Global Automated Guided Vehicle Market is expected to be valued at USD 5,579.3 Million by 2025, with a CAGR of 9.85% during the forecast period (2019–2025).
The report covers segmentations and drivers for a better glimpse of the market in the coming years. Automated guided vehicle is a computer controlled and battery-powered load carrier that runs in a warehouse or on the plant floor without the need of an onboard operator or driver. AGVs can improve efficiency and productivity as well as they can reduce product damage and labor costs. AGVs are useful in various operational applications such as pallet transportation of goods, loading and handling, pallet wrapping, tracking of cartons and products, and barcode scanning. They are used in various end-use industries, which include logistics & distribution, automotive, electrical & electronics, pharmaceuticals, food & beverage, and plastics & polymers. There are various types of AGVs, and they are tow vehicle, unit load carrier, forklift vehicle, assembly, line vehicles, and pallet trucks.
The global market for automated guided vehicle is segmented based on vehicle type, technology, application and industry. On the basis of vehicle type, the tow vehicle segment is expected to dominate the global market. Tow AGVs work to add and remove the non-powered vehicles to/from the AGV vehicle at designated stops along a path can navigate a basic loop or a more complicated preprogrammed pathway, but typical towing vehicles do not reverse and need the looping system.
The non-powered vehicles that are generally towed by towing vehicles include quad steer carts, wagon wheel style trailers, hospital carts, dollies, hand trucks, and maintenance carts and are useful for applications such as heavy lifting, tugging or towing, load transferring, pallet loading and unloading, and load positioning. Such factors are expected to drive the growth of the tow vehicle segment.
By technology, the laser guidance segment is expected to dominate the market. The laser guidance is a non-wire guided navigation system that uses targets in predictable locations and is the most popular navigation system in North America and Western Europe. The laser guidance technology relies on mounted laser scanners to function accurately as the scanners emit a laser onto a target, then reflects it. The AGV determines the target distance based on the amount of time it takes for the reflection to return and orients itself in relation to its distance from the target.
By application, the transportation segment is expected to dominate the market. AGVs are used to transport units such as containers and cartons in areas with limited space. Furthermore, AGVs equipped with forklifts or conveyor elements for pallets and roll containers increase flexibility for demanding transport, storage, and picking activities. Transport AGVs automate the workflow by managing and executing transport tasks and design the optimized and flexible path to improve the operational efficiency.
By industry, logistics & distribution segment dominates the market. The logistics & distribution play a major role in packaging, construction, and other industries. The increase in the number of small and medium organizations and customers further raises the demand for logistics & distribution. The increase in the number of freight services providers and the multiple governmental requirements for shipping/exporting/importing increase the complexity of the size, type, and a variety of products. Such factors are expected to enable the growth of third-party logistics.
Geographic analysis of the global automated guided vehicle market spans across North America, Europe, Asia-Pacific (APAC), and Rest of the World.
In 2018, Europe dominated with a value of USD 1,084.8 Million. The regional market value is expected to reach USD 1,940.5 Million by 2025 with an impressive 8.77% CAGR during the forecast period.
Some of the key industry participants of the global automated guided vehicle market are KUKA AG (Germany), Toyota Industries Corporation (Japan), Daifuku Co., Ltd (Japan), SSI SCHÄFER (US), E&K Automation GmbH (Germany), JBT corporation (US),KION GROUP AG (Germany), Crown Equipment Corporation (US), SCOTT (New Zealand), Meidensha Corporation (Japan), Seegrid Corporation (US), Hyster-Yale Materials Handling, Inc.(US), Jungheinrich AG (Germany).
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