Growth of Automated Guided Vehicle (AGV) Market Forecast to 2026 in a Newly Released Report Profiling Toyota Industries Corporation, KUKA AG, Daifuku Co. Ltd., Bastian Solutions, Inc., JBT Corporation, Swisslog Holding AG, Seegrid Corporation, Baylo, Inc.

The worldwide Automated Guided Vehicle market is anticipated to reach USD 3,977.8 million by 2026 according to a new study published by Polaris Market Research. In 2017, the automotive sector dominated the global market, in terms of revenue. Europe is expected to be the leading contributor to the global market revenue during the forecast period.

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Major Key Player: -

Toyota Industries Corporation
KUKA AG
Daifuku Co. Ltd.
Bastian Solutions Inc.
JBT Corporation
Swisslog Holding AG
Seegrid Corporation
Baylo, Inc.
EK Automation GmbH
Kion Group AG.

Growing need for automation and increasing labor costs fuel the market for adoption of AGV. Use of these automated vehicles increases productivity, and efficiency, while saving time and costs. The increasing demand from industries including healthcare, defense, aerospace, agriculture, and food and beverage is expected to provide growth opportunities in the coming years. Emerging and untapped markets of developing economies further provide growing opportunities to key players in the market. Increasing investments, research and development further boosts the growth of the market.

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There has been a high demand for automation in the global market. Companies are automating processes to reduce cost, save time and deliver better quality products. With stiff competition existing in the global market, companies are automating their processes for better quality and increased productivity. These vehicles automate internal processes and reduce the workload of employees, by working in collaboration with workers for better efficiency. Due to stringent safety regulations, companies are forced to employ Automated Guided Vehicles for dangerous and hazardous environment conditions. Automation of manufacturing processes was earlier restricted to only automotive sector. Now, industries such as healthcare, aerospace, food and beverage are also adopting the automated vehicles solutions. Increasing need of automation in various industries is a key factor driving the growth of the market.

With ever-increasing labor costs existing in most of the countries, companies are turning towards AGVs to save costs and time. Their usage increases efficiency while reducing wastage. They also eliminate chances of faults occurring due to human errors. These vehicles can be operated with the help of software, thereby saving the expense spent in training and management of labor. Unavailability of skilled labor to manage the processes along with high labor costs pushes companies towards automation and supplements the growth of this market.

Europe generated the highest revenue in the market in 2017, and is expected to lead the global market throughout the forecast period. Asia-Pacific is expected to grow at the highest CAGR during the forecast period. Rapid industrialization and increasing automation in the region drives the market growth. Introduction of new advanced technologies and increasing applications in automotive, aerospace, electronics and healthcare sectors is expected to support market growth. Growing demand from automotive industry for high quality products, along with increasing labor costs encourages companies to invest in automation, thereby augmenting growth.

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The various end-users of AGVs include automotive, aerospace, healthcare, food and beverage, and others. In 2017, automotive accounted for the largest share in the global market, and is estimated to grow at a substantial rate during the forecast period. Companies use these vehicles in the automotive sector to save cost and increase their production. The key factors driving this market include increasing labor costs, new safety regulations, and need for increased efficiency. Use of AGVs in the automotive industry enables manufacturers to achieve high quality, reliability, economic efficiency and less product life cycle cost.

About Polaris Market Research

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises. We at Polaris are obliged to serve our diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide our customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to our customers.

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Polaris Market Research
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This release was published on openPR.