Press release
Automated Guided Vehicle Market: Lithium Ion Emerges as Top Revenue Generator Forecast 2020-2030
Automated Guided Vehicle Market
The global automated guided vehicle market is set to exhibit a stupendous 12.5% CAGR during the forecast period (2020 - 2030). Innovation and new developments in installation, control, and monitoring of automated guided vehicles will continue to garner traction.
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The rising importance of reducing carbon emission by introducing energy efficient intermediate manufacturing processes acts as a central growth driver for the automated guided vehicles market.
Key Takeaways of Automated Guided Vehicles Market Study
Tow Vehicles are poised to lead as the vehicle type segments accounts for a humongous 44% of total market value share. The elimination of floor accidents, coupled with adaptability of tow vehicles for narrow paths are driving the demand for this vehicle type segment.
Forklift trucks will offer the most lucrative growth opportunities with a stellar 15% CAGR during the forecast period. Increasing complexity of warehouse space management impels manufacturing units to leverage precision automated guided forklift trucks.
Laser guidance is emerging as the front-runner among navigation technologies used by automated guided vehicles. The efficiency and availability of this navigation technology in major markets is giving this segment 47% of the total market value share.
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The highest growth is offered by vision guidance navigation. Increasing demand from oil & gas industries for safe and efficient exploration machines is a central factor for the 14% growth of this segment during the projection period.
Lead batteries account for the largest market share of more than 65% of the total market value. Early adoption of this battery type coupled with favorable durability: price ratio is prime factor behind the growth of this segment.
Nickel batteries present the most gainful opportunities with a stupendous 14.5% CAGR during the forecast period. High energy density of nickel batteries is cited as the main growth driver for this segment.
Europe emerges as the leader of global sales with more than ? of the total market value share. Ubiquitous adoption of industry 4.0 technology across industry verticals is driving the growth of the automated guided vehicle market in this region.
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North America accounts for the second largest share of over 23% of the total market value. Increasing demand for high-performance products warrant an increasing demand for precision manufacturing processes which is achieved by employing automated guided vehicles.
Amid the COVID-19 pandemic, automotive manufacturers are witnessing a drop in orders and production capacities as most of the automotive manufacturing activities involve import of parts and components from China.
Many automated guided vehicle manufacturers face hurdles in producing new products. However, it is expected that post pandemic, organizations will increasingly root for automated guided vehicles as a solution to decrease dependency on human labor.
Collaborative Innovation to Differentiate Product Offerings
Strategic partnerships to collaborate and develop innovative products shape the competitive landscape. Advancements in industry 4.0 technologies such as the internet of things (IoT), machine learning (ML), and artificial intelligence (AI) give automated guided vehicle manufacturers a competitive edge.
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For instance, artificial intelligence systems help automated guided vehicles to avoid accidents and ensure the safety of laborers working with them. The Internet of things on the other hand helps provide instant control over automated guided vehicles.
Market players are targeting high-growth potential regions such as Asia Pacific owing to the increasing penetration of e-commerce and digital services.
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