Automotive Assembly Market to Surpass US$ 68,750 Million by 2030, Says Coherent Market Insights (CMI)
Streamlining Efficiency in Automotive Assembly: Innovations and Solutions for the Modern Market
/EIN News/ -- Burlingame, March 23, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global automotive assembly market is estimated to be valued at US$ 41,490 Mn in 2021 and is expected to exhibit a CAGR of 5.80% during the forecast period (2023-2030).
Analyst’s Views on Global Automotive Assembly Market:
The automotive assembly is a complex process and consumes high time and efforts to perform assembly of automotive coponents mannualy. However, owing to the technology advancement in automotive assembly lines, the manual assembly procedure are getting replaced by assembly automation. Moreover, an additional crucial component of the assembly machinery is robotic automation. They can quickly create complex items while ensuring that they are manufactured with accuracy and speed. The robots on assembly lines are crude variations of a developing technology; they are arm-equipped assembly machines that can put things together with little to no assistance from a human equivalent. These all factors help to increase the growth of the market
Key Trends and Analysis of the Global Automotive Assembly Market:
There is an increasing demand for electronic components in vehicles and safety in driving will drive the growth of the global automotive assembly market. The major key players such as TE Connectivity, and Delphi mostly focus on developing advanced connectors for vehicles. For instance, in March 2022, TE Connectivity, a manufacturer of the automotive connector, introduced an innovative and new Generation Y 68P Sealed Hybrid Inline Connector, which combines power, data connectivity, and signal in one connector to reduce supply chain complexities and cost. Moreover, for instance, in June 2021, TE Connectivity, has introduced its DT-XT sealed connector system. This system has advanced seal technology used for commercial vehicles to operate in tough situations.
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Automotive Assembly Market Report Coverage
| Report Coverage | Details | |||
| Base Year: | 2021 | Market Size in 2021: | US$ 41,490 Mn | |
| Historical Data for: | 2017 to 2021 | Forecast Period: | 2022 to 2030 | |
| Forecast Period 2022 to 2030 CAGR: | 5.80% | 2030 Value Projection: | US$ 68,750 Mn | |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: | BMW Group, Daimler, Ford Motor, General Motors, Honda Motor, Hyundai Motor, SAIC Motor, Stellantis, Toyota Motor, Volkswagen Group, and others. | |||
| Growth Drivers: |
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| Restraints & Challenges: |
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Driver -:
Technological Innovations in Autonomous Cars, and Connected Cars
Connected cars usually operate by using infotainment, advanced telematics, and advanced driver assistance system (ADAS) solutions. Technological advancement and innovations in automobiles result in increases in the usage of cable assemblies, and connectors in vehicles. That’s why new opportunities for the manufacturers of these mentioned components will also increase. All these factors such as the rise in demand for autonomous and semi-autonomous technologies for convenience and comfort in vehicles anticipated the growth of the global automotive assembly market.
Global Automotive Assembly Market – Restraint
Increasing Price of Raw Materials
The prices of automotive cars are increasing day by day, which is mainly due to the increase in the price of raw materials required for car manufacturing. Moreover, the increasing prices of raw materials also hamper the price of automotive assembly components, which is expected to restrain the market growth of the automotive assembly market. Moreover, the U.K. is one of the major automotive manufacturers in Europe, but the number of automotive vehicles manufactured in the U.K. is decreasing year on year, which also hampers the growth of the automotive assembly market.
Market Trends -:
Increase in product launches by the market players to augment market Growth
Increasing launches of products by the market players is expected to increase the global automotive assembly market. For instance, in June 2022, KUKA, an assembly and test system company, launched its latest technology and software advancements - KR 500 FORTEC and KR 10 CYBERTECH nanorobots. The bots mount the welding of an assembly from aluminum parts.
Global Automotive Assembly Market Cross Sectional Analysis:
Among component, electrical system segment is expected to hold a dominant position in the global automotive assembly market during the forecast period in North America region owing to, rising demand for passenger vehicles and increasing urbanization which will help in increasing the growth of the market.
Global Automotive Assembly Segmentation:
The global automotive assembly market report is segmented into By Vehicle Type and By Component and By Assembly Line
Based on Vehicle Type, the market is segmented into passenger vehicles and commercial vehicles. Out of which, the passenger vehicles segment is expected to dominate the automotive assembly market during the forecast period and this is due to the increase in the demand for automotive vehicles in North America, Europe, and Asia Pacific.
Based on Component, the market is segmented into engine, driving system, control system, electrical system, accessories, and others. Out of which engine segment is expected to hold a dominant position in the global automotive assembly market during the forecast period owing to rising in the number of vehicles
Based on Assembly Line, the market is segmented into automated and semi-automated. Out of which, automated segment is expected to hold a dominant position in the global automotive assembly market during the forecast period, and this is due to the increase in the demand for automatic passenger cars vehicles throughout the globe.
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Recent Developments:
- In August 2021, DEPRAG SCHULZ GMBH, a screwdriver system expert company, developed flexible workstations for the assembly of electric vehicle charging sockets
- By signing a Memorandum of Understanding (MoU) in May 2022, the bearing manufacturing business NSK and the automotive technology company thyssenkrupp AG formed a joint venture. The agreement calls for a strategic and technological alignment between the automotive business of thyssenkrupp and the steering business of NSK.
Key Market Takeaways:
The global automotive assembly market is expected to exhibit a CAGR of 5.80% during the forecast period. For market players in automotive assembly, an increase in inorganic activities, such as joint ventures, is anticipated to provide attractive growth prospects. For instance, in October 2022, a joint venture occurred between Stellantis, a manufacturer of automobiles, and Mercedes-Benz, a manufacturer of luxury and commercial vehicles. Under this joint venture, the Automation & Robotics Company, COMAU, was chosen to manufacture battery module production lines. The final production process for prismatic cells, including prismatic cell preparation and testing, stacking, welding, and final assembly, has been fully automated owing to Comau's provision of essential technologies.
North America is expected to be a dominating region in the global automotive assembly market, owing to increasing facility expansion by the market players. For instance, in May 2021, Mondragon Assembly, an international group specializing in the development of automation and assembly solutions, established its new facility in the U.S.
Competitive Landscape:
Key players operating in the global automotive assembly market include Rockwell Automation, Mondragon Assembly, Fujitsu, PMC SMART Solutions, LLC, DEPRAG SCHULZ GMBH u. CO., ARaymond, KUKA AG, thyssenkrupp AG, COMAU, and MacDermid Alpa Electronics Solutions.
Market Segmentation:
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Global Automotive Assembly Market, By Vehicle Type:
- Passenger Vehicles
- Commercial Vehicles
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Global Automotive Assembly Market, By Component:
- Engine
- Driving System
- Control System
- Electrical System
- Accessories
- Others
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Global Automotive Assembly Market, By Assembly Line:
- Automated
- Semi-automated
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Global Automotive Assembly Market, By Region:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Europe
- By Country:
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country:
- Latin America
- By Country
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- By Country
- Middle East & Africa
- By Country/Region:
- GCC Countries
- South Africa
- Rest of Middle East and Africa
- By Country/Region:
- North America
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About Us:
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
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