Automated Guided Vehicle Market Size, Share & Trends Analysis Report By Navigation Technology (Magnetic, Laser, Vision-guided), By Type, By Application, By End-use, By Region, And Segment Forecasts, 2018 - 2024

LONDON, July 4, 2018 /PRNewswire/ -- Industry Insights
The global Automated Guided Vehicle (AGV) market size was estimated at USD 1.12 billion in 2016. The European AGV expected to witness a significant growth over the forecast period primarily driven by increasing demand for material handling equipment and rapid adoption of automation in European manufacturing industries is expected to drive the market growth over the forecast period.

Download the full report: https://www.reportbuyer.com/product/4394745

The increasing demand for automated process, for material handling application in warehouses, distribution facilities, and automobile assembly centers, is anticipated to boost the industry growth over the forecast period. The increased adoption of AGVs across the automobile industry can be attributed to the escalating use of the assembly line AGVs for auto parts assembly, engine, and transmission assembly lines.

The global AGV market is expected to witness a significant growth over the forecast period, owing to the rising demand for automation. Vision guidance technology-based AGVs reduce downtimes and minimize infrastructure costs. Increasing labor wages are further expected to favorably impact the adoption of AGV over the forecast period.

Companies investing in this technology would be subject to one-time costs when buying new equipment, an expense that is ultimately avoided by employing a human worker but in the long-term operating and maintenance costs would be cheaper than paying workers for long-term employment in high-wage countries. Mexico and India will retain low wages over the next decade. So, although they are unlikely to invest in expensive automation technology, their competitive advantage in the global market is unlikely to be significantly impacted. The increasing labor cost over the decade is expected to accelerate the AGVs market growth over the forecast period.

Unit load automated guided vehicles are the most traditional type of automated guided vehicle. It is used as an assembly AGV where a product is moved from one manufacturing cell to other, as it is assembled. Automated guided pallet trucks are used to move palletized loads along predetermined routes, drums, carts, racks, rolls, and custom containers. Tow Vehicleare unmanned, computer-controlled transport vehicles that are capable of pulling one or more non-powered, wheel-based vehicles and are one of the most effective types of automatic guided vehicles.

Industries across the globe are emphasizing on increasing productivity and minimizing operational costs. AGVs facilitate industries in adopting advanced manufacturing techniques and minimizing wastes incurred in manufacturing processes. This is further driving the growth of the Automated Guided Vehicle market. Companies are adopting lean manufacturing practices to improve operational efficiencies and eliminate wastes. AGVs help companies to optimize their processes and reduce waste in whole manufacturing process.

Report Coverage & Deliverables

PDF report & online dashboard will help you understand:
Competitive benchmarking
Market forecasts
Company market shares
Market opportunities
Latest trends & dynamics
Request a Free Sample Copy
The Grand Library - BI Enabled Market Research Database
Click on image to enlarge
Navigation Technology Insights
Conventional automated guided vehicles are computer-controlled mobile carriers that move through factories carrying and delivering parts and materials, following buried wires, tape or laser along a preset route which requires infrastructure to be laid out and cannot be modified. Vision guided vehicles learn a route by "seeing" as it travels through 360-degree in-built camera. The visual record is then converted to computer code. The vehicle then can respond to directions, recognizing routes by matching what it sees to what it learned.

Increasing manufacture and adoption of vision-guided vehicles and mobile robots is expected to drive the market in the forecast years. AGVs now use natural environment navigation where it compares actual conditions with a baseline map to safely move through the facility. In complex facilities, AGVs switch seamlessly between different navigation technologies so that optimum performance can be obtained in all areas. Various light duty AGVs (some known as automated guided carts or AGCs) use magnetic tapes for the guide path. The AGC is fitted with the appropriate guide sensor to follow the path of the tape. One major advantage of tape over wired guidance is that it can be easily removed and relocated if the course needs to change. The global laser guidance segment of AGV market was growing at a CAGR of 14.8%

Application Insights
The AGV market, on the basis of application, is classified to logistics, and assembly & packaging. Material handling equipment are required in warehouse or manufacturing plant for quick movement of goods or products, locating stock, preparing orders and localizing stock. As industrial enterprises around the world adopt advanced manufacturing techniques, build new factories and warehouses, and upgrade their existing facilities, they purchase new automated storage, retrieval systems and other material handling equipment as they offer efficiency and productivity gains and reduce labor costs. Logistics and transportation firms are also increasing spending on these products to satisfy growing demand for their services and boosting the efficiency of their operations. The increasing demand for material handling equipment is expected to drive the market growth over the forecast period. The global logistics market was growing at a CAGR of 15.3% from 2017 to 2024.

End-use Insights
Based on end use industry, global AGV market has been segmented into automotive, food and beverage, aerospace, healthcare & pharmaceuticals and retail. The adoption AGVs in the automotive end-use industry has witnessed a remarkable traction in the recent past. The automotive industry emphasizes on creating a fork-free manufacturing environment to enhance workplace safety, which in turn drives the demand for the assembly line AGVs.

The retail end-use industry is anticipated to energize the AGV industry growth prospects. The retail industry is increasingly accentuating on automation in material handling. The use of such vehicles leads to efficient material handling with a reduction in the operational cost. It further leads to increase in bulk material handling capability without any downturn, thereby, driving the market. The food & beverages end use industry segment in AGV market is expected to growth at a CAGR 15.7% over the forecast period.

The growing demand for automating processes at hospitals for several applications, such as moving patient supplies and medical equipment, is significantly driving the AGVs market in the healthcare industry

Regional Insights
The growth in retail sector due to growth of e-commerce sector is one of the major factor driving the growth of AGV market. Currently, Europe occupies highest market share owing to the increasing demand and benefits offered by AGV.

In North American regions AGV's finds maximum applications in aerospace and food & beverage industries. Increasing use of AGVs in manufacturing companies such as automotive companies in Europe is expected to lead to a significant increase in the demand for the Europe AGV market. The Asia Pacific regional market is anticipated to register a comparatively higher CAGR. The regional growth is supported by the increasing manufacturing and logistics activities in the emerging countries such as China and India. The flourishing manufacturing and automobile sectors in the region are expected to spur the demand for AGVs.

The magnetic guidance navigation technology is expected to grow in APAC regions over the forecast period.The Asia Pacific market was is expected to expand at a CAGR of 16.2% from 2017 to 2024

AVG Market Share Insights
The key industry participants in the market include Swisslog Holding AG (KUKA Group), Egemin Automation Inc. (KionGroup AG), Bastian Solutions, Inc., Daifuku Co., Ltd., Dematic Corp. (Kion Group), JBT Corporation, Seegrid Corporation, Toyota Industries Corporation (Toyota Motor Sales U.S.A, Inc.), Hyster-Yale Group, Inc. (Hyster-Yale Materials Handling, Inc.), Balyo Inc. (Balyo SA), EK Automation, Kollmorgen and KMH Systems, Inc.

Report Scope
Attribute

Details

Base year for estimation 2016

Actual estimates/Historical data 2014 - 2016

Forecast period 2017 - 2024

Market representation

Revenue in USD Million and CAGR from 2017 to 2024

Region scope

North America, Europe, Asia Pacific, Europe, MEA

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

15% free customization scope (equivalent to 5 analysts working days)

If you need specific market information that is not currently within the scope of the report, we will provide it to you as a part of the customization

Segments Covered in the Report
This report forecasts revenue growth at regional levels and provides an analysis of the latest trends and opportunities in each of the sub-segments from 2014 to 2024. For this study, Grand View Research has segmented the global automated guided vehicle market report based on type, navigation technology, applciation, end-use and region:

Type Outlook (Revenue, USD Million; 2014 - 2024)

Tow Vehicle
Unit Load Carrier
Forklift Truck

Others

Navigation Technology Outlook (Revenue, USD Million; 2014 - 2024)

Magnetic Guidance

Laser Guidance

Vision-guided

Application Outlook (Revenue, USD Million; 2014 - 2024)

Logistics

Assembly & Packaging

End Use Industry Outlook (Revenue, USD Million; 2014 - 2024)

Automotive

Food and Beverage

Aerospace

Healthcare & Pharmaceuticals

Retail

AGV Regional Outlook (Revenue, USD Million;Volume, Million Units; 2014 - 2024)

North America

U.S.

Canada

Mexico

Europe

Germany

UK

Asia Pacific

China

Japan

India

South America

Brazil

The Middle East and Africa (MEA)

Download the full report: https://www.reportbuyer.com/product/4394745

About Reportbuyer
Reportbuyer is a leading industry intelligence solution that provides all market research reports from top publishers

For more information:
Sarah Smith
Research Advisor at Reportbuyer.com
Email: [email protected]
Tel: +1 (718) 213 4904
Website: www.reportbuyer.com

SOURCE ReportBuyer