Automated Guided Vehicle Market
In the automated guided vehicle market, manufacturing application is growing rapidly due to the growing implementation of automation technologies in production, transportation, and warehousing processes. The manufacturing automation trend, limited availability, and high cost of labors for these activities are promoting industry development. This equipment is integrated with various sensors and tracking systems to avoid obstacles and support consistent work operations. Utility cost incurred during the manufacturing process is substantially reduced by the use of this equipment and results in gaining inventory efficiency. The increasing need for efficiency and reduced time for catering to the rising consumer demand led to the adoption of several automation products.
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The AGV market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipment in units from 2015 to 2025 for the following segments:
Automated Guided Vehicle Market, By Product Type
• Unit Load Carriers
• Forklifts
• Towing Vehicles
• Pallet Trucks
• Assembly Line Vehicles
Automated Guided Vehicle Market, By Navigation Technology
• Heat Map
• Laser Guidance
• Magnetic Guidance
• Vision Guidance
• Others
Automated Guided Vehicle (AGV) Market, By End-Use
• Automotive
• Manufacturing
• Food & Beverage
• Aerospace
• Logistics
• Healthcare
• Retail
• Others
The above information is provided for the following regions and countries:
• North America
• Europe
• UK
• Germany
• Asia Pacific
• Latin America
• Middle East & Africa
The Asia Pacific automated guided vehicle market is expected to grow rapidly owing to the development of the manufacturing sector in this region. China is one of the largest exporter and manufacturer of goods with the presence of several manufacturing companies. Easy & cheap availability of raw materials & components in the regions is driving the industry expansion. Moreover, technological advancement, awareness of the latest automation products, and high investment capabilities support high AGV market product demand.
The players operating in the automated guided vehicle market include Hyster-Yale Materials Handling, Toyota Industries Corporation, Oceaneering AGV Systems, Daifuku Co., Dematic Corp., JBT Corporation, and Bastian Solutions LLC. Several industry players have adopted growth strategies such as new product launches, innovating new technologies, developing application-specific solutions, mergers & acquisitions, etc. For instance, in January 2019, JBT Corporation announced that it has acquired LEKTRO, a manufacturer of electric aviation ground support equipment, which aids the company to offer technically advanced material handling solutions.
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In the automated guided vehicle market, laser target navigation technique is expected to gain high traction owing to its implementation across application industries. This technique offers several benefits including quick installation and high flexibility for layout changes and expansion to other layouts. Laser target navigation provides better accuracy and reliability due to the use of continuous position verification technique over other options. This system uses area mapping and material tracking techniques for enhanced navigation. This navigation supports dynamic control of blocking and traffic management, further expanding the market offerings.
The material handling equipment demand in the automated guided vehicle market is increasing to aid operational efficiency in the industrial processes and increasing labor costs. Work safety initiatives across various manufacturing industries and the need for higher productivity are expected to support the automated guided vehicle market growth. Flexible manufacturing technologies and high demand for smart & customized equipment are creating high product demand owing to reduced operational time benefits. Technical advancement in the manufacturing sector is leading to the adoption of highly automated products and solutions. These products are gaining popularity in the healthcare sector due to features such as high efficiency and full programmability.
A major factor concerning the automated guided vehicle market is high initial investment associated with the vehicle’s deployment. It consists of various self-controlling & intelligent components, which increase the overall product cost. The efficient navigation systems integrated for fast load transportation add to the vehicle cost. These robots incur high maintenance cost due to the need for routine maintenance, occasional repairs, and ongoing servicing expenses. The equipment has less flexibility due to specific task-programming features, which is a drawback compared to human labors. In the automated guided vehicle (AGV) market, complex product manufacturing process and long prototype to final product conversion time may restrain the industry growth.
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