Automotive Robotics Market to Garner $13.60 Bn, Globally, by 2027 at 12.8% CAGR, Says Allied Market Research

Automotive Robotics Market to Garner $13.60 Bn, Globally, by 2027 at 12.8% CAGR, Says Allied Market Research

PR Newswire

PORTLAND, Ore., Jan. 13, 2021

- Increase in automation in the automotive sector, rise in safety, accuracy, and productivity, and lowered labor cost in organizations drive the growth of the global automotive robotics market.

PORTLAND, Ore., Jan. 13, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Automotive Robotics Market by Component (Controller, Robotic arm, End effector, Sensors, Drive, and Others), Type (Articulated, Cylindrical SCARA, Cartesian, and Others), and Application (Welding, Painting, Cutting, Material Handling, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027". As per the report, the global automotive robotics industry generated $6.63 billion in 2019, and is expected to reach $13.60 billion by 2027, witnessing a CAGR of 12.8% from 2020 to 2027.

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Major determinants of the market

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.

Covid-19 scenario:

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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% during the forecast period, due to increase ig automotive production with rise in sales in the automotive industry over the years.

The painting segment to manifest the highest CAGR through 2027

By application, the painting segment is estimated to register the highest CAGR of 20.8% from 2020 to 2027, due to fast operations, good quality, and cost-efficiency in working units offered by robots. However, 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.

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LAMEA, followed by North America, to portray the highest CAGR by 2027

By region, the market across LAMEA, followed by North America, is expected to register the highest CAGR of 22.0% 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.

Major market players

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