CHICAGO, May 12, 2023 /PRNewswire/ -- The global automotive manufacturing equipment market is expected to grow from USD 6.7 billion in 2023 to USD 11.4 billion by 2028, at a CAGR of 11.1% from 2023 to 2028 according to a new report by MarketsandMarkets. Enhancing cost competitiveness through automation in developed countries and growing adoption of Industry 4.0 in automotive industry are the 2 key factors that have led to the rise in competitiveness in the automotive manufacturing equipment market. Whereas rapid automotive manufacturing growth in emerging economies providing opportunities for automobile manufacturing equipment market.
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Browse in-depth TOC on "Automotive Manufacturing Equipment Market"
110 - Tables
50 - Figures
227 - Pages
Automotive Manufacturing Equipment Market Report Scope:
Report Coverage | Details |
Market Revenue in 2023 | $6.7 billion |
Estimated Value by 2028 | $11.4 billion |
Growth Rate | Poised to grow at a CAGR of 11.1% |
Market Size Available for | 2019-2028 |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Equipment Type, Mode of Operation, Vehicle Type and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Vulnerability of industrial manufacturing systems to Cyberattacks |
Key Market Opportunities | Increasing demand for machine learning, and artificial intelligence-based systems in the automotive industry |
Key Market Drivers | Increased sales of electric and hybrid vehicles |
The market for the robot segment is expected to grow at a significant CAGR during the forecast period.
In the automotive industry, robots are specialized machines designed and programmed to automate various tasks in the production and assembly of automobiles. This equipment is the highest demand in the industry due to various driving factors. These driving factors are the growing need of automation, shortage of skilled labors, need for increased productivity, improved safety, precision, and quality as technology continues to advance and robots become even more capable and versatile, their use is likely to continue to grow in automotive manufacturing industry.
ABB (Switzerland), FANUC CORPORATION (Japan), KUKA AG (Germany), Universal Robots (Denmark), and Yaskawa Electric Corporation (Japan) are some of the key players offering robots for the automotive manufacturing equipment market.
Passenger vehicle segment is expected to grow at a significant CAGR during the forecast period.
The global demand of passenger vehicles is high, it is expected to grow further in the coming future due to the increase in the per capita income of customers and the introduction of advanced features and new powertrain technologies. As per the International Organization of Motor Vehicle Manufacturers (OICA) 2022 report, Asia-Oceania accounted for 69% of total sales of passenger vehicles worldwide. Furthermore, the automotive industry is growing rapidly in developing nations such as India, China, Brazil, and Mexico. Automotive companies are investing heavily in these developing nations due to the availability of cheap labour, sustainable infrastructure, a rising middle class, a large base of the youth population, and favourable initiatives and policies. Hence, the automotive manufacturing equipment market has a high potential to grow in the coming future in passenger segment.
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Asia Pacific is expected to hold the largest share of the automotive manufacturing equipment market during the forecast period.
The Asia Pacific region has become a hub for the automotive manufacturing equipment industry due to various factors such as economic growth, technological advancements, and government policies. The increasing demand for automobiles and the rise in disposable income in emerging economies such as China, India, and ASEAN countries have led to a surge in automotive production. This, in turn, has created a significant demand for manufacturing equipment, including robotics, automation, and other tools. Hence, the demand for automotive manufacturing equipment market in Asia Pacific is expected to grow in the coming future.
The key players in the automotive manufacturing equipment companies are include ABB (Switzerland), FANUC CORPORATION (Japan), KUKA AG (Germany), Yaskawa Electric Corporation (Japan), and Kawasaki Heavy Industries, Ltd (Japan), AMADA CO., LTD. (Japan), AIDA ENGINEERING, LTD. (Japan), Dürr Group (Germany), Schuler Group (Germany), TRUMPF (Germany), Universal Robots (Denmark), Daifuku Co., Ltd. (Japan), Yamazaki Mazak Corporation (Japan).
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