Commercial Robotics Market by Application and Geography - Forecast and Analysis 2022-2026

Published: Mar 2022 Pages: 120 SKU: IRTNTR72955

The commercial robotics market share is expected to increase by USD 36.33 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 29.58%.

This commercial robotics market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers commercial robotics market segmentation by application (medical and healthcare, defense and security, agriculture and forestry, marine, and others) and geography (APAC, North America, Europe, South America, and Middle East and Africa). The commercial robotics market report also offers information on several market vendors, including 3D Robotics Inc., Accuray Inc., AeroVironment Inc., Autel Intelligent Technology Co., General Electric Co., Honda Motor Co. Ltd., Intuitive Surgical Inc., Irobot Corp., KUKA AG, Northrop Grumman Corp., OMRON Corp., Smith and Nephew plc, Yaskawa Electric Corp., Yuneec International Co. Ltd., and Zimmer Biomet Holdings Inc. among others.

What will the Commercial Robotics Market Size be During the Forecast Period?

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Commercial Robotics Market: Key Drivers, Trends, and Challenges

The rising demand for commercial robotics is notably driving the commercial robotics market growth, although factors such as high costs of robotic systems may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the commercial robotics industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Commercial Robotics Market Driver

One of the key factors driving the global commercial robotics industry growth is the rising demand for commercial robotics owing to technological advancements and investments in research and development (R&D) in robotics. Securing sufficient production line capacity is becoming critical for small and medium-sized enterprises (SMEs). Labor shortages in countries such as Japan will exacerbate the issue. In addition, by 2050, the working-age population across the world is expected to decline significantly, especially in countries such as China, Japan, Germany, Russia, and France. Countries with a high degree of industrialization and a growing population of elderly people (over 65 years) are expected to witness a significant shortage of skilled personnel. Thus, there is an increased demand for application-specific robots from these end-users. Many vendors are developing customized robots to meet market demand and gain a competitive edge over their peers. Such factors will boost the market growth in the forecast period.

Key Commercial Robotics Market Trend

Integration of IoT with robotics is one of the key commercial robotics market trends that is expected to impact the industry positively in the forecast period. With the rising competition in the market, vendors are offering attractive commercial robotics with IoT capabilities in articulated robots, which provide real-time data regarding the performance of industrial machinery. For instance, in September 2021, GM installed a cloud network at its Lake Orion plant in the US in collaboration with FANUC, Cisco, and Rockwell Automation. The system records the data flow from robots and external devices, which is saved in the cloud for analysis. As a result of this networking, the company has successfully prevented 100 failures in the facility over the past two years. Various sensors placed in conjunction with articulated robots provide real-time information on machinery performance and maintenance requirements. Such technological advancements will further support the market growth in the coming years.

Key Commercial Robotics Market Challenge

One of the key challenges to the global commercial robotics industry growth is the high costs of robotic systems. Several end-users, especially in emerging economies such as India, are reluctant to buy high-priced commercial robotics. Furthermore, vendors need to invest in research and development (R and D) continuously to integrate advanced technologies in commercial robotics. Owing to this, several new and advanced models of commercial robotics are expected to be launched in the market in the forecast years. This is expected to increase the cost of the robots even further. Such an increase in the cost of robots is expected to hamper their adoption in industries, especially in India, countries in Africa, and other developing countries. Therefore, the high cost of robots stands as a major challenge for the growth of the global commercial robotics market.

This commercial robotics market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global commercial robotics market as a part of the global industrial machinery market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the commercial robotics market during the forecast period.

Who are the Major Commercial Robotics Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

  • 3D Robotics Inc.
  • Accuray Inc.
  • AeroVironment Inc.
  • Autel Intelligent Technology Co.
  • General Electric Co.
  • Honda Motor Co. Ltd.
  • Intuitive Surgical Inc.
  • Irobot Corp.
  • KUKA AG
  • Northrop Grumman Corp.
  • OMRON Corp.
  • Smith and Nephew plc
  • Yaskawa Electric Corp.
  • Yuneec International Co. Ltd.
  • Zimmer Biomet Holdings Inc.

 

This statistical study of the commercial robotics market encompasses successful business strategies deployed by the key vendors. The commercial robotics market is fragmented and the vendors are deploying growth strategies such as the expansion of distribution channels to compete in the market.

Product Insights and News

  • 3D Robotics Inc. - The company offers commercial robotics that is equipped with products such as H520 G hexacopter, E90 camera, car charger adapter, SD card, DY5 dual smart charger, ST10C controller, propeller pairs, SC400-4H balancing smart charger, and hardcases, under the brand name of 3DR. 
  • 3D Robotics Inc. - Under the software segment, the company offers software for drones such as Site Scan, Site Scan LE, Q Ground Control, and others. 

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The commercial robotics market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Commercial Robotics Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the commercial robotics market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Commercial Robotics Market?

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49% of the market's growth will originate from APAC during the forecast period. China, Japan, and South Korea are the key markets for commercial robotics in APAC. Market growth in this region will be faster than the growth of the market in other regions.

Government initiatives, increasing demand from the automotive industry, and the strong manufacturing sectors will facilitate the commercial robotics market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

In 2020, the commercial robotics market in APAC was severely impacted by the COVID-19 pandemic. Several governments in the region imposed nationwide lockdowns, and people were compelled to self-isolate in their homes. This had a negative impact on the market in focus in this region. However, in 2021, the initiation of large-scale COVID-19 vaccination drives and the administration of vaccines to a large part of the population living in the region led to a decrease in the number of COVID-19 cases. Thus, the market is expected to grow in the region during the forecast period, as several manufacturing units have resumed their manufacturing activities.

What are the Revenue-generating Application Segments in the Commercial Robotics Market?

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The commercial robotics market share growth by the medical and healthcare segment will be significant during the forecast period. Commercial robotics is used for various domesticated tasks such as long-term care, public service, monitoring patients, and other such activities in healthcare facilities as well as home-based care of patients. For instance, during the first half of 2020, a hospital in Chennai, India, used service robots to supply food and medicines to COVID-19 patients. Thus, the significant increase in the adoption of these robots will drive the market growth through this segment in the coming years.

This report provides an accurate prediction of the contribution of all the segments to the growth of the commercial robotics market size and actionable market insights on post COVID-19 impact on each segment.

 

Commercial Robotics Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 29.58%

Market growth 2022-2026

$ 36.33 billion

Market structure

Fragmented

YoY growth (%)

23.23

Regional analysis

APAC, North America, Europe, South America, and Middle East and Africa

Performing market contribution

APAC at 49%

Key consumer countries

US, China, Japan, South Korea, and Germany

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

3D Robotics Inc., Accuray Inc., AeroVironment Inc., Autel Intelligent Technology Co., General Electric Co., Honda Motor Co. Ltd., Intuitive Surgical Inc., Irobot Corp., KUKA AG, Northrop Grumman Corp., OMRON Corp., Smith and Nephew plc, Yaskawa Electric Corp., Yuneec International Co. Ltd., and Zimmer Biomet Holdings Inc.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

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What are the Key Data Covered in this Commercial Robotics Market Report?

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will drive commercial robotics market growth during the next five years
  • Precise estimation of the commercial robotics market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the commercial robotics industry across APAC, North America, Europe, South America, and Middle East and Africa
  • A thorough analysis of the market's competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of commercial robotics market vendors

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
    • Exhibit 06: Executive Summary – Chart on Incremental Growth
    • Exhibit 07: Executive Summary – Data Table on Incremental Growth
    • Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 09: Parent market
    • Exhibit 10: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 11: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 12: Market segments
  • 3.3 Market size 2021
    • 3.4 Market outlook: Forecast for 2021-2026
      • Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
      • Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 17: Five forces analysis - Comparison between2021 and 2026
    • 4.2 Bargaining power of buyers
      • Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
    • 4.3 Bargaining power of suppliers
      • Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
    • 4.4 Threat of new entrants
      • Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
    • 4.5 Threat of substitutes
      • Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
    • 4.6 Threat of rivalry
      • Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
    • 4.7 Market condition
      • Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

    5 Market Segmentation by Application

    • 5.1 Market segments
      • Exhibit 24: Chart on Application - Market share 2021-2026 (%)
      • Exhibit 25: Data Table on Application - Market share 2021-2026 (%)
    • 5.2 Comparison by Application
      • Exhibit 26: Chart on Comparison by Application
      • Exhibit 27: Data Table on Comparison by Application
    • 5.3 Medical and healthcare - Market size and forecast 2021-2026
      • Exhibit 28: Chart on Medical and healthcare - Market size and forecast 2021-2026 ($ million)
      • Exhibit 29: Data Table on Medical and healthcare - Market size and forecast 2021-2026 ($ million)
      • Exhibit 30: Chart on Medical and healthcare - Year-over-year growth 2021-2026 (%)
      • Exhibit 31: Data Table on Medical and healthcare - Year-over-year growth 2021-2026 (%)
    • 5.4 Defense and security - Market size and forecast 2021-2026
      • Exhibit 32: Chart on Defense and security - Market size and forecast 2021-2026 ($ million)
      • Exhibit 33: Data Table on Defense and security - Market size and forecast 2021-2026 ($ million)
      • Exhibit 34: Chart on Defense and security - Year-over-year growth 2021-2026 (%)
      • Exhibit 35: Data Table on Defense and security - Year-over-year growth 2021-2026 (%)
    • 5.5 Agriculture and forestry - Market size and forecast 2021-2026
      • Exhibit 36: Chart on Agriculture and forestry - Market size and forecast 2021-2026 ($ million)
      • Exhibit 37: Data Table on Agriculture and forestry - Market size and forecast 2021-2026 ($ million)
      • Exhibit 38: Chart on Agriculture and forestry - Year-over-year growth 2021-2026 (%)
      • Exhibit 39: Data Table on Agriculture and forestry - Year-over-year growth 2021-2026 (%)
    • 5.6 Marine - Market size and forecast 2021-2026
      • Exhibit 40: Chart on Marine - Market size and forecast 2021-2026 ($ million)
      • Exhibit 41: Data Table on Marine - Market size and forecast 2021-2026 ($ million)
      • Exhibit 42: Chart on Marine - Year-over-year growth 2021-2026 (%)
      • Exhibit 43: Data Table on Marine - Year-over-year growth 2021-2026 (%)
    • 5.7 Others - Market size and forecast 2021-2026
      • Exhibit 44: Chart on Others - Market size and forecast 2021-2026 ($ million)
      • Exhibit 45: Data Table on Others - Market size and forecast 2021-2026 ($ million)
      • Exhibit 46: Chart on Others - Year-over-year growth 2021-2026 (%)
      • Exhibit 47: Data Table on Others - Year-over-year growth 2021-2026 (%)
    • 5.8 Market opportunity by Application
      • Exhibit 48: Market opportunity by Application ($ million)

    6 Customer Landscape

    • 6.1 Customer landscape overview
      • Exhibit 49: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    7 Geographic Landscape

    • 7.1 Geographic segmentation
      • Exhibit 50: Chart on Market share by geography 2021-2026 (%)
      • Exhibit 51: Data Table on Market share by geography 2021-2026 (%)
    • 7.2 Geographic comparison
      • Exhibit 52: Chart on Geographic comparison
      • Exhibit 53: Data Table on Geographic comparison
    • 7.3 APAC - Market size and forecast 2021-2026
      • Exhibit 54: Chart on APAC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 55: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 56: Chart on APAC - Year-over-year growth 2021-2026 (%)
      • Exhibit 57: Data Table on APAC - Year-over-year growth 2021-2026 (%)
    • 7.4 North America - Market size and forecast 2021-2026
      • Exhibit 58: Chart on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 59: Data Table on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 60: Chart on North America - Year-over-year growth 2021-2026 (%)
      • Exhibit 61: Data Table on North America - Year-over-year growth 2021-2026 (%)
    • 7.5 Europe - Market size and forecast 2021-2026
      • Exhibit 62: Chart on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 63: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 64: Chart on Europe - Year-over-year growth 2021-2026 (%)
      • Exhibit 65: Data Table on Europe - Year-over-year growth 2021-2026 (%)
    • 7.6 South America - Market size and forecast 2021-2026
      • Exhibit 66: Chart on South America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 67: Data Table on South America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 68: Chart on South America - Year-over-year growth 2021-2026 (%)
      • Exhibit 69: Data Table on South America - Year-over-year growth 2021-2026 (%)
    • 7.7 Middle East and Africa - Market size and forecast 2021-2026
      • Exhibit 70: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
      • Exhibit 71: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
      • Exhibit 72: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
      • Exhibit 73: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)
    • 7.8 China - Market size and forecast 2021-2026
      • Exhibit 74: Chart on China - Market size and forecast 2021-2026 ($ million)
      • Exhibit 75: Data Table on China - Market size and forecast 2021-2026 ($ million)
      • Exhibit 76: Chart on China - Year-over-year growth 2021-2026 (%)
      • Exhibit 77: Data Table on China - Year-over-year growth 2021-2026 (%)
    • 7.9 US - Market size and forecast 2021-2026
      • Exhibit 78: Chart on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 79: Data Table on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 80: Chart on US - Year-over-year growth 2021-2026 (%)
      • Exhibit 81: Data Table on US - Year-over-year growth 2021-2026 (%)
    • 7.10 Japan - Market size and forecast 2021-2026
      • Exhibit 82: Chart on Japan - Market size and forecast 2021-2026 ($ million)
      • Exhibit 83: Data Table on Japan - Market size and forecast 2021-2026 ($ million)
      • Exhibit 84: Chart on Japan - Year-over-year growth 2021-2026 (%)
      • Exhibit 85: Data Table on Japan - Year-over-year growth 2021-2026 (%)
    • 7.11 Germany - Market size and forecast 2021-2026
      • Exhibit 86: Chart on Germany - Market size and forecast 2021-2026 ($ million)
      • Exhibit 87: Data Table on Germany - Market size and forecast 2021-2026 ($ million)
      • Exhibit 88: Chart on Germany - Year-over-year growth 2021-2026 (%)
      • Exhibit 89: Data Table on Germany - Year-over-year growth 2021-2026 (%)
    • 7.12 South Korea - Market size and forecast 2021-2026
      • Exhibit 90: Chart on South Korea - Market size and forecast 2021-2026 ($ million)
      • Exhibit 91: Data Table on South Korea - Market size and forecast 2021-2026 ($ million)
      • Exhibit 92: Chart on South Korea - Year-over-year growth 2021-2026 (%)
      • Exhibit 93: Data Table on South Korea - Year-over-year growth 2021-2026 (%)
    • 7.13 Market opportunity by geography
      • Exhibit 94: Market opportunity by geography ($ million)

    8 Drivers, Challenges, and Trends

    • 8.1 Market drivers
      • 8.2 Market challenges
        • 8.3 Impact of drivers and challenges
          • Exhibit 95: Impact of drivers and challenges in 2021 and 2026
        • 8.4 Market trends

          9 Vendor Landscape

          • 9.1 Overview
            • 9.2 Vendor landscape
              • Exhibit 96: Overview on Criticality of inputs and Factors of differentiation
            • 9.3 Landscape disruption
              • Exhibit 97: Overview on factors of disruption
            • 9.4 Industry risks
              • Exhibit 98: Impact of key risks on business

            10 Vendor Analysis

            • 10.1 Vendors covered
              • Exhibit 99: Vendors covered
            • 10.2 Market positioning of vendors
              • Exhibit 100: Matrix on vendor position and classification
            • 10.3 3D Robotics Inc.
              • Exhibit 101: 3D Robotics Inc. - Overview
              • Exhibit 102: 3D Robotics Inc. - Product / Service
              • Exhibit 103: 3D Robotics Inc. - Key offerings
            • 10.4 Accuray Inc.
              • Exhibit 104: Accuray Inc. - Overview
              • Exhibit 105: Accuray Inc. - Product / Service
              • Exhibit 106: Accuray Inc. - Key news
              • Exhibit 107: Accuray Inc. - Key offerings
            • 10.5 AeroVironment Inc.
              • Exhibit 108: AeroVironment Inc. - Overview
              • Exhibit 109: AeroVironment Inc. - Business segments
              • Exhibit 110: AeroVironment Inc. - Key news
              • Exhibit 111: AeroVironment Inc. - Key offerings
              • Exhibit 112: AeroVironment Inc. - Segment focus
            • 10.6 Autel Intelligent Technology Co.
              • Exhibit 113: Autel Intelligent Technology Co. - Overview
              • Exhibit 114: Autel Intelligent Technology Co. - Product / Service
              • Exhibit 115: Autel Intelligent Technology Co. - Key offerings
            • 10.7 Honda Motor Co. Ltd.
              • Exhibit 116: Honda Motor Co. Ltd. - Overview
              • Exhibit 117: Honda Motor Co. Ltd. - Business segments
              • Exhibit 118: Honda Motor Co. Ltd. - Key news
              • Exhibit 119: Honda Motor Co. Ltd. - Key offerings
              • Exhibit 120: Honda Motor Co. Ltd. - Segment focus
            • 10.8 Irobot Corp.
              • Exhibit 121: Irobot Corp. - Overview
              • Exhibit 122: Irobot Corp. - Product / Service
              • Exhibit 123: Irobot Corp. - Key offerings
            • 10.9 KUKA AG
              • Exhibit 124: KUKA AG - Overview
              • Exhibit 125: KUKA AG - Business segments
              • Exhibit 126: KUKA AG - Key offerings
              • Exhibit 127: KUKA AG - Segment focus
            • 10.10 Northrop Grumman Corp.
              • Exhibit 128: Northrop Grumman Corp. - Overview
              • Exhibit 129: Northrop Grumman Corp. - Business segments
              • Exhibit 130: Northrop Grumman Corp. - Key news
              • Exhibit 131: Northrop Grumman Corp. - Key offerings
              • Exhibit 132: Northrop Grumman Corp. - Segment focus
            • 10.11 OMRON Corp.
              • Exhibit 133: OMRON Corp. - Overview
              • Exhibit 134: OMRON Corp. - Business segments
              • Exhibit 135: OMRON Corp. - Key news
              • Exhibit 136: OMRON Corp. - Key offerings
              • Exhibit 137: OMRON Corp. - Segment focus
            • 10.12 Yaskawa Electric Corp.
              • Exhibit 138: Yaskawa Electric Corp. - Overview
              • Exhibit 139: Yaskawa Electric Corp. - Business segments
              • Exhibit 140: Yaskawa Electric Corp. - Key offerings
              • Exhibit 141: Yaskawa Electric Corp. - Segment focus

            11 Appendix

            • 11.1 Scope of the report
              • 11.2 Inclusions and exclusions checklist
                • Exhibit 142: Inclusions checklist
                • Exhibit 143: Exclusions checklist
              • 11.3 Currency conversion rates for US$
                • Exhibit 144: Currency conversion rates for US$
              • 11.4 Research methodology
                • Exhibit 145: Research methodology
                • Exhibit 146: Validation techniques employed for market sizing
                • Exhibit 147: Information sources
              • 11.5 List of abbreviations
                • Exhibit 148: List of abbreviations
              • in manufacturing industry: Market dynamics in some major processes and discrete industries are changing drastically, and manufacturers are gradually feeling the brunt of excessive demand fluctuations. The fluctuating prices of oil and gas and metals in the global market and the shortage of a skilled workforce worldwide have directly affected the profitability of manufacturing companies. A sudden and unexpected shift in market dynamics can drastically impact manufacturing processes and investments in capital goods.
                • slowdown in the automotive industry: High motorization rates in North America and Europe, the increase in tariffs on imported vehicles in the US and China, and the global economic slowdown are likely to reduce vehicle sales in the coming years. Anticipating a decline in vehicle sales, several vehicle manufacturers are halting their vehicle production. For instance, in March 2019, Ford announced the shutdown of its three vehicle-manufacturing sites in Russia. Similarly, in August 2019, Mahindra and Mahindra Ltd. stopped vehicle production at its manufacturing units in India for 8-14 days. During the same month, Maruti Suzuki announced that it had cut its vehicle production for the sixth consecutive month in 2019. In August 2019, Honda announced a halt in car production at its Argentina-based manufacturing plants. Such a slowdown in the automotive industry is expected to hamper the growth of the market during the forecast period.

                  Research Framework

                  Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

                  INFORMATION SOURCES

                  Primary sources

                  • Manufacturers and suppliers
                  • Channel partners
                  • Industry experts
                  • Strategic decision makers

                  Secondary sources

                  • Industry journals and periodicals
                  • Government data
                  • Financial reports of key industry players
                  • Historical data
                  • Press releases

                  DATA ANALYSIS

                  Data Synthesis

                  • Collation of data
                  • Estimation of key figures
                  • Analysis of derived insights

                  Data Validation

                  • Triangulation with data models
                  • Reference against proprietary databases
                  • Corroboration with industry experts

                  REPORT WRITING

                  Qualitative

                  • Market drivers
                  • Market challenges
                  • Market trends
                  • Five forces analysis

                  Quantitative

                  • Market size and forecast
                  • Market segmentation
                  • Geographical insights
                  • Competitive landscape

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                  Key Questions Answered

                  • What are the key global market and the regional market share?
                  • What are the revenue-generating key market segments?
                  • What are the key factors driving and challenging this market’s growth?
                  • Who are the key market vendors and their growth strategies?
                  • What are the latest trends influencing the growth of this market?
                  • What are the variables influencing the market growth in the primary regions?
                  • What are the factors influencing the growth of the parent market?

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