Automated Guided Vehicles Market Projected to Reach $8617.92 Million at 16.73% CAGR Till 2023

In 2017, the automated guided vehicle market was valued at USD 3238.18 million. It is expected to reach a value of USD 8,617.92 million by 2023, registering a CAGR of 16.73% during 2018-2023 (the forecast period).

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The global AGV market had witnessed a series of changes since the past few years. After the introduction of the Industry 4.0 policy in 2013 at the Hannover Fair, industries have realized the importance of automation and connected factory environment. The sales rate of automated guided vehicles has witnessed a rapid growth. The number of units sold grew by more than twice in some cases since in the last decade.

Key Developments in the Market
• April 2017 - KUKA, a key global AGV producer, with the Swisslog brand, signed a value added reseller (VAR.) agreement, with BEET. The prime objective of the deal was to take advantage of the BEET’s IoT capabilities. This agreement takes KUKA a step forward on its software front towards the Industry 4.0 strategy.
• September 2017- International Federation of Robotics released the statistics of Automated Guided Vehicles Sales. The statistics released by the organization suggest, a 45% increase in the sales of AGVs, which grew by 11600 units from 2016. This outlook is encouraging many AGV producers despite a slowdown in their major source of demand (automotive industry), due to drop in oil prices.

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Sales in Service Robots Booming Worldwide
According to the latest projection from the International Federation of Robotics (IFR), the sales rate in service robots for the professional use (parent market for AGV) is expected to increase by 12% by the end of 2017 and reach a new record of USD 5.2 billion. The long-term forecast is also positive, with an expected average growth rate to be in between 20% and 25%, during the forecast period (2018-2020). In terms of value, a cumulative of around USD 27 billion is expected to be raised for the professional service segment.
Europe is the major hub of service robot manufacturers. About 290 out of the 700 registered companies, who supply service robots, are from Europe. With about 240 manufacturers, North America ranks second, while Asia ranks third with about 130 manufacturers. The increasing number of startups are expected to boost these numbers in the future. In the United States, about 200 start-ups are working on new service robots. The European Union, Switzerland, and Asia account for almost 305 companies, who are creating a new entrepreneurial culture for the service robotics industry. This fact indicates that virtually all economies are attempting to invest in the service robotics industry. Also, this trend is expected to provide far cheaper automation solutions to the industries.

Automotive Industry to Drive the Growth in Demand for AGVs
Out of all the end-user segments, the automotive industry holds the largest demand for automated guided vehicles (AGV). Applications in assembly lines and body chassis marriage operations make AGVs a key component for increasing production efficacy in the automotive production establishments. The flexibility in operation, along with the ability to allow humans to interact along the process of transportation, makes these vehicles one of the best automation solutions for car manufacturers.
The production activity of the automotive industry has considerably grown, since the introduction of Industry 4.0. The rising awareness regarding automation and connected factories, along with the increasing importance on the efficacy of production, is expected to drive the market during the forecast period. The increased rate of production of electric cars and growing investments in automotive R&D activities are expected to keep these production numbers high over the next four years.

Asia-Pacific to be the Largest Market in the World
Asia-Pacific is the largest consumer of AGVs in the world. The presence of industrial giants, like China and Japan, in the region and the growing demand from other developing Asian countries (like Malaysia, Singapore, and India) are the key factors driving the demand for AGVs in Asia-Pacific. With the vision of Made in China 2020, China has made tremendous progress in the robotics world. Currently, the Annual sales volume has reached the highest level ever recorded for a single country within a year. It is estimated that sales in China surged by 27% to reach 87,000 units (2016). This makes it clear that China is investing in automation, in order to make the factories reach their maximum production efficacy. Initially, China imported many of these robots from the European countries. However, in the recent years, the local market for automation services is expected to be highly fragmented. In Asia-Pacific, rising investments in the automation sector and prospering automobile and electronics industries are likely to keep the demand for AGVs in the region growing.

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This release was published on openPR.