LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global industrial robots market in the automotive industry provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio market research analysts, the global industrial robots market in the automotive industry will grow at a CAGR of approximately 7% during the forecast period. The increasing adoption of lean and flexible manufacturing is a major factor driving the market’s growth.
The automotive industry is highly competitive, and the vendors in the market compete on reliability, quality, cost, and delivery. In the present scenario, when the demand for vehicles is increasing substantially, the competition among players is intense, thereby making cost reduction a major concern for them. To attain this, industry players are concentrating on producing required products at first attempt and eliminating additional cost by adopting lean manufacturing. Lean manufacturing refers to the method, which reduces waste generated during the manufacturing process without compromising on productivity. It also considers several other wastes such as waste generated through overburden or unevenness of workloads.
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In this report, Technavio highlights the emergence of IoT and industry 4.0 as a key trend driving the global industrial robots market in the automotive industry:
IoT and Industry 4.0
Internet of Things (IoT) is an interconnection of several devices be it mechanical or digital, which allow data to be transferred from end-to-end without human interventions. At present, IoT has already been commercialized in various applications, thereby initiating an industrial revolution with the advent of Industry 4.0. Also, IoT is further simplifying the connectivity techniques using internet protocol version 6 (IPv6) based protocol addressing systems.
The interoperability and data readability issues have found better solutions with the advent of IoT. This technology has revolutionized the world of robotics by streamlining the working of robots with smart factory. A network of robots can connect to the cloud and provide insightful data from mass data. A major application of such technology interpretation is in asset management and maintenance to optimize equipment and process efficiency, reduce the cost, and mitigate the risk of downtime.
“Industry 4.0 and IoT have been gaining traction in automotive manufacturing facilities. The support extended by governments to modernize manufacturing facilities has encouraged OEMs in Germany, Italy, France, the US, and China to enhance productivity. It is expected that the adoption of IoT and Industry 4.0 in the manufacturing plants will increase the demand for industrial robots in the automotive industry,” says a senior analyst at Technavio for research on robotics.
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Global industrial robots market in the automotive industry – segmentation analysis
This market research report segments the global industrial robots market in the automotive industry into the following applications (material handling, assembly line, welding, and painting and dispensing) and key regions (the Americas, APAC, and EMEA).
In 2017, the global industrial robots market in the automotive industry was dominated by the material handling application, and it is expected to retain its position during the forecast period. Material handling is a major application within automotive manufacturing set up because handling bulky and complex parts is cumbersome when it must be carried out manually.
APAC was the leading region for the global industrial robots market in the automotive industry in 2017, accounting for a market share of close to 61%. This segment is expected to project significant growth and dominate the global market throughout the forecast period.
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