Global Automated Guided Vehicle Market - 2019-2026
The global automated guided vehicle market expected to reach $XX billion by 2026, at a CAGR of over 14% during the forecast period. Mainly due to factors such as significant rise in E-commerce industry and rise in deployment of AGV repetitive material handling tasks in warehouse as they can carry out material handling operations reliably and effectively.
An automated guided vehicle or automatic guided vehicle (AGV) is a portable robot that follows along marked long lines or wires on the floor, or uses radio waves, vision cameras, magnets, or lasers for navigation. They are most often used in industrial applications to transport heavy materials around a large industrial building, such as a factory or warehouse. Automated guided vehicles are programmed to ensure security & safety and come installed with cameras, lasers and other sensors that allow them to safely operate within the industry, plant or company. Increased safety leads to reduced cost and operational downtime, which, in turn, increases the productivity of many operations. Therefore, factors like these will further boost growth in the global AGV market over the forecast period.
The report covers all the major trends and drivers playing a vital role in the growth of the global automated guided vehicle market. The global automated guided vehicle market has been segmented based on region, type, navigation technology, industry, and application.
The global Automated Guided Vehicle market growth is primarily driven by rising e-commerce industry and growing adoption of automation in warehouses for efficient and smooth operations. The use of Automated Guided Vehicle helps the manufacturers to achieve enhanced quality and reliability in warehouse operations.
Moreover, factors such as shortage of skilled workforce and high labor costs also drive the adoption of AGV across various industries worldwide. Several organizations have implemented automated guided vehicle solutions to reduce their labor costs and improve efficiency. Although the initial cost of procuring a robot is high, once implemented, it offers high productivity, efficiency, and profits.
Market Segment Analysis
By Type, the global automated guided vehicle market is segmented into Tow Vehicles, Unit Load Carriers, Forklift Trucks, Assembly Line Vehicles, and others. In 2018, tow vehicles accounted for the majority share in the global AGV market. Towing applications can involve the bulk movement of product into and out of warehouse areas or direct service to a manufacturing/assembly operation. Usually side path spurs are placed in receiving or shipping areas so that trains can be loaded or unloaded off the main line and thereby not hinder the movement of other trains on the main path. However, unit load carrier segment is anticipated to expand at the highest CAGR over the forecast period.
By End-user industry, the global automated guided vehicle market is segmented into automotive, manufacturing, food and beverages, healthcare, aerospace, retail, and others. In 2018, automotive segment accounted for the majority share in the global AGV market. However, retail segment was the fastest growing industry, growing at a CAGR of more than 16.0% from 2019 to 2026. For instance, Amazon.com uses small, Roomba-shaped robots simply called “drives” mostly to deliver large stacks of products to human workers, by following set paths around the warehouse. Moreover, the use of AI in manufacturing supply chain, machine vision, tracks operations, performance, and improve overall productivity will positively impact the automated guided vehicle market during the forecast period. In addition, Industry 4.0 enables real time networking of industrial processes which will make production faster, more flexible, cheaper, and more efficient in automated guided vehicle market.
By geography, the global automated guided vehicle Market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA).
In 2018, North America and Asia-Pacific together accounted for more than 3/5th market share in the global automated guided vehicle market. The broad market share of the Asia-Pacific region can be attributed to the high growth in the consumer retail and automotive industries in countries like China, Japan, Republic of Korea, and India. China has been the biggest robot market in the world with continued dynamic growth. Moreover, governments in APAC countries are increasingly emphasizing safety and security on production floors, which can be best achieved by the implementation of AGVs. The AGV market is witnessing rapid growth in countries such as China and Japan owing to increasing investments by manufacturers and suppliers in the installation of these vehicles at warehouses and distribution centers.
In North America, growing warehouse automation; emerging applications, such as augmented and virtual reality and IoT; and need of new technologies and innovations to produce higher quality products at faster speeds with lower costs will further drive the market during the forecast period.
Global Automated Guided Vehicle Market is moderately fragmented with the presence of global and regional players in the market. The market players in the automated guided vehicle market are focusing on expanding through strategic interventions, such as acquisitions, collaborations, expansion and launching advanced products in the automated guided vehicle market.
Some major players in the market are Daifuku, JBT Corporation, KION Group, KUKA, Toyota Industries, Hyster-Yale Materials Handling, E&K Automation, Kollmorgen, Seegrid Corporation, and SSI Schaefer, Egemin Automation, Inc., Bastian Solutions, Elettric80 SpA, Fetch Robotics, Inc, inVia Robotics, Inc, Locus Robotics, System Logistics Spa, Transbotics Corporation, and among others.
In 2018, Nidec-Shimpo has launched new versions of its automated guided vehicle, the S-Cart. The new model to be launched by Nidec-Shimpo is based on the company’s guideless navigation AGV “S-Cart” – the 100 kg payload version – that hit the market in 2016, and has been updated with a function that lets it track and follow a person or object.
In October, 2016, Daifuku Co., Ltd. collaborated with Riverford Organic Farmers Ltd. for the transportation of picked goods between different zones using intelligent software of AGV.
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**The global automated guided vehicle market report would provide access to an approx., 69 market data table, 74 figures, and 212 pages.
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