Self-driving Industrial Vehicles: Introduction
- Self-driving industrial vehicles also known as autonomous industrial vehicles or driverless vehicles use an arrangement of cameras, sensors, artificial intelligence (AI), and radars, to travel between destinations, without the need for any human effort.
- Self-driving industrial vehicles are used mostly by industries where stringent safety requirements and regulations that exist for passenger self-driving industrial vehicles either do not exist or are less restrictive. These industries include, but are not limited to retail, agriculture, logistics and delivery, manufacturing, commercial freight transport, public transport, and mining.
- The global self-driving industrial vehicles market is projected to expand at a rapid pace during the forecast period due to continuous research and development in autonomous industrial vehicle technologies over the past two decades.
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Global Self-driving Industrial Vehicles Market: Dynamics
Global Self-driving Industrial Vehicles Market: Key Drivers and Restraints
- Transportation is an integral part of industrialization. Rapid advances in artificial intelligence, robotics, edge computing capabilities, and computer vision are expected to boost the demand for self-driving industrial vehicles during the forecast period.
- Rise in demand for industrial vehicles or machines that can potentially think, hear, see, and move more deftly than humans are anticipated to fuel the demand for self-driving industrial vehicles during the forecast period.
- Increasing growth of the automotive sector and increasing investments by automakers coupled with the rising consumer demand and technology advancements in the automotive industry are some of the major factors projected to boost the global automotive market in the next few years.
- Increasing automotive maintenance activities is anticipated to increase the demand for self-driving industrial vehicles. Rising automation in the automotive industry plays an important role in boosting the global self-driving industrial vehicles market.
High Initial Cost and Maintenance Cost Hampers the Self-driving Industrial Vehicles Market
- The cost of all components and the sensor assembly in self-driving industrial vehicles is high. Moreover, adoption ratio of self-driving industrial vehicles is less globally. Thus, high initial cost coupled with maintenance are the major factors anticipated to hamper the global self-driving industrial vehicles market in the next few years.
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North America to Hold Major Share of the Global Self-driving Industrial Vehicles Market
- In terms of region, the global self-driving industrial vehicles market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- North America dominated the global self-driving industrial vehicles market in 2018, due to mature industrialization and presence of well-established technology advanced manufacturers in the region. The U.S. is a key market in North America, due to high demand for self-driving industrial vehicles in the country. Europe is anticipated to hold the second largest share of the global self-driving industrial vehicles market in 2018 due to the presence of numerous large automotive manufacturers in the region.
- The self-driving industrial vehicles market in Asia Pacific is projected to expand at a rapid pace during the forecast period. This can be attributed to increasing sales as well as production of automobiles owing to growing industrialization and globalization.
Global Self-driving Industrial Vehicles Market: Competition Landscape
Key Players Operating in the Global Self-driving Industrial Vehicles Market
Several local, regional, and international players operate in the market and manufacture self-driving industrial vehicles. Hence, the market is fairly fragmented and the bargaining power of suppliers is low. The degree of competition among market players is also high. Rapid technological advancements have led to opportunities in the global self-driving industrial vehicles market. Key players operating in the global self-driving industrial vehicles market are:
- Seegrid Corporation
- Scania CV AB
- Otto GmbH & Co KG
- Savant Automation, Inc.
- America In Motion
- Ward Systems, Inc.
- Scott Systems International Inc. (Transbotics)
Global Self-driving Industrial Vehicles Market: Research Scope
Global Self-driving Industrial Vehicles Market Segmentation, by Type
- Forklift Self-Driving Industrial Vehicles
- Load Transfer Self-Driving Industrial Vehicles
- Pallet Trucks
- Assembly Line Vehicles
- Light Load Transporters
- Tugger AGVs
Global Self-driving Industrial Vehicles Market Segmentation, by Industry
- Logistics & Warehouse
Global Self-driving Industrial Vehicles Market Segmentation, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.