Automated Guided Vehicle Market Review, Future Growth, Global Survey| COVID-19 Analysis
Overview
Global
Automated Guided Vehicle Market is expected to be valued at USD 5,579.3
Million by 2025, with a CAGR of 9.85% during the forecast
period (2019–2025).
The report
covers segmentations and drivers for a better glimpse of the market in the
coming years. Automated guided vehicle is a computer controlled and
battery-powered load carrier that runs in a warehouse or on the plant floor
without the need of an onboard operator or driver. AGVs can improve efficiency
and productivity as well as they can reduce product damage and labor costs.
AGVs are useful in various operational applications such as pallet
transportation of goods, loading and handling, pallet wrapping, tracking of
cartons and products, and barcode scanning. They are used in various end-use
industries, which include logistics & distribution, automotive, electrical
& electronics, pharmaceuticals, food & beverage, and plastics &
polymers. There are various types of AGVs, and they are tow vehicle, unit load
carrier, forklift vehicle, assembly, line vehicles, and pallet trucks.
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Segmental
Analysis
The global market for automated guided
vehicle is segmented based on vehicle type, technology, application and
industry. On the basis of vehicle type, the tow vehicle segment is expected to
dominate the global market. Tow AGVs work to add and remove the non-powered
vehicles to/from the AGV vehicle at designated stops along a path can navigate
a basic loop or a more complicated preprogrammed pathway, but typical towing
vehicles do not reverse and need the looping system. The non-powered vehicles
that are generally towed by towing vehicles include quad steer carts, wagon
wheel style trailers, hospital carts, dollies, hand trucks, and maintenance
carts and are useful for applications such as heavy lifting, tugging or towing,
load transferring, pallet loading and unloading, and load positioning. Such
factors are expected to drive the growth of the tow vehicle segment.
By technology, the laser guidance
segment is expected to dominate the market. The laser guidance is a non-wire
guided navigation system that uses targets in predictable locations and is the
most popular navigation system in North America and Western Europe. The laser
guidance technology relies on mounted laser scanners to function accurately as
the scanners emit a laser onto a target, then reflects it. The AGV determines
the target distance based on the amount of time it takes for the reflection to
return and orients itself in relation to its distance from the target.
By application, the transportation
segment is expected to dominate the market. AGVs are used to transport units
such as containers and cartons in areas with limited space. Furthermore, AGVs
equipped with forklifts or conveyor elements for pallets and roll containers
increase flexibility for demanding transport, storage, and picking activities.
Transport AGVs automate the workflow by managing and executing transport tasks
and design the optimized and flexible path to improve the operational
efficiency.
By industry, logistics &
distribution segment dominates the market. The logistics &
distribution play a major role in packaging, construction, and other
industries. The increase in the number of small and medium organizations and
customers further raises the demand for logistics & distribution. The
increase in the number of freight services providers and the multiple
governmental requirements for shipping/exporting/importing increase the
complexity of the size, type, and a variety of products. Such factors are
expected to enable the growth of third-party logistics.
Regional
Analysis
Geographic
analysis of the global automated guided vehicle market spans across
North America, Europe, Asia-Pacific (APAC), and Rest of the World.
In
2018,
Europe dominated with a value of USD 1,084.8 Million. The regional
market value is expected to reach USD 1,940.5 Million by 2025 with
an impressive 8.77% CAGR during the forecast period.
Europe is one
of the prominent markets in the global automated guided vehicle market due to
the increasing utilization of industrial and domestic space and rapid
technological advancements in robotics and automation.The increase in demand
for electronics and retail products and the growing automotive industry
supports the pace of supply of products. The growing food & beverage,
electronics, automotive, and construction industries increase the demand for
AGVs. Furthermore, many other industries are associated with the e-commerce
& retail industries for distribution, which makes it an important economic
growth driver. Moreover, advantages such as time-efficiency, precision, and
accuracy offered by AGVs across various industries, including automobile and
manufacturing are expected to increase their demand. Furthermore, Germany
dominates the automated guided vehicle market due to the large workforce and
established industries in the country. In Germany, the various industry
participants focus on implementing energy-efficient solutions, adoption of
connected devices, improved efficiency and productivity, mobile communication
technology, and the deployment of PLC automation solutions.
In
2018,
North America held the second largest market share in the automated guided
vehicle market. North America has witnessed rapid growth in the recent times
owing to the technically advanced manufacturing facilities, high presence of
industrial equipment manufacturers, and supportive government free trade
agreement in the US and Mexico. Furthermore, the demand for AGVs for material
handling, the growing retail and e-commerce industry, and an increase in demand
for AGVs in pharmaceutical, automotive, and agriculture industries further
drives the demand for AGVs. The North American Free Trade Agreement (NAFTA) is
focused on increasing the exports of equipment from Canada and Mexico, which
enable the growth of the manufacturing sector. Mexico has entered into over 40
free trade agreements with Japan, and other countries including the European
Union, which provides further incentives for larger multinational companies to
ensure industrial growth in North America. The manufacturers in the US are
expanding their presence in Mexico due to the growth of the construction and
agriculture industries. The new United States-Mexico-Canada Agreement (USMCA)
has increased the presence of AGV manufacturers in Mexico and the export of the
goods from Mexico. Such factors are expected to increase the demand for AGVs in
North America. In 2018, the regional market was valued at USD 822.5million,
which is expected to reach USD 1,3241 Million by 2025 with
a 7.14% CAGR during the forecast period.
The market
Asia-Pacific is one of the significant markets for global automated guided
vehicle owing to the presence of emerging economies, such as China, India,
South Korea, Japan, Malaysia, Australia and Indonesia, which is expected to
raise the demand for automated guided vehicle during the forecast period.
Increasing spending power, improving standard of living, and the rising gross
domestic product (GDP) are some of the factors increasing the demand for
manufactured/consumer goods, which leads to the increased adoption of AGVs. For
instance, a majority of conventional AGV in Indian manufacturing facilities
were initially of the low-speed type, which require upgrade with the expansion
of such facilities. This leads to the increased demand for goods and the
adoption of high-speed and technologically advanced AGVs. Major food &
beverage, e-commerce, and automotive companies from developed countries across
the globe have set up their production, distribution facilities in
Asia-Pacific, especially in countries, such as India and China, which ensure
the availability of cost-effective labor, raw materials, and equipment. This
has increased the adoption of AGVs in this region. Such factors are expected to
lead to the growth of the automated guided vehicle market in Asia-Pacific
during the forecast period. The regional automated guided vehicle market is
expected to be valued at USD 1,523.4 Million by 2025 at
a CAGR of 14.22% during the forecast period.
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Competitive
Analysis
Some of the
key industry participants of the global automated guided vehicle market
are KUKA AG (Germany), Toyota Industries Corporation (Japan), Daifuku
Co., Ltd (Japan), SSI SCHÄFER (US), E&K Automation GmbH (Germany), JBT
corporation (US),KION GROUP AG (Germany), Crown Equipment Corporation (US),
SCOTT (New Zealand), Meidensha Corporation (Japan), Seegrid Corporation (US),
Hyster-Yale Materials Handling, Inc.(US), Jungheinrich AG (Germany).
KUKA invests
heavily in the research and development of innovative products to compete in
the market. The company also engages in the research & development
activities through KUKA laboratories, which develops and markets products in
the field of service robotics. The company has collaborated with various other
technology companies to sustain and expand its market presence. The company has
been increasing investments in reducing the maintenance costs and enhancing the
capacity of its AGVs so that they can suit a variety of applications.
Furthermore, it focuses on increasing the sales and growing the clientele. It
has been focusing on developing the markets of Asia and Africa while
strengthening its presence in the market.
Toyota
Industries Corporation strategizes to renew its business model to enhance its
revenue structure. The company has been increasing its research and development
spending to enhance the product quality using efficient production
technologies. It is collaborating with various companies to enhance its
forklift systems and AGVs with new features. The company is also planning
acquisitions to enhance its product portfolio and expand its presence in the
market. The company’s technological expertise has strengthened its opportunity
for market penetration.
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