Global Automated Guided Vehicle Market Size Breached .57 billion in 2018

Posted by Lohitha on July 11th, 2019

Emerging automation solutions, and growing autonomous vehicles usage universally is positively influencing the automated guided vehicle market, as per the key findings of a new business publication by IndustryARC. The analyst of the report has evaluated that the global automated guided vehicle market value stood at .57 billion in 2018, and the opportunities will balloon at a CAGR of 8.05% during the forecast period of 2019-2025.

The report is titled: “Automated Guided Vehicle Market: By Navigation (Laser, Magnet, Wire, Others), By Use (Kitting, Staging, Order Picking, Others), By Application (Automotive, Food, and Beverage, Manufacturing, Warehousing and Distribution, Others)-Forecast (2019-2025).” It incorporates an in-depth analysis of market drivers, market trends, market opportunities, competitive landscape, and strategic analysis of the global automated guided vehicle market.

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Global Automated Guided Vehicle Market: Demand Analysis

Automated guided vehicle (AGV) supports ease and safe movement of the product at a faster rate using motorized rollers. It involves constant transportation of loads of material to places and it does not rely on human decision making. Transportation of raw materials and finished goods from the manufacturing lines and storage picking in warehousing and distribution applications are the major applications of AGV. Automated guided carts are the low-cost version of AGV’s. Navigation technology plays a promising role in navigating the automated guided vehicles such as unit load carrier, tow vehicles, pallet trucks, and assembly line vehicles. A diverse range of applications of AGV to transport varied types of materials such as rolls, carts, pallets, racks, and containers are propelling the growth of AGV market.

Global Automated Guided Vehicle Market: Leading Segments
Material handling application segment is set to grow at a faster rate with a CAGR of 10.67% throughout the forecast period 2019-2025. As it plays a vital role in the production facility and in a warehouse to transport the material throughout the location from various loading locations to several unloading locations. AGV is an intelligent and versatile material handling system which is well known as self-propelled. Automation process of material handling system enhances the accuracy and efficiency of transportation and storage of materials.

North America held a regional share of 36.72% in the global automated guided vehicle market for the year 2018. The rapid growth of e-commerce and artificial intelligence usage in AGV solutions are driving the growth of AGV market. Growing industry verticals and great implementation of technology advancements in the U.S. are also impacting the growth of AGV market in this region.

Global Automated Guided Vehicle Market: Disruptive Trends
o Accountability, flexibility, automatic line balancing cost control, and facility maintenance are the key benefits provided by AGV.

o Scalability, reliability in performing repeatable tasks, reduced operating costs, and reduction in product damage are the main features of AVG which are attracting the manufacturers to purchase them.

o Rising return on investments coupled with an increase in the scheduling capabilities without compromising the efficiency of operations. All these factors are boosting the growth of the AGV market.

o AGV is an evolving laser guided vehicle which is navigated along a defined route in the facility through lasers. In addition to this, they are also navigated through markers, magnets, wires, and virtual programming.

Global Automated Guided Vehicle Market: Competitive Landscape
Some of the crucial players which are holding the major share in the global automated guided vehicle market are Daifuku, JBT Corporation, KION Group, KUKA, Toyota Industrial, Hyster-Yale Materials Handling, Kollmorgen, EK Automation, Seegrid Corporation, and SSI Schaefler.

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About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.