ALBANY, New York, March 25, 2020 /PRNewswire/ -- Rise in adoption of automation in wide range of material handling operations and intra-logistic applications in manufacturing, retail, healthcare, logistics, food and beverages, and aerospace drives the demand for various types of automated guided vehicle. Adoption of smart factories for automotive manufacturing is at the forefront of growth.
Future Outlook: A shift toward make-to-order manufacturing in various sectors and the steady strides that Industry 4.0 has made in all realms impart momentum for the growth to continue unabated in the next few years. The automated guided vehicle market is projected to garner a CAGR of ~14% from 2019 to 2027 to reach worth of ~US$ 4 bn by 2027-end.
Analysts at TMR opine that: "Manufacturers across the world in bid to achieve high production and efficient goals will continue to adopt automated guided vehicles. Though automotive sector accounts for maximum share of revenues for players in the automated guided vehicle market, they should also look for food, beverages, and distribution and logistics sectors for fresh revenue streams."
Key Takeaways in Automated Guided Vehicle Market Study
Of all end-use areas, the automotive held a major share in the AGV market; deployment by auto manufacturers and auto part manufacturers key to future growth
Of all vehicle types, tugger AVGs is anticipated to hold the major market share during the forecast period; their high productivity accounts for the popularity
Asia Pacific is expected to offer sizable opportunities to market players
Forklift automated guided vehicles see substantial prospects in the food and beverages sector
Explore 151 pages of Automated Guided Vehicle Market (Type: Forklift AGVs, Load Transfer AGVs, Pallet Trucks, Assembly Line Vehicles, Light Load Transporters, Tugger AGVs, and Others; and End Use: Distribution & Logistics, Automotive, Aerospace, Healthcare, Retail, Manufacturing, Food & Beverages, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 – 2027 at https://www.transparencymarketresearch.com/automated-guided-vehicle-market.html
Automated Guided Vehicle Market: Key Driving Factors and Avenues
The automated guided vehicle market has come a long way, despite the fact that the Industry 4.0 is still largely in nascent stage. The evolution of the market hinges on the back of the increasing adoption of robotics and other automation systems in smart manufacturing. Following trends are worth noticing:
Increasing deployment of smart factories by automotive manufacturers is a key trend spurring deployment of automated guided vehicles.
Proposition of dramatic reduction of overhead costs and increasing productivity gains drive penetration of AGVs in food and beverages manufacturing. Strides being made by the sectors propel demand.
Rapid expansion of e-commerce in numerous developing economies has spurred the demand for AGVs in warehouses and material handling, thus bolstering the market prospects
New avenues in the AGV market emanate from their integration with manufacturing execution systems (MESs) and ERP. This helps industries pursue the trend of make-to-order (MTO) manufacturing.
Analysts at TMR have assessed the prospects of various regional markets. In 2018, North America and Europe jointly accounted for the leading share in the automated guided vehicles market. In large part, this is due to the sheer pace of industrial automation.
However, Asia Pacific is expected to account for a higher share than Europe by 2027-end. Proliferation of automated warehouse solutions, especially for automotive and food manufacturers, and rise in deployment for materials handling are expected to help the regional market cruise ahead of other key markets by the end of the assessment period. Further, a significant shift of global purchasing power to Asia Pacific is expected to drive prospects of the regional market.
Analyze automated guided vehicle market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study.
Players are actively looking for strengthening their technical expertise in automated warehouse solutions to bolster their market position. Some of the key companies are leveraging the growing trend of smart factories, in order to get a competitive edge over their peers. Several providers of automated guided vehicles have also been adopting modern automation software. Further, a few players are leveraging the benefits of the 3D imaging technology to boost the competencies of AGVs.
Top names in the automated guided vehicle market include Transbotics, Seegrid Corporation, E&K Automation GMBH, JBT Corporation, Dematic GmbH & Co. KG, Bastian Solutions LLC, and Toyota Industries Corporation.
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