to reach above 7 billion by 2050, adding over 3 billion people to metropolitan regions. This has further increased the demand for commodities which is further increasing demand for conveyor system.
Conveyor System Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Demand for Electric Motor to Drive the Market Growth in Europe
The conveyor system market in Europe is set to capture the highest share of ~35% over the forecast period. This growth of the market in this region is poised to grow on account of rising demand for electric vehicles. Plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs) are two distinct categories of electric cars that are progressively making their way into the EU market. From 600 in 2010 to about 1,73 million in 2021—or over 17% of all new registrations—there has been a steady increase in the amount of new electric car registrations.
Make an Inquiry Before Buying this Report @ https://www.researchnester.com/inquiries-before-buying-4806
Surge in Online Shopping to Influence the Market Expansion in Asia Pacific
The Asia Pacific market for conveyor system is predicted to have notable growth in its market share of ~24% over the forecast period. This could be owing to rising online shopping. Approximately 62% of consumers in Asia Pacific choose to make purchases online over in-store, with younger or millennial customers being the most inclined to do so. Hence, this has increased demand for conveyor system.
Conveyor System, Segmentation by Industry
- Food & Beverage
- Automotive
- Retail & Distribution
The automotive segment is projected to gather the highest revenue by the end of 2035. This growth of the segment is estimated to be influence by growing production of automotive. For instance, approximately 84 million automobiles were manufactured globally in 2022. This amounts to an uptick of almost six percent when compared to the prior year.
Conveyor System, Segmentation by Type
- Cable
- Bucket
- Belt
- Roller
- Overhead
- Pallet
- Floor
The belt segment is poised to have notable growth over the coming years. The major element to dominate the segment expansion is rising development of airport. At contemporary airports over the world, close to 424 significant construction projects totaling over USD 449 billion are underway.
Request for Customization of this Report @ https://www.researchnester.com/customized-reports-4806
A few of the well-known industry leaders in conveyor system market that are profiled by Research Nester are Siemens AG, ContiTech AG, Daifuku Co., Ltd., Fives Group, Murata Machinery, Ltd., KUKA AG, Tsubaki Group, Interroll AG, Intralox, L.L.C., Fenner Conveyorsm, and others.
Recent Development in the Market
- In order to transfer car bodies safely with KUKA BOLT and KUKA PULSE, KUKA AG announced the introduction of innovative conveyor technology. Furthermore, compared to friction-based conveyor systems, the new generation of KUKA PULSE is more adaptable since it is faster, uses less energy, and has a lower MTTR.
- With a focus on conveyor applications, Intralox, LLC. has announced the release of the Sinamics G115D distributed drive system. In addition, the G115D has a motor, gearbox, and frequency converter.
About Research Nester
Research Nester is a one-stop service provider with a client base in more than 50 countries, leading in strategic market research and consulting with an unbiased and unparalleled approach towards helping global industrial players, conglomerates and executives for their future investment while avoiding forthcoming uncertainties. With an out-of-the-box mindset to produce statistical and analytical market research reports, we provide strategic consulting so that our clients can make wise business decisions with clarity while strategizing and planning for their forthcoming needs and succeed in achieving their future endeavors. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds.
