Automated Guided Vehicle Market - Key Research Findings
- The global automated guided vehicle market size in 2019 is expected to be valued at ~ US$ 1.2 Bn.
- The automated guided vehicle market is estimated to grow at a CAGR of ~9% over the forecast period of 2019-2029.
- In the automated guided vehicle market, laser guidance automated guided vehicles are estimated to gain significant traction.
- The laser guidance technology provides reliable, secure, flexible, and precise form of navigation, which is expected to propel the market growth. Enhanced productivity coupled with the increasing accuracy is projected to fuel the demand for automated guided vehicles over the forecast period.
- Transportation is the most preferred application in end-use industries such as automotive, manufacturing, logistics, and others.
- By the end-use sector, the logistics industry is projected to create significant demand for automated guided vehicles over the forecast period, owing to the exceptional ability of automated guided vehicles to work in dangerous and hazardous conditions.
- In terms of value share, North America and Western Europe, are anticipated to be prominent by collectively holding approx. half of the volume and value shares of the global automated guided vehiclemarket.
- In terms of the growth rate, APEJ is most likely to foresee high growth in the global automated guided vehicle market.
- Emerging players in the automated guided vehiclemarket are enhancing their product offerings by investing in research and development activities to further increase the load capacity and accuracy in automated guided vehicles.
- Growing disposable income and increasing demand for various types of vehicles from several end-use sectors, along with stringent regulatory compliances mandating the use of industrial materials are the key factors responsible for the expected increase in the global automated guided vehicle market share.
Factors Shaping the Global Automated Guided Vehicle Market
Advanced Material Technology Boosting the Global Automated Guided Vehicle Market
The acceptance of progressive material technology for material handling solutions enhances the strength and load capacity of automatic guided vehicles. The higher load capacity of automated guided vehicles augments the productivity, which is likely to boost the automated guided vehicle market in upcoming years.
Due to the introduction of advanced material technology, various materials, such as superalloys and high stainless steel, are light in weight and have high strength & load capacity. This is a key factor estimated to drive the growth of the automated guided vehicle market.
Reduced Production Cycle Time and Increasing Productivity Results in the Growing Demand for Automated Guided Vehicles
Automated guided vehicles are programmed with safety & security and are also installed with lasers, cameras, and other sensors that allow them to safely operate within the company, plant, or an industry. Increased safety leads to reduced operational downtime and cost, which is projected to enhance the productivity of many operations. Hence, this factor significantly increases the demand for automated guided vehicles in the market during the forecast period.
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Growing Construction Industry and Rapid Urbanization to Surge the Demand for Automated Guided Vehicle
The global automated guided vehicle market is expected to register a prominent growth rate over the forecast period. Increasing urbanization rate, coupled with the substantial rise in industrial production, is expected to create favourable growth opportunities for manufacturers active in the automated guided vehicle market.
Moreover, shifting of automotive and other electronics market from China and Japan to ASEAN and South East Asia countries is expected to create significant demand for automated guided vehicles in these countries in the near future. Companies need to capitalize on shifting their industry base towards these low labour intensive countries.
Automated Guided Vehicle Market Structure Analysis
- The global automated guided vehicle market is an organized market where tier-1 players hold nearly half of the global automated guided vehicle market shares.
- Most of the manufacturers in the automated guided vehicle market are strategically focusing on the Asia Pacific market. Key market players in the automated guided vehicle market, such as JBT Corporation, Kion Group AG, Kuka AG, Daifuku Co., Ltd., and Omron Adept Technologies, Inc., are focusing on expanding their presence in regional markets to fulfill the growing demand for automated guided vehicles from end-use industries, such as automation, logistics, manufacturing, and others.
- Tier-1 players are strengthening their positions in the automated guided vehicle market by offering technologically developed products.
- Kion Group AG, JBT Corporation, Daifuku Co., Ltd., Kuka AG, AGVE Group, Inc., Oceaneering International Inc., Omron Adept Technologies, Inc., Transbotics Corporation, Murata Machinery, Seegrid Corporation, AVT Europe NV, SSI Schaefer, Toyota Industries Corporation, Cassioli Srl, Kollmorge, Robotnik, Mecalux, S.A., E&K Automation GMBH, and Bastian Solutions, Inc.are some of the market participants in the global automated guided vehicle market.
Automated Guided Vehicle Market: Taxonomy
- Laser Guidance
- Magnetic Guidance
- Infrared Guidance
- Wire Guidance
- Inertial Guided
- Optical Guided
By Vehicle Type
- Unit Load Carrier
- Pallet Truck
- Assembly Line Vehicle
- Tow Vehicle
- Forklift Truck
- Light Load Trasporters
By End Use
- Food & Beverages
- North America
- Latin America
- Western Europe
- Eastern Europe