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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