By component, the robotic arm segment held the lion’s share in 2019, accounting for more than two-fifths of the global automotive robotics market
The global automotive robotics industry generated $6.63 billion in 2019. The same as per a report by Allied Market Research is expected to reach $13.60 billion by 2027. This represents a forecast CAGR of 12.8 per cent from 2020 to 2027.
“Rise in automation in the automotive industry, surge in need for accuracy, safety, and productivity, and reduction in labor cost in organizations drive the growth of the global automotive robotics market. However, high cost of industrial robots hampers the market growth. On the contrary, emergence of industry 4.0 is projected to create lucrative opportunities for the market players in the future,” read the report.
The material handling segment held the largest share in 2019, contributing to nearly half of the global automotive robotics market, owing to remarkable precision and highly accurate link-and-gear combinations.
The robotic arm segment dominated the market
By component, the robotic arm segment held the lion’s share in 2019, accounting for more than two-fifths of the global automotive robotics market, as robotic arms can be programmed to move in a very precise manner repeatedly with a high level of reliability and accuracy.
“However, the drive segment is projected to manifest the highest CAGR of 23.5 per cent during the forecast period, due to increase ig automotive,” read the report.
By region, the market across LAMEA, followed by North America, is expected to register the highest CAGR of 22 per cent during the forecast period, due to incorporation of new automobile production plants with installed advanced industrial robots.
However, the global automotive robotics market across Asia-Pacific dominated in 2019, accounting for more than two-thirds of the market share, owing to rise in demand for automobiles in this region and robots are helpful tools to increase the production rate to meet the demand.