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Automated guided vehicle market set to grow according to forecasts

Automotive and Transportation Market Research

This research delves into the opportunities in the global Automated Guided Vehicle market and the chronological growth of the market throughout the forecast period.

Market Highlights:

Growing need for workplace safety and high costs of labor are the major driving factor for automated guided vehicle market. Increased efficiency of the end-user industries, the rise in the interest in mechanization and replacement of the conventional batteries with Lithium-Ion based batteries also fuels the market growth for automated guided vehicle.

However, huge capital investments and large switching costs are major restraining factors for the growth of automated guided vehicle market.

Major Players:

Key players involved in the global automated guided vehicle market are focusing on key market strategies including mergers and acquisitions with local as well as established players.

Moreover, companies are also focusing on collaborating with local players to increase their reach across all geographies and earn huge profits. Partnership with multinational companies to strengthen their market reach and goodwill is also anticipated to be a major market strategy in the global automated guided vehicle market.

Some of the major players involved in the manufacture and supply of automated guided vehicle type include Kollmorgen, E&K Automation GmbH, Daifuku Co., Ltd., JBT Corporation, KION Group, KUKA AG, Toyota Industrial Corporation, Hyster-Yale Materials Handling, Inc., Seegrid Corporation, and SSI Schaefer AG, Egemin International NV, and Dematic GmbH & Co. Ltd. among others.

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Industry Analysis

Computerized Guided Vehicles are utilized to reliably and typically transport heaps of material to spots that may somehow or another be adjusted by fork lift trucks, transports, or manual truck transport. They are regularly utilized where high volumes of redundant developments of material are required, yet where almost no human basic leadership expertise is required to play out the development.

They are particularly valuable in serving forms where change is contact, and hindrances -, for example, transports - are undesirable. An AGV can likewise be known as a laser guided vehicle (LGV).

AGCs are accessible in an assortment of models and can be utilized to move items on a mechanical production system, transport merchandise all through a plant or distribution center, and convey loads.

Market Segments:

The automated guided vehicle (AGV) market can be segmented on the type, navigation technology, battery type, industry, application, and region.

By type, the global automated guided vehicle market can be segmented into unit load carrier, assembly line vehicle, tow vehicle, pallet truck and others.

Optical tape guidance, magnetic guidance, laser guidance, inductive guidance and others are the various navigation technologies of automated guided vehicle market.

Based on battery type the market is segmented as lithium-ion, lead, nickel-based, and others.

By Industry, the market is segmented as aerospace, automotive, logistics, manufacturing, food & beverages, retail, healthcare, and others. The various applications of automated guided vehicle market include packaging, storage, transportation, distribution, and others.

Regional Analysis

On the basis of region, the global automated guided vehicle market can be segmented into North America, Latin America, Europe, Middle East & Africa and Asia Pacific. Europe was the highest revenue contributor for automated guided vehicle market, whereas Asia-Pacific is projected to register the highest growth rate during the forecast period.

This growth is attributed owing to the fact that manufacturers are expanding their production facilities in the region.

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