Automotive Manufacturing Equipment Market Valuation to Total US$ 19.4 Billion by 2034 Amid Rising Adoption of Industry 4.0 Technologies | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
5 min read
Future Market Insights Global and Consulting Pvt. Ltd.
The automotive manufacturing equipment sector is experiencing robust growth fueled by worldwide vehicle demand, the integration of automation and robotics, rising interest in electric and hybrid vehicles, and a heightened emphasis on sustainability and energy conservation, positioning it as a compelling investment opportunity for automotive businesses.
NEWARK, Del, Feb. 16, 2024 (GLOBE NEWSWIRE) -- The global automotive manufacturing equipment market is poised to grow at a CAGR of 11.1% during the forecast period. It will likely attain a valuation of US$ 6.8 billion in 2024 and US$ 19.4 billion by 2034.
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 on improving productivity and reducing labor costs
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 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 US$ 3.5 billion in 2034.
Sales in China are set to be valued at US$ 3.2 billion by 2034.
South Korea is set to exhibit a CAGR of 13.3% CAGR through 2034.
"The global automotive manufacturing equipment industry is set to register strong growth through 2034, driven by expanding automotive sector, growing demand for electric vehicles, and high adoption of automation,” - Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
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.
Recent Developments:
In 2022, FANUC unveiled its latest automation solutions, including new cobots, robots, and factory automation technologies at IMTS.
In June 2023, to meet the growing demand for automotive and related components, Nidec Machine Tool Corporation announced the establishment of a new factory in India.
Scope of the Report
Attribute
Details
Estimated Market Value (2024)
US$ 6.8 billion
Projected Market Value (2034)
US$ 19.4 billion
Anticipated Growth Rate (2024 to 2034)
11.1% CAGR
Forecast Period
2024 to 2034
Historical Data Available for
2019 to 2023
Market Analysis
Value (US billion), Volume (Units), and CAGR for 2024 to 2034
Key Countries Covered
Canada, United States, Mexico, Brazil, Chile, Peru, Argentina, Germany, France, Italy, Spain, United Kingdom, Netherlands, Belgium, Nordic, Russia, Poland, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Singapore, Australia, New Zealand, GCC Countries, South Africa, Central Africa, and others
Automotive Manufacturing Equipment Market by Category
By Equipment Type:
Conveyor Belt
CNC Machine
Robot
Injection Molding Machine
By Vehicle Type:
Passenger Vehicles
Commercial Vehicles
By Region:
North America
Latin America
Western Europe
Eastern Europe
East Asia
South Asia and Pacific
Middle East and Africa
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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