The global automated guided vehicle market is expected to reach revenues of approximately $5 billion by 2023
LONDON, Oct. 11, 2018 /PRNewswire/ -- The global automated guided vehicle market is expected to reach revenues of approximately $5 billion by 2023, growing at a CAGR of around 18% during 2017-2023. The research report offers market size analysis in terms of unit shipment values during the forecast period.
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The easy implementation, flexible route mapping, high accuracy, and easy scalability are some of the major factors contributing to the rising demand in the global AGV market. The ability to move more loads with multiple trailers, low maintenance costs, and increased safety are expected to boost sales of varied products in the market over the next few years. The global automated guided vehicle market is driven by the use of different technologies such as laser guidance, magnetic guidance, vision guidance, and natural guidance. Dematic, Daifuku, JBT Corporation, Milvus Robotics, AGVE, KUKA Robotics, and Seegrid Corporation are the leading manufacturers in the global AGV market. The market research report provides in-depth market analysis and segmental analysis of the global automated guided vehicle market by navigation, vehicle, end-users, and geography.
The report considers the present scenario of the global automated guided vehicle market and its market dynamics for the period 2018?2023. It covers a detailed overview of various market growth enablers, restraints, and trends. The study includes both the demand and supply sides of the market. It also profiles and analyzes the leading companies and various other prominent companies operating in the market.
Automated Guided Vehicle Market – Dynamics
The rising demand and need for automation in material handling is one of the primary factors attributing to the growth of the global AGV market. The implementation of the material handling process helps eliminate accidents, reduce stress and effort on the daily operations, minimize time spent on distribution and storage, and eliminate redundancies thereby reducing operational costs in the global market.The increasing use of these AGVs will improve material handling efficiency, productivity, and consistency in the market. These vehicles are designed to travel in a predetermined pathway with consistent and precise movement, resulting in fewer accidents, less product damage, and greater routing flexibility across factories in the global AGV market. The introduction of natural and laser-guided vehicles will help increase the safety standards across industries in the market during the forecast period.The advent of artificial intelligence (AI) and use of this technology in everyday life starting from smartphones to automotive will encourage the adoption of this smart tech in the global AGV market. The increasing use of industrial robots that can perform complex operations such as microscopically precise assembly will transform the global market over the next few years.
Automated Guided Vehicle Market – Segmentation
This market research report includes a detailed segmentation of the market by navigation, vehicle, end-users, and geography.Natural guidance is the fastest growing segment in the market, at a CAGR of more than 18% during the forecast period. The easy, natural navigation and it does not need retrofitting of the workspace are two of the primary factors attributing to the growth of this segment in the global market.These guided vehicles use a combination of laser-range finders, and gyroscope to pinpoint its current location and dynamically calculates the shortest path to its destination.
Unit load vehicle segment occupied the second largest market share in 2017, growing at a CAGR of more than 17% during the forecast period. The increasing adoption of unit load vehicles in the material handling sector is propelling the growth of this segment in the global market.Automotive industry contributes to the highest revenues in the market in 2017, growing at a CAGR of over $18% during the forecast period. The implementation of stringent emission and safety norms is resulting in higher investments in R&D and driving the growth of this segment in the global market. The use of this system in the automotive industry will enable manufacturers to offer high-quality products at competitive prices.
Market Segmentation by Navigation
• Laser Guidance
• Magnetic Guidance
• Vision Guidance
• Inductive Guidance
• Natural Guidance
• Others
Market Segmentation by Vehicle
• Tow Vehicles
• Unit Load Vehicles
• Pallet Trucks
• Forklift Trucks
• Others
Market Segmentation by End-users
• Automotive
• Retail
• Food & Beverage
• Healthcare
• Aerospace
Automated Guided Vehicle Market – Geography
The geographical segment in the global automated guided vehicle market is dividedinto APAC, Europe, North America, Latin America, and MEA. Europe dominated the largest market share in 2017, growing at a CAGR of approximately 16% during the forecast period. The exponential growth of the online retail and automotive industries propelling the growth of the European region in the global AGV market.The increasing adoption of industrial robots that assist in manufacturing, warehousing, and across industries is propelling the growth of APAC in the global market.Alibaba, AliExpress, Amazon, eBay, Etsy,Flipkart, GraysOnline, JingDong (JD), Rakuten, Snapdeal, Taobao, Tmall Global, and XiaoHongShu are investing in theautomation of material handling processes in their warehouses in the APAC market.
Market Segmentation by Geography
• Europe
o UK
o Germany
o France
• North America
o US
o Canada
• APAC
o China
o Japan
o India
• Latin America
o Brazil
• MEA
Key Vendor Analysis
The global automated guided vehicle market is witnessing a diverse structure in competitive dynamics and intensity of competition across geographies. The players are offering competitive prices to sustain the intense competition in the global AGV market. The exponential growth of the automotive and e-commerce sectors is creating lucrative opportunities for leading vendors in the market. The leading manufacturers are focusing on expanding their businesses in the APAC, Latin American, and MEA region to gain a larger global automated guided vehicle market share during the forecast period. The increasing investments in R&D activities will help players gain a competitive advantage over other vendors in the global AGV market.
The major vendors in the global automated guided vehicle market are:
• KION Group
• Daifuku
• JBT Corporation
• Toyota Industries
Other prominent vendors in the global automated guided vehicle market include KUKA, Hyster-Yale Group, EK AUTOMATION, Seegrid Corporation, Kollmorgen, Quirepace, Fori Automation, AGVE, SSI SCHAEFER, Transbotics, Savant Systems, Jungheinrich, and Fetch Robotics.
Key market insights include
1. The analysis of global automated guided vehicle market provides market size and growth rate for the forecast period 2018-2023.
2. It offers comprehensive insights into current industry trends, trend forecast, and growth drivers for the global automated guided vehicle market.
3. The report provides the latest analysis of market share, growth drivers, challenges, and investment opportunities.
4. It offers a complete overview of market segments and the regional outlook of the global automated guided vehicle market.
5. The report offers a detailed overview of the vendor landscape, competitive analysis, and key market strategies to gain competitive advantage.
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