Automated Guided Vehicle Market to Observe Strong Development by 2024

Automated guided vehicles (AGVs) are completely automated transport systems that are used in manufacturing of unmanned vehicles. The primary function of these vehicles is to safely transport all types of products and materials without any human interference. Automated guided vehicles are extensively being used in areas of production, logistics, warehousing, and distribution as they ensure profitability through efficient and accurate operations. Owing to these reasons, the global automated guided vehicles market is expected to surge at a CAGR of 12.4% during the forecast period of 2016 and 2024. The market is anticipated to reach a valuation of US$2.3 bn by the end of 2024 as compared to US$838.3 mn in 2015.

Operational Efficiency Offered by Automated Guided Vehicles Propels Global Market

The global market is predominantly being driven by various advantages offered by these sophisticated machines. Reduction of the human labor force in various processes as a result of automated guided vehicles performing the same tasks has drastically brought down the operational costs. Furthermore, it has resulted in lesser accidents on sites and ensured workforce safety. Advancements of these machines due to the usage of lithium batteries as compared to conventional ones has also propelled the market to a noticeable levels. Against the backdrop of these steady market drivers, the global automated guided vehicles market is expected to exhibit remarkable progress between 2016 and 2024.

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On the basis of type, the global automated guided vehicle market is segmented into forklift AGVs, load transfer AGVs, pallet trucks, assembly line vehicles, light load transporters, tugger AGVs and others. As of 2015, the tugger AGVs segment held a leading share in the overall market. These types of automated guided vehicles are used for towing purposes as they designed to have an ability to pull heavier loads as compared to other AGVs. Tugger AVGs have introduced remarkable efficiency and improved the capacity of the vehicles as compared to conventional forklift trucks. In light of these factors, the tugger AGVs are slated to experience a steady rise all throughout the forecast period.

Europe to Dominate Global Market as Region’s Manufacturing Sector Limps Back to Normalcy

In terms of geography, the global automated guided vehicle market is segmented into North America, Europe, Asia Pacific, Middle East and Africa and South America. Out of these regions, Europe held the dominant share in the overall market in 2015 with North America in tow. Collectively, the regions held a whopping share of 60% in the global market in 2015 in terms of revenue. The rise of manufacturing activities since the recession, increasing focus on efficiency, and productivity is expected to drive the growth of automated guided vehicles in these regions.

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Analysts predict that Asia Pacific is also expected to grow at a phenomenal pace in the coming years. The market in Asia Pacific will be driven by the increasing demand for automation in several processes to lower the cost of production and dire need to ensure safety at workplaces. The remarkable growth of manufacturing activities is also likely to make a fair contribution to the rising revenue of Asia Pacific automated guided vehicles in the coming years.

The key players operating in the global automated guided vehicle market are Toyota Industries Corporation, Egemin Automation Inc., Bastian Solutions LLC, Hyster-Yale Materials Handling Inc., Swisslog Holding AG, Dematic GmbH & Co. KG, JBT Corporation, E&K Automation GMBH, Oceaneering AGV Systems, and Seegrid Corporation among others.

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