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 is 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 USD 3.5 billion in 2034. Sales in China are set to be valued at USD 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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