Global Automated Guided Vehicles Market
The global automated guided vehicles market was estimated to be worth USD 1.82 billion in 2016, and is expected to record an estimated CAGR of 9.54% during the forecast period, to reach USD 3.11 billion by 2022. Automated guided vehicles (AGVs) have undergone incremental technological innovations over the years, ranging from the incorporation of on-board processors, actuators, to new forms of control processors for enabling better performance and system utilization. AGVs can be defined as self-driven vehicles comprising a control unit, guide path, sensors, and interfaces, programmed to perform a diverse set of operations. They are considered as the most flexible type of material handling systems. The latest range of AGVs is equipped with on-board processors, position feedback systems and advanced system controllers. These systems enable optimal system utilization, position tracking and safer handling of materials. Their size ranges from small load carriers of a few kilograms to over 125-ton transporters. The vehicles’ working environment ranges from small offices with carpet floor to huge harbor dockside areas.
The automated guided vehicles systems market has been driven by many factors such as rising demand for automation, increased emphasis on workplace safety, technological advancements in the field of automated guided vehicles systems, need for greater predictive maintenance and productivity across major verticals, etc. The global economic outlook is promising, with the manufacturing sector across major economies showing improvement over the last few years. Consumer spending is also on the growth trajectory. These factors are driving the automated guided vehicles market, globally. Rapid growth in e-commerce and the emergence of flexible manufacturing systems are some of the major growth opportunities that could drive the future of this market.
The growth of automated guided vehicles market is being hindered by certain factors such as high initial costs, need for skilled workforce and concerns over replacement of manual labor, etc. However, the investment for automation is often considered as a technology upgrade rather than as a stand-alone application. Conversely, exorbitant initial costs and the need for skilled personnel, ensuring smooth integration and functioning, could impede the market growth over the forecast period.
The global automated guided vehicles market is segmented by type into unit load carriers, tow vehicles, pallet trucks, assembly line vehicles, forklift vehicles, clamp vehicles, and others. Tow vehicles and unit load carriers hold the largest market share in this segment. The overall growth of pallet trucks and assembly line vehicles are expected to be as high as 12.38% and 12.19%, respectively, during the forecast period. By industry, the market has been segmented into energy, transport/logistics, healthcare, retail, manufacturing, and others. The automotive industry holds a major chunk in the AGV market, with a share of 23.18%, followed by manufacturing, transportation/logistics and others. Transportation and logistics sector is expected to witnesses the fastest CAGR growth over the forecast period.
The global geographical coverage of the automated guided vehicles systems market includes North America (the United States and Canada), Europe (Germany, the UK, France, Italy, Russia, Spain and others), Asia-Pacific (China, Japan, India, South Korea, Singapore and others), Latin America (Brazil, Mexico, Argentina, Venezuela, Columbia and others) and the Middle East & Africa (UAE, Saudi Arabia, South Africa, Turkey, Israel and others). Germany, Japan, China, and the United States are the major players in this market. Improving economic conditions and focusing on the manufacturing sector in the Asia-Pacific region are some of the factors, which are expected to attract potential investors and vendors in this market.
The key market players include –
Key Deliverables of the Study
• Market definition of automated guided vehicles systems in the global market, along with market drivers and restraints.
• Market segmentation and the corresponding market share analysis.
• Global and region-specific competitive market analysis of automated guided vehicles systems.
• Analysis on the key factor which influence the market scenario, along with the growth opportunities.
• Identifying the market leaders and analysing their strategic moves and their market share.
• Coverage of the market landscape, along with the geographical foot print, key growth strategies and competitive market share analysis.