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.
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.
The Covid-19 outbreak has affected the manufacturing processes as governments declared complete lockdown across the countries to curb the spread of the infection.
The prolonged lockdown disrupted the supply chain, resulting in the loss of demand for automotive robotics.
However, the demand for automotive robotics is expected to increase post-pandemic as the automotive industry, one of the major end-users of industrial robotics, is on its way to get back on track.
As robots could help in boosting production while complying with social distancing norms, the demand for automotive robotics is expected to increase post-pandemic.
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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.
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.
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