The automated guided vehicle market is expected to reach USD 2.68 Billion by 2022, at a CAGR of 9.34% between 2017 and 2022. The growth of this market is propelled by advancements in automation, emphasis on workplace safety, and the growing need to cut down operational cost and increase productivity. The base year considered for the report is 2016, and the forecast period for the market has been considered for the period between 2017 and 2022.
According to a new market research report "Automated Guided Vehicle Market by Type (Unit Load Carrier, Tow Vehicle, Forklift Truck, Pallet Truck, Assembly Line Vehicle), Navigation Technology, Battery Type, Industry, Application, & Region - Global Forecast to 2022", published by MarketsandMarkets (www.marketsandmarkets.com), the total market is expected to reach USD 2.68 Billion by 2022, at a CAGR of 9.34% during the forecast period.
Browse 76 market data tables and 70 figures spread through 183 pages and in-depth TOC on "Automated Guided Vehicle Market - Global Forecast to 2022"
The automotive industry segment dominates the automated guided vehicle market
The automotive industry is the largest contributor toward the world economy and is attracting investments from across the world, which in turn creates an opportunity for the automated guided vehicle market. Automotive suppliers have made rapid progress by innovating new products and enabling real-time information for efficient product delivery while maintaining high quality.
The typical applications in the automotive industry include automated raw material delivery and automated work-in-progress movements between manufacturing cells and transport of finished goods.
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Lithium-ion battery type is expected to dominate the automated guided vehicle market during the forecast period
Among all the battery types that are used in automated guided vehicles for power supply, lithium-ion batteries currently have a high demand. The major factors influencing the increasing adoption of lithium-ion batteries in AGVs are their cost effectiveness, high density, light weight, and the ability to sustain in cold temperatures.
Next-generation li-ion batteries are expected to make use of silicon anodes that utilize silicon nanotubes or a coating of silicon material for significantly higher energy storage and longer battery life.
APAC expected to grow at the highest CAGR during the forecast period
The market in APAC is expected to grow at the highest CAGR between 2017 and 2022. The growth in APAC is mainly attributed to the rapid adoption of automation to counter the rising labor costs and cater to the need for increasing the production processes without compromising on the quality standards.
Additionally, the state-of-the-art infrastructure in China is attracting numerous new entrants into the AGV market in the country. The growth is further fueled by the growing demands for automation from different industries such as food & beverages, automotive, and e-commerce.
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The report profiles top players of the automated guided vehicle market, which include Daifuku Co., Ltd. (Japan), JBT Corporation (U.S.), KION Group (Germany), KUKA AG (Germany), Toyota Industrial Corporation (Japan), Hyster-Yale Materials Handling, Inc. (U.S.), Kollmorgen (U.S.), E&K Automation GMBH (Germany), Seegrid Corporation (U.S.), and SSI Schaefer AG (Germany). The report also analyzes the market trends for each of the market segments and their respective growth rates.
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