Global Automated Guided Vehicle Market: Overview
Automated guided vehicles (AGVs) are completely automated transport systems that are used in manufacturing of unmanned vehicles. The primary function of these vehicles is to safely transport all types of products and materials without any human interference. Automated guided vehicles are extensively being used in areas of production, logistics, warehousing, and distribution as they ensure profitability through efficient and accurate operations. Owing to these reasons, the global automated guided vehicles market is expected to surge at a CAGR of 12.4% during the forecast period of 2016 and 2024. The market is anticipated to reach a valuation of US$2.3 bn by the end of 2024 as compared to US$838.3 mn in 2015.
Operational Efficiency Offered by Automated Guided Vehicles Propels Global Market
The global market is predominantly being driven by various advantages offered by these sophisticated machines. Reduction of the human labor force in various processes as a result of automated guided vehicles performing the same tasks has drastically brought down the operational costs. Furthermore, it has resulted in lesser accidents on sites and ensured workforce safety. Advancements of these machines due to the usage of lithium batteries as compared to conventional ones has also propelled the market to a noticeable levels. Against the backdrop of these steady market drivers, the global automated guided vehicles market is expected to exhibit remarkable progress between 2016 and 2024.
On the basis of type, the global automated guided vehicle market is segmented into forklift AGVs, load transfer AGVs, pallet trucks, assembly line vehicles, light load transporters, tugger AGVs and others. As of 2015, the tugger AGVs segment held a leading share in the overall market. These types of automated guided vehicles are used for towing purposes as they designed to have an ability to pull heavier loads as compared to other AGVs. Tugger AVGs have introduced remarkable efficiency and improved the capacity of the vehicles as compared to conventional forklift trucks. In light of these factors, the tugger AGVs are slated to experience a steady rise all throughout the forecast period.
Europe to Dominate Global Market as Region’s Manufacturing Sector Limps Back to Normalcy
In terms of geography, the global automated guided vehicle market is segmented into North America, Europe, Asia Pacific, Middle East and Africa and South America. Out of these regions, Europe held the dominant share in the overall market in 2015 with North America in tow. Collectively, the regions held a whopping share of 60% in the global market in 2015 in terms of revenue. The rise of manufacturing activities since the recession, increasing focus on efficiency, and productivity is expected to drive the growth of automated guided vehicles in these regions. Analysts predict that Asia Pacific is also expected to grow at a phenomenal pace in the coming years. The market in Asia Pacific will be driven by the increasing demand for automation in several processes to lower the cost of production and dire need to ensure safety at workplaces. The remarkable growth of manufacturing activities is also likely to make a fair contribution to the rising revenue of Asia Pacific automated guided vehicles in the coming years.
The key players operating in the global automated guided vehicle market are Toyota Industries Corporation, Egemin Automation Inc., Bastian Solutions LLC, Hyster-Yale Materials Handling Inc., Swisslog Holding AG, Dematic GmbH & Co. KG, JBT Corporation, E&K Automation GMBH, Oceaneering AGV Systems, and Seegrid Corporation among others.
Global Automated Guided Vehicle Market: Overview
Automated guided vehicles are driverless, self-operated computer controlled vehicles which are fitted with guidance and collision avoidance system and can move materials from one place to another, without the need for any human intervention. Reliability, durability and ease in operation of the vehicles are the chief factors on which the quality of these vehicles depends. Automated guided vehicles help to safely transport all kinds of products without any human intervention within distribution, logistics, production and warehouse environments, along with reducing operational costs and increasing profitability and efficiency. AGVs are capable of lifting, shifting and rotating goods, transporting products across vast distances, storing products in deep lanes and delivering these onto the conveyors.
Global Automated Guided Vehicle Market: Drivers
Increasing demand for AGVs in material handling and increasing need for accuracy and high productivity is driving the growth of the global automated guided vehicle market. The automated guided vehicles combined with radio frequency technology work in line with the Warehouse Control System and the Warehouse Management System to improve accuracy and efficiency since AGVs have little downtime and operate at a fixed rate to meet a predictable metric for operational activity. Further, replacement of conventional batteries with lithium ion batteries is positively influencing the growth of the global market. Thus, the conjoint effect of all these drivers is anticipated to steadily bolster the growth of the global automated guided vehicle market in the coming years.
The e-commerce companies are considering automated guided vehicles as one of their key components in their growth and expansion as these AGVs help to reduce their order processing time. The growing e-commerce industry is thus expected to serve as a prospective area where AGV manufacturers can expand their business. Also when it comes to retail, e-commerce is the fastest growing channel. Therefore, growth of e-commerce and use of AGVs by them is set to create further growth opportunities in the global AGV market. In addition, rapid industrialization and increasing adoption of innovative and better technologies coupled with the emergence of new players in the developing regions of Asia Pacific, Middle East and Africa and Latin America is expected to offer lucrative opportunities for the growth of the global automated guided vehicle market.
Global Automated Guided Vehicle Market: Opportunities
This report on the global automated guided vehicle market highlights the current scenario of the market along with stating the expected growth of the global market during the forecast period. Various political, social, economic and technological factors which are likely to impact the demand of automated guided vehicle have been analyzed to include an exhaustive study of the global market drivers, restraints and opportunities, i.e. the market dynamics under the purview of the report. Further, the key players operating the automated guided vehicle market have been profile thoroughly and competitively across the five geographic regions and their competitive landscape is inclusive of their recent developments related to automated guided vehicles and the distinguishable business strategies adopted by them. To further analyze their market positioning, SWOT analysis has been provided for each of the players. In addition, the report includes the market attractiveness analysis of the segmentation, end-use industry for offering a deep insight into the major application area of the automated guided vehicles. Thus, the global automated guided vehicle market report provides an extensive study of the market along with offering the forecast of the market in terms of revenue (USD Million) from the period of 2016 – 2024.
Key Players Mentioned in this Report are:
Some of the major players in the automated guided vehicle market are: Toyota Industries Corporation (Japan), Egemin Automation Inc. (U.S.), Bastian Solutions LLC (U.S.), Hyster-Yale Materials Handling Inc. (U.S.), Swisslog Holding AG (Switzerland), Dematic GmbH & Co. KG (U.S.), JBT Corporation (U.S.), E&K Automation GMBH (Germany), Oceaneering AGV Systems (Netherlands) and Seegrid Corporation (U.S.) among others.
The global automated guided vehicle market has been segmented into:
Automated Guided Vehicle Market, by Type
- Forklift AGVs
- Load Transfer AGVs
- Pallet Trucks
- Assembly Line Vehicles
- Light Load Transporters
- Tugger AGVs
Automated Guided Vehicle Market, by End-Use Industry
- Distribution & Logistics
- Food & Beverage
Automated Guided Vehicle Market, by Geography: The market is broadly segmented on the basis of geography into:
- North America
- Asia Pacific
- Middle East and Africa
- South America