Global Market Size, Forecast, and Trend Highlights Over 2023-2031
ASEAN and India Smart Factory Market size is estimated to reach USD 31,813.5 Million and USD 23846.9 Million by the end of 2031, witnessing around 12.8% and 14.3% CAGR during the forecast period, i.e., 2022-2031 In the year 2021, the industry size of ASEAN and India smart factory was USD 9,760.0 Million and USD 6380.0 Million. The growth of the market in both these regions can be attributed to the increasing production of commercial and passenger vehicles. For instance, the motor vehicle, motor vehicle part, and component manufacturing markets make up the three main segments of the Philippine automotive sector. With a total annual production capacity of 150,000 units, the nation has 22 commercial vehicle assembly plants and five passenger car assembly plants. In 2018, the sector produced 79,763 units. Parts exports totaled $3.6 billion in 2017 while imports totaled $6.6 billion. With 416,637 units sold, the sales of brand-new automobiles increased by around 3.7% in 2019. 31% of all vehicle sales in 2019 were for passenger cars.
Additionally, government initiatives are another major factor to boost the demand for commercial vehicles which is further expected to boost the market growth. For instance, the requirement for commercial cars has expanded with the launch of the government's USD 180 billion "Build! Build! Build! (BBB)" infrastructure project program in Philippines. Further, a significant growth driver for the smart factory market is the rising need for industrial robots across a variety of sectors, including semiconductor & electronics, aerospace & defense, machine manufacturing, medical devices, and food & beverage. Additionally, manufacturers and suppliers are making significant investments in smart factories in the digital age, in order to cut costs while simultaneously improving flexibility and efficiency.
