The Latin America, Middle East and Africa Automotive Manufacturing Equipment Market would witness market growth of 13.6% CAGR during the forecast period (2023-2030).
Electric vehicles are one of the driving forces of the swiftly emerging new energy economy, and they are bringing about a historic transformation of the automobile manufacturing equipment market. The trends result from rising environmental awareness and the damage to nature caused by ICE vehicles. The internal combustion engine has been unrivaled for more than a century, but electric vehicles are altering the status quo. Presently only electric cars are prominent, but later on, electric buses and trucks are expected to follow this trend too.
The market growth's key points are the increasing demand for passenger vehicles in developing countries and the growing popularity of electric vehicles. Also, the growing adoption of Industry 4.0 and various high-tech technologies will aid the market expansion. Furthermore, this equipment decreases the number of errors during production while also streamlining production. Thus, these mentioned factors are anticipated to propel the market growth.
Loans, tax breaks, and tariff exemptions are ways that NIDC promotes industrialization. Companies looking for joint venture agreements in the Kingdom have prospects due to the demand for vehicle body panels, wheel components, seats, tires, seat belts, rear indicator light covers, fuel pumps, headlights, bumpers, and engine covers. Thus, it is projected that the substantial support provided by the government to the automotive industry, particularly regarding EVs and the high rate of digitization, would increase the need for automotive manufacturing equipment to produce more vehicles and meet the goals of manufacturing more vehicles, which will surge the market growth in the LAMEA.
The Brazil market dominated the LAMEA Automotive Manufacturing Equipment Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $243.2 Million by 2030. The Argentina market is exhibiting a CAGR of 14.1% during (2023 - 2030). Additionally, The UAE market would register a CAGR of 13.2% during (2023 - 2030).
Based on Mode of Operation, the market is segmented into Automatic, and Semi-Automatic. Based on Equipment Type, the market is segmented into Robot, CNC Machine, Conveyor Belt, Stamping Machine, Welding Machine, and Injection Molding Machine. Based on Vehicle Type, the market is segmented into Commercial Vehicles, and Passenger Vehicles. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Automotive Manufacturing Equipment Market is Projected to reach USD 13.3 Billion by 2030, at a CAGR of 10.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ABB Ltd, FANUC Corporation, Kuka AG (Midea Group Co., Ltd.), Daifuku Co., Limited, Yaskawa Electric Corporation, Kawasaki Heavy Industries, Ltd., Amada Co., Ltd., Schuler Group GmbH (Andritz Group), Universal Robots A/S (Teradyne, Inc.) and TRUMPF SE + Co. KG.
By Mode of Operation
By Equipment Type
By Vehicle Type
By Country
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