Automated Guided Vehicle Market to Reach US$2.3 Bn by 2024, Growing Application in Logistics Environment Boosts Prospects, Noted TMR

ALBANY, New York, June 7, 2019 /PRNewswire/ -- The global automated guided vehicle market features a consolidated vendor landscape as large players have been committed sizable investments with the objective to meet the wide cross-section of demand of end-use industries. Transparency Market Research (TMR) observes that numerous prominent companies are pouring millions of dollars in research and development of cutting-edge robotics technologies for automated guided vehicles that can help businesses take the automation of warehouses to next level. Most manufacturers are focusing on flexibility and safety aspects of robots to get better foothold in the automated guided vehicle market, notes TMR.

Well-entrenched players in the global automated guided vehicle market include Hyster-Yale Materials Handling, JBT Corporation, Oceaneering AGV Systems, Toyota Industries Corporation, and Bastian Solutions LLC.

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The global automated guided vehicle market stood at US$0.83 Bn in 2015. Garnering a robust CAGR of 12.4% during 2016–2024, the revenues are expected to touch value of US$2.3 Bn by 2024-end. 

Of the various end-use industries, automated guided vehicle is witnessing vast uptake in distribution and logistics applications. These opportunities in the segment are fueled by growing demand for wide range of automated guided vehicles in logistics applications.

On the regional standpoint, Asia Pacific is expected to hold the sway by the end of the assessment period in the automated guided vehicle market. The regional market is anticipated to clock a CAGR of 13.7% during 2016–2024.Growth is supported by strides by automotive manufacturing in key emerging economies. Regional revenues are driven by rising application in manufacturing of automotive parts and accessories.

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Advances in Sensor-Based Guidance Systems boost Reliability and Safety in Operations

Growth of the automated guided vehicle market rides on the back of industrial deployment of these robots for movement and handling of goods on factory floor. Automated guided vehicles have been extensively used in the safe movement of palletized and non-palletized loads in diverse range of industries. Sizable portions of the global demand have come from their applications in logistics, distribution, and manufacturing. Growing utilization of automated guided vehicle technologies in trailer loading, raw material handling and transportation, and finished product handling is bolstering revenue gains to the market. They are increasingly complementing the functions of conveyors used on shop floors where high volumes of repetitive tasks are involved.

Over the years, incorporation of sensor-based guidance systems has consistently expanded the applications areas of automated guided vehicle, such as in the automotive, food and beverages, healthcare, and retail industries. In recent years, manufacturers have increasingly stressed on the battery technology used in automated guided vehicles and the sensor networks. Adoption of modern sensory systems has added momentum to the growth of the automated guided vehicles market.

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Rapid Pace of Industrial Automation to help overcome Commercialization Challenges

Increasing focus of safety of workers and the drive for better productivity and accuracy have stimulated end-use industries to integrate automated guided vehicles with warehouse control systems. Demand in the automated guided vehicles has been receiving robust fillip by the reliability of these in inclement weather conditions and in handling hazardous materials.

However, despite the enormous potential the commercialization of automated guided vehicles hasn't been without snags. For one, the high cost of deploying these technologies in warehouses and logistics has been a key dampener to the demand in the automated guided vehicles market. Moreover, conversion of the prototype into product development faces a few hindrances, leading to high pricing for end-use industries.

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Nevertheless, the wave of industrial automation especially in developing countries will help retain the pace of innovation in the automated guided vehicles market. Moreover, growing awareness among end-use industries of the role of these robots in the profitability of their operations will also offer marked impetus to the market.

The study presented here is based on a report by Transparency Market Research (TMR) titled "Automated Guided Vehicle Market (Type - Forklift AGVs, Load Transfer AGVs, Pallet Trucks, Assembly Line Vehicles, Light Load Transporters, and Tugger AGVs; End-use Industry - Distribution & Logistics, Automotive, Aerospace, Healthcare, Retail, Manufacturing, and Food & Beverage) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016–2024".

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The Automated Guided Vehicle Market is segmented based on:

Type

• Forklift AGVs
• Load Transfer AGVs
• Pallet Trucks
• Assembly Line Vehicles
• Light Load Transporters
• Tugger AGVs

End-Use Industry

• Distribution & Logistics
• Automotive
• Aerospace
• Healthcare
• Retail
• Manufacturing
• Food & Beverage

Geography 

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America

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SOURCE Transparency Market Research