|Status : Published||Published On : May, 2021||Report Code : VRAT4002||Industry : Automotive & Transportation||Available Format :||Page : 195|
The global automated guided vehicle market is growing a CAGR of 33.3% over the forecast period (2021-2027) and was worth USD 2.56 billion in 2020 and is projected to reach USD 18.14 billion by 2027.
Automated guided vehicle (AGV) is an automated transport system for safe transport of all material and products without any human restriction to adopt the increasing essential of automation in material handling. Enhanced safety standards at workplaces and mounting requirement for automation in material handling throughout industries are some of the factors driving the growth of the global automated guided vehicle market. Different types of AGV contributed to the automated guided vehicle market size. The market has witnessed high demand for tow vehicle in the coming years as it can shift heavy loads with various trailers and without any manual interface.
Insight by Type
On the basis of type, the automated guided vehicle market is subdivided into pallet truck, tow vehicle, unit load carrier, forklift truck, assembly line vehicle and others. Of all types, tow vehicle accounted the largest share in the market, as it can shift heavy loads with various trailers and without any manual interface.
Insight by Navigation Technology
On the basis of navigation technology the market is subdivided into vision guidance, laser guidance, optical tape guidance, magnetic guidance, inductive guidance and others. Of all the navigation technologies, the vision guidance technology is expected to grow at the fastest rate in the market due to its ability to decrease downtime, lessen infrastructure cost and mounting manufacture and implementation of vision-guided vehicles and mobile robots. In addition, laser guidance accounted the largest share in the market due to accurate navigation and utmost flexible system for vehicle movement.
Insight by Industry
On the basis of industry, the market is subdivided into logistics, aerospace, automotive, healthcare, manufacturing, retail, food & beverage and others. Among the all industries, the automotive industry accounted the largest share in the automated guided vehicle market due to improving automotive manufacturing operations, effectual, and efficient processes and escalating usage of the assembly line AGVs for auto parts fabrication, transmission assembly lines and engine.
Insight by Battery Type
On the basis of battery type, the market is subdivided into lead, lithium-ion, nickel-based and others. Among the all battery type, the lead battery accounted the largest share in the automated guided vehicle market due to its mature energy storage technology and have maximum power-to-size ratio.
Insight by Application
On the basis of application, the market is subdivided into transportation, storage, packaging, distribution, assembly and others. Among the all applications, the transportation segment accounted the largest share in the automated guided vehicle market as to boost productivity, inhibits infrastructure damages and accidental injuries, decreases prices, and enhances space.
Enhanced safety standards at workplaces, mounting requirement for automation in material handling throughout industries, free from human error, and mounting production owing to enhanced supply chain processes and are the primary growth drivers for automated guided vehicle market.
In addition, evolving e-commerce industry is also driving the growth of the market. For instance, mounting attractiveness of online shopping is the significant feature advancing the progress of the e-commerce industry.
Acceptance of industrial automation by small and medium-sized enterprises, mounting investment in automation sector and integration of fourth industrial revolution with automation solutions are also facilitating the growth for the automated guided vehicle market.
Low labor cost in emerging countries, high switching, installation, and maintenance costs are the major challenges for the growth of automated guided vehicle market. In addition, initial price complication of AGVs and real-time technical disputes are also hindering the growth of the market.
Globally industry players are leveraging market growth through launching new products. Moreover, the high level of capital requirement also poses a major barrier for the entry of new players. This offers an edge to the established players in the industry competition.
Geographically, Europe is the largest automated guided vehicle market due to competitive verge by easing the effectual management of overall warehousing operations. High labor cost, speedy acceptance of automation, mounting need and benefits offered by AGV and mounting need for material handling equipment are also up surging growth of the European automated guided vehicle market.
In addition, Asia-Pacific is observed to witness fastest growth in the market due to rapidly budding e-commerce industry, In addition, several strategic installations of AVGs in India and China, need to ensure safety at workplace, mounting investment in automation sector and growing manufacturing sector are also some of the factors driving ample opportunities for the Asia-Pacific automated guided vehicle market.
Key players in the automated guided vehicle market are catering the demand by investing on technologically advanced AGVs across the globe. In January 2018, KION Group signed a strategic partnership with EP Equipment, a Chinese manufacturer, for entry-level, light-duty warehouse equipment. Daifuku, Kuka, KION Group, Hyster-Yale Materials Handling, JBT Corporation, Seegrid Corporation, SSI Schafer, Toyota Industries, EK Automation and Kollmorgen are the key players offering automated guided vehicle.
Source: VynZ Research
Source: VynZ Research