From 2017 to 2025, the Automated Guided Vehicle Marketwill account for a CAGR of 9.85%. The demand for automated vehicles increased due to materials handling in different industries. The improved business situation and demand for mass production are reasons for market growth. Many sectors use this vehicle to improve the safety standards at the workplace. The automated guided vehicle is a vehicle that is used by many industries where transportation and distribution are carried out. They are automated handling machines programmed to move carts, pallets, trays and others in several manufacturing industries. The Automated Guided Vehiclesare installed in the industries to enhance profit, efficiency, safety, which will result in a great profit. Now, most industries are focusing on efficiency, not the profit margin, which is a factor for market growth. It provides some of the functions such as safe handling and increases in productivity. Many cases are there where several safety issues happen in industries. Many people lost lives, so several industries are getting dependent on the market for safety precaution and efficiency. One of the advantages of the market is a reduction in labor cost; by using the vehicle, the manual labor decreases, which creates a strong impact on the production.
The outbreak has affected many industries and has left the industries to suffer from severe losses. Pandemic has affected many sectors such as food and beverages, automotive, electrical, etc. The Automated Guided Vehicle Market was on the rise before the lockdown imposemnet. Still, it showed a downfall after the academic due to the closure of the manufacturing segments and restriction on travel and tourism.
The demand for high efficiency in different sectors like food and beverages, healthcare, education, ecommerce furls the automation growth. Different industries demand the use of automation vehicles by inculcating the automation vehicle in the industry; the industries can reduce human error production time, enhance safety, and result in high productivity. The facilities provided by the Automated Guided Vehicle Market boost the market growth.
Making the products cost-effective is one of the market challenges that the market faces and has to tackle. Difficulties for installment and complex usage are a huge market challenge to overcome. The challenges would affect the Automated Guided Vehicle Market Share.
Many industries are using the Automated Guided Vehicle, which forms new opportunities for market growth. Innovation of new technology and processes to reduce manhandling in several industries opens ample opportunity for the market size.
The high cost of the installation process can impact the small and medium business industries and can deter them from choosing the vehicle for the industry. The maintaining cost and continuous upgradation of the address and information are barriers to market growth. Due to lengthy payback periods and high capital expenditure, most businesses adapt to the automotive solution. The programs that require communication navigation are high and complex, which is not feasible for the market.
The cumulative evaluation of the market shows different factors that will help further growth. Covid 19 has positively affected the Automated Guided Vehicle market and impacted the market growth. The chief factors existing in the markets also impact the market value. The drivers and opportunities are opening several successful doors for the market. Whereas the restrains and the challenges affect the revenue of the market.
The Automated Guided Vehicle Market is segmented into technology, vehicle type, industry and application. The segmentations push the market to attain a perfect Automated Guided Vehicle Market Value.
Based on the vehicle type, the market is segmented into unit load carriers, forklift vehicles, pallet trucks, TOW vehicles, assembly line vehicles, and others as the forklift vehicles provide better control, stability, flexibility and more storage place, so the segment is anticipated to increase the Automated Guided Vehicle Market Size. Other segments and the unit load carriers will account for a CAGR of 10.3% during the forecast period. The TOW vehicles are also useful and used by different industries to pull the non-powered crates, trolleys, etc. Other segments are expected to show a steady growth rate.
The Automated Guided Vehicle market is divided into laser guidance, inductive guidance, vision-guided vehicle, natural features guidance and traditional guidance by the segment technology. The laser guidance segment is expected to hold the largest market share during the forecast period as it acts as the electronic eye to skip the hurdles that come in the path. The accuracy and the flexibility make the system popular for the environment to carry out all the operations. With the increasing demand for the vision-guided segment in the sectors like warehouse and distribution, the segment will possess a steady growth rate during the forecast period. Due to The flexible structure of other segments, the segment is anticipated to exhibit significant growth.
Based on the industry segment, the Automated Guided Vehicle market is bifurcated into electrical and electronics, Automotive, Logistics & Distribution, Plastics & Polymers, Food & Beverage, Pharmaceutical, and others. Logistics and distribution will register robust growth due to the growing major players for the online market, which increases the distribution industry's transportation and distribution of materials. It is also used in the food and beverages and automotive industry to transport bulk materials. The automotive industry uses this to transport vehicles, tools, engines etc. the use of this vehicle is important for industries for the transportation, distribution, sorting and organization of the products.
Distribution, assembly, transportation, roll handling and others are the sub-segments by the segmentation application. The transportation and distribution segment will hold the largest market share due to the usage of the Automated Guided Vehicle in different industries for distribution goods and for transporting them from one place to other. Several industries use the vehicle for many purposes. Other segments are also showcasing a steady growth rate.
The Automated Guided Vehicle Marketis studied in several regions such as Europe, North America, Asia Pacific and other parts. The growing use of automated guided material and domestic space and industrial and continuous growth in technology in robotics and automation in the European region increases the Automated Guided Vehicle Market Growth.High demand for electronics and retail products in the European countries drives the market. In Germany, many market participants concentrate on energy-efficient solutions, increases efficiency and productivity, mobile technology and connected devices fosters the market. Many industries adapt the vehicle for different functions, which drives the market forward. North America is also showing a steady growth rate and will grow shortly due to major important export industries in the region. Companies operating in the North American region are using the advanced technology before any other region. The Asia Pacific is growing steadily due to the rapid development of e-commerce in japan, china and India creating a lucrative opportunity for the market. In Europe and Latin America, the increased automation and adaptation of industry 4.0 will fuel the market.
Different prominent players are investing in the market. Some new market players are also keen to invest in the future depending on the Automated Guided Vehicle Market Revenue. The market development is based on the strategies carried out by the market players. The key players are expected to improve the market value with several techniques. The competitive intensity between the different market players will have a positive impact. The major key payers that accumulate the market with the growth are
The report provides a detailed analysis of the Automated Guided Vehicle market. It mainly focuses on several key aspects such as drivers, restraints, opportunities, competitive landscape etc., for the market growth. The report depicts the insight of the market and shows the market trends that would act as a developing factor for the market. Various key factors are mentioned in the report that contributes to the world's market share.
By Vehicle Type
|Market Size||2030: Significant Value|
|CAGR||9.85% CAGR (2017-2025)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Vehicle Type, Technology, Application, Industry|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Seegrid Corporation (US), KUKA AG (Germany), Hyster-Yale Materials Handling Inc. (the US), Jungheinrich AG (Germany), Daifuku Co. Ltd (Japan), Toyota Industries Corporation (Japan), SSI SCHÄFER (US), E&K Automation GmbH (Germany), Crown Equipment Corporation (US), JBT Corporation (US), KION GROUP AG (Germany), SCOTT (New Zealand), Meidensha Corporation (Japan),|
|Key Market Opportunities||Growth Of E-Commerce & Retail|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
A 9.85% CAGR is expected to transform the market.
The key drivers of the market are different sectors using efficient methods for productivity to boost the market size.
The market is segmented by vehicle type, application, industry and technology.
Several key players investing in the Automated Guided Vehicle market are Hyster-Yale Materials Handling Inc. in the US, KION GROUP AG in Germany, Meidensha Corporation in Japan, Seegrid Corporation in the US, Daifuku Co. Ltd in Japan.
The increase in demand for electronics and retail products are spurring the global market.
The elevated procurement and maintenance expenses are estimated to restrict the market in the coming years.
USD 5579 million is expected in the global market through the forecast period.