Global Automated guided vehicle market: Trends, Size, Shares and Forecasts 2019-2025

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Automated guided vehicle market share research by
applications and regions for 2019-2025 Global
Market Insights, Inc.
Fuel Cell Market size worth 25.5bn by 2024
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Overview of Automated guided vehicle market

• The Asia Pacific automated guided vehicle market
  is expected to grow rapidly owing to the
  development of the manufacturing sector in this
  region. China is one of the largest exporter and
  manufacturer of goods with the presence of
  several manufacturing companies. Easy cheap
  availability of raw materials components in the
  regions is driving the industry expansion.
  Moreover, technological advancement, awareness of
  the latest automation products, and high
  investment capabilities support high AGV market
  product demand. The e-commerce industry in China
  and India has been growing at a rapid pace, which
  is increasing the demand from the warehousing
  logistics sector. Deployment of this equipment in
  warehouses can aid e-commerce companies in
  automation of intralogistics tasks, such as
  picking sorting, further increasing efficiency
  and supporting the market demand.
• Automated Guided Vehicle Market size is set to
  register high gains to 2025 driven by its growing
  use in the manufacturing sector for various
  operations such as raw material handling,
  progress movement, pallet handling, finish
  product handling, and hazardous material
  handling. Utilization of this equipment in the
  production warehousing facilities offers
  reduced labor, production, warehousing cost, and
  low operational time. These machines are
  intelligent systems, which use different guidance
  techniques, such as wired, guided tape, and laser
  target, for transporting materials across the
  facility. It can be used for functions, such as
  repetitive movement of material over a distance,
  further reducing the labor load and need for
  human intervention.

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• A major factor concerning the AGV market is high
  initial investment associated with the vehicles
  deployment. It consists of various
  self-controlling intelligent components, which
  increase the overall product cost. The efficient
  navigation systems integrated for fast load
  transportation add to the vehicle cost. These
  robots incur high maintenance cost due to the
  need for routine maintenance, occasional repairs,
  and ongoing servicing expenses. The equipment has
  less flexibility due to specific task-programming
  features, which is a drawback compared to human
  labors. In the automated guided vehicle (AGV)
  market, complex product manufacturing process and
  long prototype to final product conversion time
  may restrain the industry growth.
• The material handling equipment demand in the
  automated guided vehicle market is increasing to
  aid operational efficiency in the industrial
  processes and increasing labor costs. Work safety
  initiatives across various manufacturing
  industries and the need for higher productivity
  are expected to support the automated guided
  vehicle market growth. Flexible manufacturing
  technologies and high demand for smart
  customized equipment are creating high product
  demand owing to reduced operational time
  benefits. Technical advancement in the
  manufacturing sector is leading to the adoption
  of highly automated products and solutions. These
  products are gaining popularity in the healthcare
  sector due to features such as high efficiency
  and full programmability.

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• In the AGV market, laser target navigation
  technique is expected to gain high traction owing
  to its implementation across application
  industries. This technique offers several
  benefits including quick installation and high
  flexibility for layout changes and expansion to
  other layouts. Laser target navigation provides
  better accuracy and reliability due to the use of
  continuous position verification technique over
  other options. This system uses area mapping and
  material tracking techniques for enhanced
  navigation. This navigation supports dynamic
  control of blocking and traffic management,
  further expanding the market offerings.
• In the automated guided vehicle market,
  manufacturing application is growing rapidly due
  to the growing implementation of automation
  technologies in production, transportation, and
  warehousing processes. The manufacturing
  automation trend, limited availability, and high
  cost of labors for these activities are promoting
  industry development. This equipment is
  integrated with various sensors and tracking
  systems to avoid obstacles and support consistent
  work operations. Utility cost incurred during the
  manufacturing process is substantially reduced by
  the use of this equipment and results in gaining
  inventory efficiency. The increasing need for
  efficiency and reduced time for catering to the
  rising consumer demand led to the adoption of
  several automation products. Additionally, AGVs
  substantially reduce the time required for
  repetitive tasks and product handling jobs,
  further adding to automated guided vehicle (AGV)
  market growth prospects.

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• The players operating in the automated guided
  vehicle market include Hyster-Yale Materials
  Handling, Toyota Industries Corporation,
  Oceaneering AGV Systems, Daifuku Co., Dematic
  Corp., JBT Corporation, and Bastian Solutions
  LLC. Several industry players have adopted growth
  strategies such as new product launches,
  innovating new technologies, developing
  application-specific solutions, mergers
  acquisitions, etc. For instance, in January 2019,
  JBT Corporation announced that it has acquired
  LEKTRO, a manufacturer of electric aviation
  ground support equipment, which aids the company
  to offer technically-advanced material handling
  solutions. For instance, in June 2018,
  Hyster-Yale Materials Handling announced the
  acquisition of Zhejiang Maximal Forklift Co.,
  Ltd. with an aim to expand its low-cost global
  manufacturing capabilities and to strengthen its
  product portfolio in the market.

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Methodology

• Market
  research reports Key analytical components

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