HYDERABAD, India, August 11, 2016 /PRNewswire/ --
Mordor Intelligence announces the publication of their research report on Global Automated Guided Vehicles Market. The report titled, Global Automated Guided Vehicles Market - Growth, Trends, and Forecasts (2015 - 2020), discusses the current landscape and outlook of the said market.
The global automated guided vehicles (AGV) market was estimated to be worth USD 1.88 billion in 2015, and is expected to record an estimated CAGR of 11.71% during the forecast period, to reach USD 3.12 billion by 2020.
Factors influencing growth in this market include the rising demand for automation, increased emphasis on workplace safety, technological advancements in the field of automated material handling systems and the need for greater predictive maintenance & productivity. Growth in e-commerce and the emergence of flexible manufacturing systems are a few of the growth opportunities that are expected to drive this market. Conversely, exorbitant initial costs and the need for skilled personnel for ensuring smooth integration and functioning could impede the market growth during the forecast period.
Towing vehicles recorded the highest market share of 22.57% in 2015; these vehicles are known to be highly productive as they can be used for both towing & hauling materials, unlike single load fork trucks. Unit load carriers and assembly line vehicles are projected to account for a sizeable share of the overall market with total market share of over 40%, while pallet trucks are expected to record a robust CAGR of 12.38% during the forecast period. However, unit load vehicles are expected to retain their market position during the forecast period, owing to their utilitarian functions.
In the automotive sector, AGV's have been able to gain high traction, and are increasingly being seen as an integral part of the production process. The transport/logistics segment (primarily aerospace) is expected to record a robust CAGR of 14.02%, followed by retail and healthcare segments.
Few of the industry players of the AGV market are Daifuku, Bosch Rexroth, Murata, Siemens AG, Dematic, and Beumer. Daifuku and Bosch Rexroth accounted for a market share of over 29% in 2015. Daifuku dominated the AGV market which was followed by Bosch Rexroth and Murata.
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SOURCE Mordor Intelligence