Global Automated Guided Vehicle Market: Snapshot
Nowadays most of the manufacturing units and industries are using automated guided vehicles, as they are capable of transporting almost all types of materials and products without any interference of humans. An automated guided vehicle is widely used in warehousing, logistics, areas of production, and distribution. It increases the efficiency at different levels of operation and helps in reducing labor cost.
Automated guided vehicles are equipped with load protection devices, lasers for navigation, smart sensors, and other similar technologies. These factors expected to improve the working in the industry and reduce product damages. Furthermore, these devices are programmed in using software tools, which can be used to follow a specific path and commence the recommended task to track the movement of goods in supply chain operations.
The increasing application of automated guided vehicles in various industries is likely to augment growth in the global automated guided vehicle market. According to a recent report published by Transparency Market Research, the global automated guided vehicle market is projected to expand at a staggering 12.4% CAGR over the forecast tenure from 2016 to 2024. In 2015, the valuation for this market was US$0.83 bn and during the forecast period, it is expected to reach US$2.3 bn by 2024.
Tigger AGVs to Emerge Dominant as it is Capable of Pulling Heavier Materials
The global automated guided vehicle market is categorized on the basis of end-use industry and type. Based on type, the market is segmented into load transfer AGVs, assembly line vehicles, forklift AGVs, light load transporters, pallet trucks, and tugger AGVs. Of these, tugger AGVs segment held prominent market share in 2015 and is likely to maintain its dominance in the near future. Tugger AGVs automated vehicles are designed to pull heavier load as compared to other AGVs and are used for towing purpose. Moreover, when compared with forklift tricks, the tugger AGVs are more efficient and can improve the capability of the vehicles.
On the basis of the end-use industry, the global automated guided vehicles market is segmented into automotive, distribution and logistics, aerospace, retail, healthcare, food and beverages, and manufacturing. The demand for the automated guided vehicle could be high in the distribution and logistics segment during the forecast period.
Growing Demand for Automation to Boost Automated Guided Vehicle Market
On the regional front, Europe held the dominant share in the global automated guided vehicle market in 2015, followed by North America. This is due to deliberate efforts made to increase productivity and rising manufacturing activities. In 2015, both these regions held 60% revenue share in the global market.
On the other hand, Asia Pacific is likely to show lucrative opportunities for the automated guided vehicle market due to growing demand for automation in various processes. As the use of automated guided vehicles helps in ensuring safety at workplace and reduces the cost of production. Moreover, rapid growth in manufacturing activities is also expected to boost demand for automated guided vehicle in the regional market.
The vendor landscape presented in the report includes several prominent players contributing in the global automated guided vehicle market. Bastian Solutions LLC, Egemin Automation Inc., Hyster-Yale Materials Handling Inc., Dematic GmbH & Co. KG, Swisslog Holding AG, and JBT Corporation are some of the few players present in the global market.
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