PUNE, India, March 29, 2016 /PRNewswire/ --
According to a new market research report "Automated Guided Vehicle Market by Type (Unit Load Carrier, Tow Vehicle, Pallet Truck, Assembly Line Vehicle), Navigation Technology (Laser, Magnetic, Inductive, Optical Tape), Battery Type, Industry, Application, & Region - Global Forecast to 2022", published by MarketsandMarkets, the total market is expected to reach USD 2.81 Billion by 2022, at a CAGR of 10.2% during the forecast period.
Browse 71 market data Tables and 81 Figures spread through 193 Pages and in-depth TOC on "Automated Guided Vehicle Market".
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The automotive industry segment dominates the automated guided vehicle market
The automotive industry contributes the maximum towards the world economy and is attracting investments from across the world, which in turn creates an opportunity for the automated guided vehicle market. Owing to the rapid growth of the automobile industry, many automobile manufacturers have already incorporated the AGV technology into their automobile or engine assembly line for improving the automation level. Typical applications in automotive include automated raw material delivery, and automated work-in-progress movements between manufacturing cells and finished goods transport.
The lithium-ion battery type segment expected to dominate the automated guided vehicle market during the forecast period
Among all the battery types that are used in automated guided vehicles for power supply purpose, lithium-ion batteries are currently in high demand due to their cost-effectiveness, high density, light weight, and the ability to maintain capacity in cold temperatures. Also, these batteries can be quickly charged.
APAC expected to grow at the highest CAGR during the forecast period
The market in APAC is expected to grow at the highest CAGR from 2016 to 2022. Increasing production facilities and expansion of plants have enhanced the market for automated guided vehicles across countries in APAC. The growing popularity as well as superior results delivered by automated systems has also encouraged more companies in the region to increase the deployment of automated material handling systems.
Apart from the market segmentation, the report covers in-depth analysis, including Porter's five forces analysis, value chain with a detailed process flow diagram, and market dynamics, such as drivers, restraints, opportunities, and challenges of the Automated Guided Vehicle Market. It provides a qualitative and quantitative description of the segmentations considered for the market. It also gives a detailed view of the market across four geographical regions, namely, North America, Europe, APAC, and RoW. Europe is the major contributing region in terms of market value for the automated guided vehicle market, whereas APAC has been identified as the fastest-growing region globally.
The report profiles top players of the automated guided vehicle market, which include Daifuku Co., Ltd. (Japan), JBT Corp. (U.S.), Bastian Solutions (U.S.), Swisslog Holding AG (Switzerland), Seegrid Corp. (U.S.), Egemin International NV (U.S.), and Dematic GmbH & Co. Ltd. (Germany), among others. The report also analyzes the market trends for each of the market segments and their respective growth rates.
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