Automated Guided Vehicle Market is likely to Expand at an attractive CAGR of 12.40% during the period from 2016 to 2024

Global Automated Guided Vehicle Market: Snapshot

Nowadays most of the manufacturing units and industries are using automated guided vehicles, as they are capable of transporting almost all types of materials and products without any interference of humans. An automated guided vehicle is widely used in warehousing, logistics, areas of production, and distribution. It increases the efficiency at different levels of operation and helps in reducing labor cost.

Automated guided vehicles are equipped with load protection devices, lasers for navigation, smart sensors, and other similar technologies. These factors expected to improve the working in the industry and reduce product damages. Furthermore, these devices are programmed in using software tools, which can be used to follow a specific path and commence the recommended task to track the movement of goods in supply chain operations.

The increasing application of automated guided vehicles in various industries is likely to augment growth in the global automated guided vehicle market. According to a recent report published by Transparency Market Research, the global automated guided vehicle market is projected to expand at a staggering 12.4% CAGR over the forecast tenure from 2016 to 2024. In 2015, the valuation for this market was US$0.83 bn and during the forecast period, it is expected to reach US$2.3 bn by 2024.

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Tigger AGVs to Emerge Dominant as it is Capable of Pulling Heavier Materials

The global automated guided vehicle market is categorized on the basis of end-use industry and type. Based on type, the market is segmented into load transfer AGVs, assembly line vehicles, forklift AGVs, light load transporters, pallet trucks, and tugger AGVs. Of these, tugger AGVs segment held prominent market share in 2015 and is likely to maintain its dominance in the near future. Tugger AGVs automated vehicles are designed to pull heavier load as compared to other AGVs and are used for towing purpose. Moreover, when compared with forklift tricks, the tugger AGVs are more efficient and can improve the capability of the vehicles.

On the basis of the end-use industry, the global automated guided vehicles market is segmented into automotive, distribution and logistics, aerospace, retail, healthcare, food and beverages, and manufacturing. The demand for the automated guided vehicle could be high in the distribution and logistics segment during the forecast period.

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Growing Demand for Automation to Boost Automated Guided Vehicle Market

On the regional front, Europe held the dominant share in the global automated guided vehicle market in 2015, followed by North America. This is due to deliberate efforts made to increase productivity and rising manufacturing activities. In 2015, both these regions held 60% revenue share in the global market.

On the other hand, Asia Pacific is likely to show lucrative opportunities for the automated guided vehicle market due to growing demand for automation in various processes. As the use of automated guided vehicles helps in ensuring safety at workplace and reduces the cost of production. Moreover, rapid growth in manufacturing activities is also expected to boost demand for automated guided vehicle in the regional market.

The vendor landscape presented in the report includes several prominent players contributing in the global automated guided vehicle market. Bastian Solutions LLC, Egemin Automation Inc., Hyster-Yale Materials Handling Inc., Dematic GmbH & Co. KG, Swisslog Holding AG, and JBT Corporation are some of the few players present in the global market.

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