Posted 2/16/2024, 12:30:00 AM
Automotive Manufacturing Equipment Market to Reach $19.4 Billion by 2034, Driven by EV Demand and Industry 4.0
- Global automotive manufacturing equipment market to grow at 11.1% CAGR during 2024-2034, reaching $19.4 billion by 2034
- Conveyor belt segment expected to progress at 11% CAGR during assessment period
- Growth driven by expansion of automotive sector, rising electric/hybrid vehicle demand, and Industry 4.0 technology adoption
- US market estimated at $3.5 billion in 2034; China sales set to hit $3.2 billion
- Leading players include ABB, FANUC, KUKA, Dürr Group - focused on developing advanced manufacturing equipment