$2.9 Billion Automated Guided Vehicle Market by Type, Navigation Technology, Application, Industry, and Geography - Global Forecast to 2024

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Sep 02, 2019, 08:45 ET

DUBLIN, Sept. 2, 2019 /PRNewswire/ -- The "Automated Guided Vehicle Market by Type (Tow Vehicles, Unit Load Carriers, Forklift Trucks, Assembly Line Vehicles), Navigation Technology (Laser Guidance, Vision Guidance), Application, Industry, and Geography - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The automated guided vehicle (AGV) market is estimated to grow from USD 2.0 billion in 2019 to USD 2.9 billion by 2024 at a CAGR of 7.8%.

The key factors driving the growth of the market include growing demand for automation in material handling across industries, the rising popularity of e-commerce, improved safety standards at workplaces, and shift in demand from mass production to mass customization. However, high installation, maintenance, and switching costs; and increasing use of mobile robots in retail and e-commerce industries are the key restraining factors for market growth.

AGV market for other types to witness high growth potential during forecast period

Other types of AGVs - hybrid AGVs and customized AGVs - are witnessing high adoption rates. Manufacturers are designing hybrid and customized AGVs to cater to the varying material-handling requirements of different industries. The selection of the most suitable type of AGVs varies according to the requirements of industries. Customized and hybrid AGVs are being manufactured to cater to the varied needs of end-users, which is likely to contribute to the high growth of the market for this segment during the forecast period.

Vision-guided AGV market to grow at highest CAGR during forecast period

The projected high growth of vision-guided AGV market can be attributed to ease of technology as the users don't need to modify the existing infrastructure for installing these AGVs in an industrial facility. Static barriers or infrastructure modifications, such as magnets or reflectors, do not hinder the navigation of these AGVs through warehouses or industrial facilities. The technology rather enables them to build a three-dimensional map through a series of images taken when an operator tours the vehicle through the warehouse. Once the maps are created, AGVs are ready to work around the facility.

AGV market for distribution to grow at highest CAGR during forecast period

Distribution is a key element in various operations such as order fulfillment, cross-dock facility, bulk break, and package handling. The growing e-commerce industry is causing a significant increase in the number of warehouses, thereby creating huge demands for AGVs in distribution centers. The rise in adoption of AGVs in the distribution application is attributed to their ability to handle materials carefully with negligible damage.

Europe to be the largest market for AGVs during forecast period

Europe is expected to lead the AGV market, in terms of size, from 2019 to 2024. The presence of a large number of key players in this region, along with a large customer base, is among the major factors driving the market in Europe. The region has an exceptionally high labor cost; therefore, manufacturers in European countries have been adopting automated solutions to reduce overall operational cost. Implementing these solutions helps manufacturers maintain a competitive edge by facilitating efficient management of overall warehousing operations.

Also, several automotive players have their manufacturing facilities in European countries, and this industry is a major market for AGVs. Furthermore, the presence of large companies with global warehousing and distribution operations sustained the growth of the e-commerce industry, and developed third-party logistic (3PL) networks are driving the growth of the AGV market in Europe.

Market Dynamics

Drivers

Growing Demand for Automation in Material-Handling Across Industries
Rising Popularity of E-Commerce
Improved Safety Standards at Workplaces
Shift in Demand From Mass Production to Mass Customization

Restraints

High Installation, Maintenance, and Switching Costs
Increasing Use of Mobile Robots in Retail and E-Commerce Industries

Opportunities

Integration of Industry 4.0 With Robotics
Rising Adoption of Industrial Automation By SMEs
Industrial Growth in Emerging Economies
Presence of Huge Intralogistics Sector in Southeast Asia

Challenges

Low Labor Cost and Dependency on Labor in Manufacturing Sector of Emerging Economies
Technical Challenges Related to Sensing Elements

Company Profiles

Key Players

Daifuku
JBT Corporation
Kion Group
KUKA
Toyota Industries
Hyster-Yale Materials Handling
Oceaneering International
E&K Automation
Kollmorgen
Seegrid Corporation
SSI Schafer

Other Companies

Addverb Technologies
AGV International
America in Motion
Grenzebach
Meiden America
ROCLA
Savant Automation
Transbotics Corporation
Uncease Automation

For more information about this report visit https://www.researchandmarkets.com/r/gq7gsv

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