The global automotive robotics market is estimated to be USD 5.07 billion in 2016, and is projected to reach USD 8.44 billion by 2021, growing at a CAGR of 10.74% from 2016 to 2021.
Northbrook, IL -- (SBWIRE) -- 10/02/2018 -- The global automotive robotics market is estimated to be USD 5.07 billion in 2016, and is projected to reach USD 8.44 billion by 2021, growing at a CAGR of 10.74% from 2016 to 2021.
Traditional robots are being complemented by robots which are being developed through artificial intelligence. These kinds of robots which work alongside humans are known as collaborative robots. These robots are primarily made through algorithms that learn and perform intelligent behavior with minimal human intervention. Manufacturing industries such as automotive are constantly trying to come up with new innovative techniques and methods to optimize the production process.
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Robotic sensors are estimated to constitute the fastest growing segment of the automotive robotics market, by component. This can be attributed mainly to the capabilities that the sensors enable in automotive robots. Smarter sensor-enabled robots can make crucial manufacturing decisions based on sensory feedback. Sensors such as vision perception sensors and force sensing are some of the key sensory systems used in automotive robotics.
The market for articulated robots is higher as compared to other robot types from 2016 to 2021. The major reason being wide range of applications, high payload carrying capacity and longer reach of these robots primarily in the automotive assembly lines. Articulated robots shall also observe the fastest growth for the forecast period, this is due to the larger work envelope that enables automotive organizations to improve its accuracy and speed of work.
The market for robotic controllers is higher compared to other robotic components for the forecast period. Controllers form the key operational component for any robot and are relatively higher priced compared to other robotic components.
The painting application robot segment is supposed to be the fastest growing in terms of value within the global automotive robotics by application market. The growth is expected to be primarily driven by declining prices as well as continuous technological improvements within the paint and coating robots market.
The global automotive robotics market during the forecast period is estimated to be majorly driven by China and other emerging economies. Furthermore, continuous focus on modernization of production lines in developed countries would drive the global automotive robotics market in the years to come.
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