The global automated guided vehicle market size is anticipated to surpass around US$ 4 Bn by 2027, expanding at a CAGR of 14% during the forecast period 2020 to 2027.
The automated guided vehicle market is highly technology driven, and original equipment manufacturers are strongly focused on enhancing the capabilities of their existing product portfolios.
Rise in need for automation in the material handling process across sectors, such as automotive, manufacturing, aerospace, and healthcare, is estimated to drive the demand for AGVs. A key benefit associated with AGVs is the reduction of labor cost. Furthermore, it also promotes efficient material handling since manual material handling has always been time-consuming and prone to accidents. AGVs combined with radio frequency technology collaborate with the warehouse control system and the warehouse management system to improve accuracy and efficiency, since AGVs have little downtime and operate at a fixed rate to meet a predictable metric for operational activity. Therefore, the use of AGVs in warehouses directly reduce labor costs and increases the efficiency and reliability of storage process. A key challenge for manufacturers of automated guided vehicles is in turning a prototype into a commercial product in the market. These vehicle manufacturers face various issues including modeling, data modelling, and self-calibration.
Penetration of AGVs is rising in the material handling and management industry. Furthermore, they are also being extensively utilized in several industries such as retail, manufacturing, healthcare, logistics, food & beverage, and aerospace. AGVs are employed in various areas across a facility including assemble, kitting, transportation, warehousing, staging, order picking and transferring load to support processing and handling. The use of AGVs helps eliminate risks arisen due to handling of materials manually. AGVs improve safety at the workplace, while optimizing the speed of the operation.
e-Commerce companies are adopting automated guided vehicles as a key component in their growth and expansion, as AGVs can reduce their processing time. Expansion of e-Commerce industries are likely to offer significant opportunity to AGV manufacturers. Moreover, when it comes to retail, e-Commerce is the fastest distribution channel, and it is no longer restricted to developed markets of the U.S. and Europe. It has become a global phenomenon with high market penetration in APAC. Therefore, expansion of e-commerce and use of AGVs by e-Commerce players are projected to further offer considerable opportunities to the global AGV market.
Automated Guided Vehicles Fulfil Demands of Industry 4.0
Advancements in navigation technologies in recent times have played an imperative role in the development of cutting-edge automated guided vehicles. Due to these advancements in technologies and innovations, stakeholders in the automated guided vehicle market have a plethora of navigation technologies to choose from. However, as per the current trends, key participants in the automated guided vehicle market are primarily interested in four major navigation technologies: magnetic navigation, vision-guided vehicles, laser-guided navigation, and natural navigation.
Within the automotive industry, deployment of automated guided vehicles in intra-logistic applications is increasing at a rapid pace. With evolving industrial requirements, players in the automotive industry are seeking solutions to improve their production capabilities by increasing their dependency on automated guided vehicles. In the past two decades, logistic requirements in the manufacturing sector have increased in accordance with the changing market demand. Customization is a growing trend in the automotive sector and to fulfill these demands, automotive manufacturers are engaging in innovations– a factor that is expected to propel the demand for automated guided vehicles. With the dawn of Industry 4.0, a number of smart factories or smart industry initiatives within the automotive sector have sprung up in recent years– a trend that is likely to continue.
Food & Beverages Industry Deploys Automated Guided Vehicles to Increase Productivity
While the automotive industry is expected to provide a significant impetus for growth of the automated guided vehicles market, the food & beverages industry will provide significant opportunities for market players. In the current scenario, some of the leading factors that are expected to boost the adoption of automated guided vehicles in the food & beverages industry include improvements in warehouses, need to minimize overhead costs, and increase productivity with minimum labor. Forklift automated guided vehicles are increasingly being used in the food & beverages sector, as manufacturers in the value chain are investing resources to move repetitive tasks toward automated solutions.
Moreover, with significant growth in trailer loading applications worldwide, automated guided vehicles have emerged as the prime candidate to streamline and bring about improvements in terms of productivity and efficiency. Stakeholders in the automated guided vehicle market are focusing on the development of automated guided vehicle that communicate with warehouse programmable logic controllers (PLC) and warehouse management systems (WMS). Companies are also likely to leverage the benefits of the 3D technology for imaging to track pallet activity efficiently.
Prominent companies operating in the automated guided vehicle market include Dematic GmbH & Co. KG, Toyota Industries Corporation, Swisslog Holding AG, Egemin Automation Inc., Oceaneering AGV Systems, Bastian Solutions LLC, Hyster-Yale Materials Handling Inc., JBT Corporation, E&K Automation GMBH, Seegrid Corporation, AGVE Group, Transbotics, Jungheinrich AG, Daifuku Co., Ltd., and AMERDEN Inc.
The Automated Guided Vehicle market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Automated Guided Vehicle market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Automated Guided Vehicle market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Automated Guided Vehicle market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Automated Guided Vehicle market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Automated Guided Vehicle capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Automated Guided Vehicle by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Automated Guided Vehicle market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Automated Guided Vehicle market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Automated Guided Vehicle market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Automated Guided Vehicle industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Automated Guided Vehicle market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Automated Guided Vehicle market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Automated Guided Vehicle market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Automated Guided Vehicle market. These factors have benefited the growth of the global market for Automated Guided Vehicle. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Automated Guided Vehicle. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
Automated Guided Vehicle Market, by
Automated Guided Vehicle Market,
Automated Guided Vehicle Market, by Region
In this study, the years considered to estimate the market size of Automated Guided Vehicle are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
Primary research represents a bulk of research efforts, supplemented by extensive secondary research. Annual reports, press releases, and relevant documents of key players operating in various application areas have been reviewed for competition analysis and market understanding.
Secondary research also includes recent trends, technical writing, Internet sources, and statistical data from government websites, trade associations, and agencies. These have proved to be reliable, effective, and successful approaches for obtaining precise market data, capturing market participants’ insights, and recognizing business opportunities.
The study objectives of this report are:
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