ID: MRFR/IA - E/6282-CR | January 2020 | Region: Global | 136 pages
Automated Guided Vehicle Market to register a 9.85% CAGR from 2017 to 2025 (forecast period).
Market Research Future (MRFR) presumes the Global Automated Guided Vehicle Market to register a 9.85% CAGR from 2017 to 2025 (forecast period). The growth of the AGV market is driven by increasing demand for automation in material handling across industries, changing demand from mass production to mass customization, the increasing popularity of e-commerce due to COVID-19, and improved safety standards at the workplace. Furthermore, industrial growth in emerging economies, the presence of the intralogistics sector in Southeast Asia, and the growing adoption of industrial automation by small and medium-sized enterprises are likely to fuel market growth.
By region, the global automated guided vehicle industry is segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World.
Europe to Foster the AGV market
Europe dominates the automated guided vehicle market. Europe is one of the leading markets in the global automated guided vehicle market due to the growing use of industrial and domestic space and rapid technological developments in robotics and automation. High demand for electronics and retail products and the increasing automotive industry help the pace of product supply. Growing food & beverage, electronics, automotive, and construction industries are raising the market for AGVs. In addition, many other sectors are related to the e-commerce and retail distribution industries, making them an important driver of economic development. In Germany, the various market participants concentrate on the implementation of energy-efficient solutions, the adoption of connected devices, increased efficiency and productivity, mobile communication technology, and the deployment of PLC automation solutions.
The AGV market players have implemented different types of organic as well as inorganic growth strategies like new product launches, contracts, agreements, collaborations, acquisitions and, business expansions, to extend their offerings in the market.
COVID-19 Impact on the Global Automated Guided Vehicle Market
The outbreak of COVID-19 hasn't given industries and companies time to prepare or protect themselves from any losses. The market scenario is ambiguous and can go up or down steeply, depending on the actions taken and the results obtained by the organizations. The outbreak has affected numerous industries around the world. It has contributed to either the closure or suspension of their manufacturing operations in most industrial units around the world. The emergence of the COVID-19 pandemic has an immense effect on sectors such as aviation, automotive, manufacturing, and food & beverage. A number of countries around the world have suspended their domestic and international travel operations to control the spread of COVID-19. This is anticipated to result in a decline in aircraft demand and a decrease in aircraft production, as well as a massive loss of revenue. The automotive industry is one of the main sectors incurring major losses due to the COVID-19 pandemic situation. Supply and demand for automobiles have been affected globally as a result of lockdowns in various countries around the world and the closure of manufacturing units. COVID-19 has spread across the world, beginning with APAC, then spreading to Europe, and is now accelerating in North America. COVID-19 has affected almost all continents; however, the United States, Brazil, India, Russia, and the United Kingdom have seen a sharp rise in the number of cases diagnosed. COVID-19 has had a serious global effect on the various sectors, which will have a huge impact on the AGV market.
High demand for automation in material across handling processes across industries
The overall need for high efficiency in the automotive, healthcare, e-commerce, and food & beverage industries is growing the need for automation. The AGV-enabled automation of industrial facilities will help meet the requirements of material handling capacity, reduce the chances of human error, reduce production time, increase safety, ensure high production volumes and increase accuracy and repeatability. The use of AGVs allows just-in-time (JIT) delivery of raw materials, computerized control of the received assembled parts, and tracking of the shipped articles.
High installation, maintenance, and switching costs
Colossal capital expenditure is required for the installation of AGVs. High costs can deter manufacturing companies from choosing high-end AGVs. Small businesses cannot afford automated systems and instead opt for traditional/manual handling forklift trucks. The cost of maintaining AGVs, which varies depending on the age, type, location, number of shifts per day, and the condition of the equipment, also acts as a barrier to the growth of this industry. For example, AGVs used in the manufacturing, chemical, and construction industries have high maintenance costs. Furthermore, it is difficult for businesses to invest in automation solutions due to high capital expenditure and lengthy payback periods. The costs associated with the overall set-up of AGV systems are high as these vehicles are programmed and need navigation and communication systems to communicate with other material handling equipment. The average payback period for AGVs is typically between 3 and 5 years. As a result, it is difficult for many businesses to invest in AGVs due to high capital expenditure and a long payback period.
Global Automated Guided Vehicle Industry is segmented into Vehicle Type, Technology, Application, and Industry.
By vehicle type, the market is segmented into TOW vehicle, unit load carrier, forklift vehicle, pallet trucks, assembly line vehicles, and others.
By technology, the global automated guided vehicle market is segmented into traditional guidance, laser guidance, inductive guidance, natural features guidance, and vision guided vehicle.
By application, the global automated guided vehicle market is segmented into transportation, distribution, assembly, roll handling, and others.
By industry, the global automated guided vehicle market is segmented into automotive, electrical & electronics, logistics & distribution, pharmaceutical, plastics & polymers, food & beverage, and others.
In March 2020, Seegrid introduced the GT10 Series 7Plus Vision Guided Vehicle (VGV). The automated tow tracker features a shorter mast structure to accommodate height-restricted facilities, comes standard with auto-hitch capabilities, and features reverse sensing for added functionality.
This study estimates revenue growth at global, regional, and country levels and offers an overview of the latest developments in each of the sub-sectors from 2017 to 2025. For this analysis, MRFR segmented the global automated guided vehicle market report based on vehicle type, technology, application, end-use industry, and region.
By Vehicle Type
|Market Size||2027: Significant Value|
|CAGR||9.85% CAGR (2020-2027)|
|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 European regional market is projected to rule the market.
The segments in the market are industry, technology, vehicle type and application.
The contenders in the market are KUKA AG (Germany), Jungheinrich AG (Germany), Toyota Industries Corporation (Japan), SSI SCHÄFER (US) and Daifuku Co., Ltd (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.