PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490237
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490237
Automotive Manufacturing Equipment Market size was valued at USD 6,120.73 Million in 2023, expanding at a CAGR of 11.72% from 2024 to 2032.
Automotive manufacturing equipment covers a broad range of machinery used in the automotive sector, from injection molding machines and automated inspection systems to assembly robots and CNC machines. This machinery is essential to guaranteeing the effective manufacture of premium car components.
Automotive Manufacturing Equipment Market- Market Dynamics
Increasing adoption of industry 4.0 and hybrid vehicles is expected to propel market demand
Growth in the market is being driven by the automotive industry's increasing adoption of Industry 4.0 and developed countries' efforts to improve cost competitiveness through automation. Robots are specialized machinery used in the automotive industry that have been created and programmed to automate various operations involved in the production and assembly of automobiles. Due to several motivating elements, this equipment is in the highest demand within the business. These motivating considerations include the necessity for more automation as technology advances, the lack of qualified labor, the demand for higher production, and enhanced safety, accuracy, and quality.
Furthermore, car ownership is on the rise due to rapid urbanization and population expansion. This is driving up demand for automobile manufacturing equipment by forcing the automotive sector to greatly expand its production capacity. Another important aspect that is anticipated to drive the growth of the automotive manufacturing equipment market is also increasing demand for electric vehicles. Specialized machinery is required for these vehicles' sensor systems, battery manufacture, and charging infrastructure.
Automotive Manufacturing Equipment Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 11.72% over the forecast period (2024-2032)
Based on Equipment Type segmentation, CNC machine segment was predicted to show maximum market share in the year 2023, owing to high demand from small & large-sized automotive equipment.
Based on Vehicle Type segmentation, the passenger vehicles segment was the leading Vehicle Type in 2023, mainly due to increased demand for passenger cars, and SUVs in metro cities.
Based on Application segmentation, robotics segment was the leading Application in 2023, mainly due to high need for robots in automotive assembly.
On the basis of region, North America was the leading revenue generator in 2023, owing to high demand for automotive industries.
The Global Automotive Manufacturing Equipment Market is segmented on the basis of Equipment Type, Vehicle Type, Application, and Region.
The market is divided into four categories based on Equipment Type: conveyor belt, CNC machine, robots, and injection molding machine. The CNC machine segment dominates the market. The increasing demand for automation & machine cutting solution are likely to contribute to segment growth.
The market is divided into two categories based on Vehicle Type: passenger vehicles and commercial vehicles. The passenger vehicles segment dominates the market and is likely to maintain its dominance during the forecast period. Growing production of passenger cars, luxury vehicles is likely to advance the market growth.
The market is divided into four categories based on Application: robotics, automation technologies, smart manufacturing, and others. The robotics segment dominates the market and is likely to maintain its dominance during the forecast period. Increasing demand for robots in automotive manufacturing is expected to contribute to segment growth.
Automotive Manufacturing Equipment Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Production of automobiles has increased due to rising demand and rising disposable income in emerging economies like China, India, Indonesia, and the ASEAN countries. These regions are further divided as per the nations bringing business for the companies.
The Automotive Manufacturing Equipment Market is highly fragmented with market players mainly focus on developing advanced manufacturing equipment. Due to beneficial initiatives and policies, inexpensive labor, a growing middle class, a sizable youth population, and sustainable infrastructure, automotive companies are making significant investments in developing countries like India, China, etc. Further, the market participants focus on strategic partnerships and acquisitions to increase their market share.
In June 2023, Nidec Machine Tool Corporation launched the building of a novel factory in India to meet the increasing demand for automotive and associated components.
In 2022, FANUC Corporation launched its latest automation solutions, including new cobots, robots, and technologies.