The global automotive robotics market accounted for $4.34bn in 2016 and is expected to grow at a compound annual growth rate of 13.9% from 2017 to 2025 to reach $13.6bn, a new study has shown.
The increasing adaptation of automation and robotics within the automotive industry is a major factor expected to drive the market growth, according to Research and Markets.
Industrial revolutions and initiatives taken by the government regarding automation of manufacturing sectors boost the sales of automotive robots.
The governments are providing tax exemptions for R&D and providing tax cut which will reduce the cost of manufacturing and improve the manufacturing opportunities in the countries rather than going for offshore manufacturing.
The study shows, that articulated robots are expected to grow over the forecast period due to their flexibility and various operations that can be performed by the six axes robots.
It can be used for various applications such as welding, material handling, dispensing and material removal applications and the robot has a large work envelope.
Articulated robots are growing at a compound annual growth rate (CAGR) of 14.4% over the forecast period.
The welding application segment holds the largest share of automotive robotics market in 2016 and is expected to reach over $5bn by 2025.
Robots are being employed in different aspects of the production line due to their large work envelope. Automotive manufacturers widely used robots for spot welding in vehicles.
Key players in the robotics market include ABB Robotics, Fanuc Corporation, Denso Corporation, Kawasaki Heavy Industries, Ltd. and others dominated the market, accounting for a majority share of the overall market in 2016.