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Automated Guided Vehicle Market Shows Major Opportunity due to Low Cost of Production in the Emerging Countries like India and China
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Automated guided vehicles are acting as a catalyst for the material handling industry as these vehicles helps in material management and complex material handling across all industries. Burgeoning population, increase in consumption expenditure and the moving preference of the industries towards automation are the major drivers driving the automated guided vehicle market globally. Moreover increase in automation in all the industries leads to lower cost of production. In addition to this, safety in operation of these vehicles, increase in productivity, optimization in material handling and industrial expansions are also responsible for the growth of automated guided vehicles. Growth in the e-commerce industry serves as a major opportunity for the market which is expected to drive the market in the future.
Asia-Pacific is the most attractive region for automated guided vehicle market. The significant increase in industrialization owing to bulk material handling requirements in the Asia-pacific region is driving the market for automated guided vehicles. In addition, the adoption of latest technology in the form of completely automated manufacturing and material handling process further drive the automated vehicle market in this region. Automation in material handling with the use of automated guided vehicles leads to efficient material handling with less cost of production. This leads to increase in bulk material handling capability without compromising on cost and thus drives the market. The escalating demand for timely production requirements and increased need for productivity in the manufacturing sector in the emerging countries like India and China is also driving the growth of automated guided vehicle market due to low cost of production.
The North America and Europe market for automated guided vehicle is expected to grow at a steady pace over the forecast period. Steady recovery from the recent economic meltdown is responsible for the growth in the manufacturing and industrial sector in North America which is driving the market for automated vehicle market in the region. Increase in demand for automation technology in pharmacy and hospital applications is driving the automated guided vehicle market in Europe. Moreover there is a shift in Europe manufacturing sector from manual labor material handling to automated material handling with the help of automation. This is also increasing the demand for automated guided vehicle in the Europe market. Europe market faced steep challenge in the recent economic meltdown and is recovering at a steady pace which has also increased the demand for automation in industries significantly.
Global key participants in the industry include Bastian Solutions LLC, Daifuku Co. Ltd, Dematic Gmbh & Co. KG, Egemin Automation Inc, EK Automation, Hyster-Yale Materials Handling Inc, JBT Corporation, Seegrid Corporation, Swisslog Holding AG and Toyota Industrial Equipment.
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