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Automotive Robotics Market Worth $8.44 Billion by 2021
January 16, 2017 | PRNewswireEstimated reading time: 2 minutes
The report "Automotive Robotics Market by Type (Articulated, Cartesian, SCARA, Cylindrical), Component (Controller, Robotic Arm, End Effector, Sensors, Drive), Application (Welding, Painting, Cutting, Material Handling), and Region - Global Forecast to 2021" , published by MarketsandMarkets, the market is estimated to be USD 5.07 Billion in 2016, and is projected to grow to USD 8.44 Billion by 2021, at a CAGR of 10.74%.
Automotive robotics is still in a growing phase. Additionally, increasing industrial plans such as Industry 4.0 of Germany and Made in China 2025 (MiC2025) of China would trigger growth in the Automotive Robotics Market. Furthermore, increased focus on automation, to mitigate the risk arising from increasing labor costs, can provide a strong impetus to the demand for Automotive Robotics Market.
The articulated robot segment is estimated to account for the largest share in the Automotive Robotics Market. The articulated robot is more widely present in the market as compared to Cartesian, cylindrical, SCARA (Selective Compliance Assembly Robot Arm/ Selective Compliance Articulated Robot Arm) robots due to its higher degree of freedom that provides a manufacturer a larger work envelope and can be used for multiple applications.
Development in advanced technologies and consistent growth in demand for automated solutions is a contributing factor for growth in the robotics controller market. In terms of region, Asia-Pacific market is projected to have the largest market share in automotive robotics controller market by 2021. The region is projected to be primarily driven by increasing demand for sophisticated motion control technology. Furthermore, in developed countries such as the US and Europe, the focus on further enhancing cost competitiveness amongst all major automotive OEM's is expected to result in growing demand for advanced controllers in the automotive industry.
Asia-Pacific: Largest market for automotive robotics
Asia-Pacific is estimated to account for the largest share, in terms of value, of the Automotive Robotics Market in 2016. Improved employment outlook and overall macroeconomic indicators across Asia- Pacific region bode well for the vehicle sales outlook in years to come. One of the key drivers for the growth of automotive robotics is the continuous demand by automotive OEM's especially in Asia-Pacific region to automate their production facilities which can reduce time-to-market with greater control over production activity.
The report analyzes all major players in the Automotive Robotics Market, including ABB (Switzerland), FANUC Corporation (Japan), Yaskawa Electric Corporation (Japan), KUKA AG (Germany), and Kawasaki Heavy Industries (Japan).
About MarketsandMarkets
MarketsandMarkets is the largest market research firm worldwide in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 premium studies in a year, M&M is catering to a multitude of clients across 8 different industrial verticals. We specialize in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications. Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors.
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