Dublin, Aug. 31, 2021 (GLOBE NEWSWIRE) -- The "Global Automated Guided Vehicle Market, By Product Type (Tow Vehicles, Others), By Battery Type (Lead, Others), By Navigation Technology (Laser, Others), By Application (Assembly, Others), By End User Industry, Estimation & Forecast, 2017 - 2027" report has been added to ResearchAndMarkets.com's offering.
The global automated guided vehicle market held a market value of USD 2,931.8 Million in 2020 and is forecasted to reach USD 5,519.1 Million by the year 2027. The market is anticipated to witness a growth rate of 10.3% over the forecast period.
The market volume in 2020 was about 1,09,400 Units and this volume is expected to grow at a rate of 9.5% till 2027.
Automated guided vehicles are wheel-based and computer-controlled load carriers, which can travel on a facility's floor without an onboard driver or operator. A combination of sensor-based guidance systems and software directs their movement.
The market is anticipated to grow owing to the growing demand for automation in materials across the handling processes in various industries. Furthermore, the advanced material technology coupled with the growing demand for AGV from the retail sector is also expected to boost market growth.
The high installation, maintenance, and switching costs are expected to negatively impact the market growth. Due to these high costs, manufacturers are likely to not choose the automated guided vehicles, which restrain the market growth. During the COVID-19 pandemic, the automated guided vehicles market faced huge losses due to the closure of manufacturing facilities and low or negligible demand from the end-users in the industry.
Growing demand for automated guided vehicles from the retail sector
The e-commerce industry globally is growing at a fast pace, especially in areas such as online retailing combined with high urban density and elevated customer expectations for shorter delivery times. Due to the increasing customer demands, retail companies and manufacturers are shifting to novel material handling and automated solutions. Automated guided vehicles ease the rising pressure faced by online retailers for shipping customer orders efficiently with reduced fulfillment costs. This is anticipated to fuel the growth in the market.
Increasing demand for automation in material across handling processes in various industries
The increasing need for high efficiency in healthcare, automotive, food & beverages, and e-commerce industries, among others is boosting the demand for automated guided vehicles. Industrial facilities benefit from the AGV-enabled automation, which can meet the requirements related to the reduction of production time and improving the material handling capacity. It also is likely to reduce the chances of human errors and enhance the safety of individuals, while ensuring production volumes and also increasing repeatability and accuracy. Using automated guided vehicles also allows for computerized control of receiving assembled parts, just in time delivery of raw materials, and also the accurate tracking of shipped goods. Therefore, this is increasing the demand for automation in materials across handling processes in various industries, hence fuelling the market growth.
The global automated guided vehicle market is segmented into product type, battery type, navigation technology, application, and end-user industry.
By Product Type,
Unit Load Carriers
Assembly Line Vehicles
The tow vehicles segment held the largest share of more than 25%, owing to its highest productivity, as compared to the other types. The forklift vehicles are anticipated to grow at the fastest rate owing to 11.4%. The unit load carriers are also expected to register considerable growth.
By Battery Type,
The lead battery segment accounted for the largest market share owing to its low cost as compared to the other battery types. The lithium-ion battery segment is expected to witness the highest growth rate of more than 19%, as they support, the high-power charge and discharge.
By Navigation Technology,
Optical Tape Guidance
The laser guidance segment held the largest market share owing to its scalability, accuracy, and flexibility. The magnetic guidance segment is anticipated to grow at the highest CAGR owing to its flexible structure.
Logistics and Warehousing
Wholesale & Distribution
Trailer Loading and Unloading
Raw Material Handling
The assembly segment held the largest market share of about 20% owing to its application in the movement of various components, such as containers, transporting goods, pallets, and empty bottles, among others, from the end of the production line to the storage and further. The raw material handling segment is estimated to grow at the fastest rate of more than 12% during the forecast period.
By End-User Industry
Wholesale, Distribution and Other Sectors
Retail Chains/Conveyance Stores
Hotels and Restaurants
The manufacturing sector is likely to hold the largest market share owing to the rising demand for AGVs in the electronics, automotive, FMCG, and pharmaceuticals industries. Within, the manufacturing sector the pharmaceuticals segment is expected to grow at the rate of 15.8%.
On a regional basis, the global Automated Guided Vehicle market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
The European region accounted for the largest market share of more than 37% in the global market the rising demand for material handling equipment is the manufacturing industry. The growing adoption of automation technologies by warehouse owners to optimize operations is also expected to fuel the market growth.
The Asia Pacific region is expected to foresee the fastest growth rate owing to the rapid growth of e-commerce, automotive, healthcare, and food & beverages industries in the region.
The global Automated Guided Vehicle market report provides insights on the below pointers:
Market Penetration: Provides comprehensive information on the market offered by the prominent players
Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global Automated Guided Vehicle market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The global Automated Guided Vehicle market report answers questions such as:
What is the market size and forecast of the Global Automated Guided Vehicle Market?
What are the inhibiting factors and impact of COVID-19 on the Global Automated Guided Vehicle Market during the assessment period?
Which are the products/segments/applications/areas to invest in over the assessment period in the Global Automated Guided Vehicle Market?
What is the competitive strategic window for opportunities in the Global Automated Guided Vehicle Market?
What are the technology trends and regulatory frameworks in the Global Automated Guided Vehicle Market?
What is the market share of the leading players in the Global Automated Guided Vehicle Market?
What modes and strategic moves are considered favorable for entering the Global Automated Guided Vehicle Market?
Key Topics Covered:
Chapter 1. Research Framework
Chapter 2. Research Methodology
Chapter 3. Executive Summary: Global AGV Market
Chapter 4. Global AGV Market Overview
Chapter 5. AGV Market Analysis, By Product Type
Chapter 6. AGV Market Analysis, By Battery Type
Chapter 7. AGV Market Analysis, By Navigation Technology
Chapter 8. AGV Market Analysis, By Application
Chapter 9. AGV Market Analysis, By End-user Industry
Chapter 10. AGV Market Analysis, By Region/Country
Chapter 11. North America AGV Market Analysis
Chapter 12. Europe AGV Market Analysis
Chapter 13. Asia Pacific AGV Market Analysis
Chapter 14. Japan AGV Market Analysis
Chapter 15. Middle East & Africa AGV Market Analysis
Chapter 16. South America AGV Market Analysis
Chapter 18. Company Profile
Bastian Solutions, Inc.
Daifuku Co., Ltd.
E&K Automation Gmbh
Fetch Robotics, Inc.
Hyster-Yale Materials Handling, Inc.
Invia Robotics, Inc.
Kmh Fleet Solutions
Schaefer Systems International, Inc.
Swisslog Holding Ag
System Logistics Spa
Toyota Industries Corporation
Swisslog Holding Ag
For more information about this report visit https://www.researchandmarkets.com/r/h19av4
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