According to a report published by Grand View Research, Inc.; the global automated guided vehicle (AGV) market is likely to reach USD 1.5 billion by 2024. Growing demand for automated process in industries, distribution facilities, automobile assembly centres, and material handling application in warehouses can propel the market during the forecast period (2014 to 2024).
Growing labor cost is likely to boost the market growth over the forecast period. The implementation of automated guided vehicles can be a one-time investment as the operating and maintenance costs would be less than paying labors. Industries across the world are focusing on increasing productivity and minimizing overall costs. Hence, most companies are implementing advanced automation techniques to improve operational efficiency and to avoid material waste. AGVs assist companies to optimize their processes and to reduce waste in whole manufacturing process. These vehicles can offer several advantages including better workforce safety and decrement in the production time and operational costs.
In automotive industry, the assembly line automated guided vehicles are extensively used for auto part and transmission assembly lines, where a product is moved from one manufacturing cell to another. The companies operating in warehouse businesses are expected to adopt these vehicles to improve their services and overall efficiency of their operations. The healthcare industry is also expected to boost the global market for automated guided vehicles due to rising demand for AGVs to move medical equipment and patient supplies.
Full Research Report On Automated Guided Vehicle Market Analysis: https://www.grandviewresearch.com/industry-analysis/automated-guided-vehicle-agv-market
Automated guided vehicles also provide dynamic design solutions that can certainly replace the traditional conveyer systems and the high implementing cost associated with them. Development of novel technologies such as laser, natural guidance, and vision guidance can create a positive outlook for the market over the forecast period. Additionally, AGVs equipped with advanced wireless navigation can eliminate the requirement of costly retrofitting. This is considered as one of the key factors encouraging the growth of the global market.
The worldwide automated guided vehicle market can be segmented on the basis of type, navigation technology, application, end-use industry, and region. Based on type, the market can be categorized into tow vehicle, pallet truck, forklift truck, unit load carrier, and others. As per navigation technology, the market can be classified into magnetic guidance, laser guidance, natural navigation and vision-guided. In 2015, the natural navigation technology segment was estimated to be worth over USD 18.4 million.
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Based on application, the market can be segmented into logistics and assembly and packaging. The assembly and packaging application segment is anticipated to grow at a CAGR of around 6.6% from 2016 to 2024. As per, end-use industry, the market can be fragmented into automotive, aerospace, food and beverage, retail, healthcare, and pharmaceuticals.
Geographically, the market for automated guided vehicles can be divided into Europe, North America, Asia Pacific, South America, and Middle East and Africa (MEA). Europe is anticipated to hold a significant market share due to growing use of AGVs in manufacturing companies. The automotive companies in the region are likely to increase the adoption of AVGs in the forthcoming years. North America, on the other hand, is projected to showcase substantial growth over the forecast period due to high adoption of AGVs in food and beverage and aerospace industries.
Asia pacific is predicted to be the fastest growing region in the global market for automated guided vehicles and is anticipated to grow at a CAGR of 7.6% from 2016 to 2024. This growth can be attributed to rise in manufacturing and logistics activities in developing countries such as India and China. In addition, automotive and manufacturing sectors in the region are projected to register a steady rise in demand for AGVs. In addition, the demand for magnetic guidance navigation technology can further propel the regional expansion. The rising retail industry due to growth of e-commerce in the region is expected to bode well for the demand for AGVs for bulk material handling without any downturn.
Some of the leading players operating in the automated guided vehicle market include Bastian Solutions, Inc.; Kollmorgen and KMH Systems, Inc.; Egemin Automation Inc.; JBT Corporation; and Balyo Inc. The market is technology-driven, and the original equipment manufacturers (OEMs) are concentrating on improving the capabilities of their existing products by purchasing new automated storage and other material handling equipment. The vendors are also making high investment in research and development activities and for innovative solutions.
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