The global automotive manufacturing equipment market is poised to grow at a CAGR of 11.1% during the forecast period. It will likely attain a valuation of US$ 6.8 billion in 2024 and US$ 19.4 Billion by 2034.
The conveyor belt segment is anticipated to progress at a healthy CAGR of 11.0% during the assessment period. This is attributable to the growing usage of conveyor systems in the automotive industry.
Growth in the automotive manufacturing equipment market is expected to be propelled by several factors during the forecast period. These include:
- Robust expansion of the automotive sector globally.
- The growing focus of automakers on improving productivity and reducing labor costs.
- Rising popularity of electric and hybrid vehicles.
- Increasing penetration of Industry 4.0 technologies in the automotive sector
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Rapid population growth and urbanization are leading to increasing car ownership. This is prompting the automotive industry to significantly increase its production capacity, thereby fueling demand for automotive manufacturing equipment.
Several leading automakers are adopting Industry 4.0 principles and smart manufacturing practices, including automation and robotics. This will continue to act as a catalyst, triggering sales of automotive manufacturing equipment during the assessment period.
Rising demand for electric vehicles is another key factor expected to fuel the growth of the automotive manufacturing equipment market through 2034. These vehicles need specialized equipment for battery production, charging infrastructure, and sensor systems.
Key Takeaways from the Automotive Manufacturing Equipment Market Report:
- The global market for automotive manufacturing equipment is projected to expand with 11.1% CAGR through 2034.
- By equipment type, the conveyor belts segment is expected to grow at a CAGR of 11.0% CAGR from 2024 to 2043.
- Based on vehicle type, passenger vehicles segment is poised to exhibit a CAGR of 10.5% through 2034.
- The United States market is estimated to be valued at US$ 3.5 billion in 2034.
- Sales in China are set to be valued at US$ 3.2 billion by 2034.
- South Korea is set to exhibit a CAGR of 13.3% CAGR through 2034.
Competitive Landscape:
Top Key Companies Profiled
- ABB
- FANUC CORPORATION
- KUKA AG
- Dürr Group
- AMANDA CO
- Yaskawa Electric Corporation
- Kawasaki Heavy Industries
- Schuler Group
They account for a significant share of the global automotive manufacturing equipment industry.
Key players are constantly developing advanced manufacturing equipment and showcasing them during trade shows and exhibitions. They also employ tactics like partnerships, facility expansions, collaborations, distribution agreements, acquisitions, and mergers to expand their revenue and fortify their market positions.
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Recent Developments:
- In 2022, FANUC unveiled its latest automation solutions, including new cobots, robots, and factory automation technologies at IMTS.
- In June 2023, to meet the growing demand for automotive and related components, Nidec Machine Tool Corporation announced the establishment of a new factory in India.
Automotive Manufacturing Equipment Market Segmentation:
By Equipment Type:
- Conveyor Belt
- CNC Machine
- Robot
- Injection Molding Machine
By Vehicle Type:
- Passenger Vehicles
- Commercial Vehicles
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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