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Automotive Robotics Market Share, Size, Analysis, Growth, Trends and Forecasts to 2024 | Hexa Research
“The Automotive Robotics Market is expected to surpass USD 16 billion by 2024. Demand for vehicles like cars, trucks, off-road vehicles, busses, and two wheelers is a key factor driving the industry.�
07 May 2019, The global Automotive Robotics Market is predicted to grow at a CAGR surpassing 11% over the forecast period (2016-2024). The market is likely to exceed USD 16 billion by 2024. Demand for trucks, cars, buses, and off-road vehicles will drive the industry. Growth in automotive manufacturing will increase the demand for automotive robots. Investment in new production capacity of emerging markets could add to market growth. Modernization in automobile manufacturing can stand to benefit the market. Improvements in technology, production capacity, and sustainability are expected to augment demand. Investments to enhance production capacity in fledgling markets will also play a key role. Greater need for precision & quality control stimulates the demand for automotive robotics. The lack of skilled labor and rising wages are the other market drivers. However, high capital investment, uncertain return on investment, and lack of skilled labor for mechanical operations can inhibit industry growth. The global automotive robotics market is split into applications, products, and regions. Applications include automated guided vehicles (AGVs), assembling, painting, welding, cutting, and dispensing, among others. Robots are deployed to find the minutest manufacturing differences in handling activities. The robot-to-robot work ensures quality and efficiency of the product. Painting of a vehicle is an integral part of its manufacturing process. It calls for consistency and precision throughout production. When used for painting, automotive robots employ flow meters. These reduce wastage and ensure that the
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