Automotive Manufacturing Equipment Market To Generate $14,260.4 Million Revenue by 2030
- Published: October 2023
The global automotive manufacturing equipment market size is expected to advance at a CAGR of 11.3% during 2024–2030, to reach USD 14,260.4 million by 2030. This can be primarily attributed to the increasing demand for hybrid & electric vehicles, due to which OEMs developed a new production line to meet the need; and the surging adoption of advanced technologies, such as machine learning, artificial intelligence, automation, and robotics, in the automobile sector, as these help companies reduce production costs with maximum output.
Moreover, automobile manufacturing technologies help the industry save time by doing several tasks such as body parts welding, material handling, and window installation in vehicles. Also, these technologies handle all industrial tasks from design to production.
Passenger Vehicle Category To Grow at a Significant Rate
The passenger vehicle category is expected to grow at a significant growth rate over the next few years. This can be because the demand for passenger vehicles is rapidly increasing across the world, due to the rising per capita income, new powertrain technologies, and enhanced features. Also, globally, electric vehicle demand is rapidly booming and it is expected to increase by 35% almost 14 million this year. With the surging demand for electric passenger vehicles, companies set up new production plants for engines and parts of EVs, as these are different from fuel-based passenger vehicles. Thus, these factors are contributing to the need for automotive manufacturing equipment.
Moreover, in countries such as India, China, Mexico, and Brazil, the automotive industry is rapidly rising because of the huge investments by automotive giants in these countries, due to several factors such as the growing customer base, sustainable infrastructure, surging personal income, and increasing government support to boost the industry.
Welding Machine Category To Witness a Significant Growth Rate
The welding machine category is expected to grow at a significant growth rate in the next few years. This can be because, in a car, almost 5000 spots of weld joint sheets of different widths are found. There are four types of welding machines, namely, gas tungsten arc welding (GTAW/TIG), flux cored arc welding (FCAW), gas metal arc welding (GMAW/MIG), and shielded metal arc welding (SMAW). These welding machines are widely operated in the automotive industry because companies use these machines to prevent any mishappening and reduce the costs of production.
Demand for Conveyor Belts Is Rising Significantly
The conveyor belt category is expected to grow at a significant growth rate in the next few years, owing to the growing automotive sector. In all vehicle manufacturing companies, these belts are used to lift heavy objects or vehicles from one station to the next, make the whole process easy, and help them reduce cost and time. Thus, all these factors are driving the growth of the market in this category.
Some of the major players operating in the automotive manufacturing equipment market are ABB Group, FANUC AMERICA CORPORATION, KUKA AG, Yaskawa Electric Corporation, Kawasaki Heavy Industries Ltd., AMADA CO. LTD., AIDA ENGINEERING LTD., Dürr Group, Schuler Group GmbH, and Universal Robots A/S.