Automated Guided Vehicles (AGV) Market To Reach at CAGR of 7.3% By 2024 | Million Insights

The growing trend of industrial automation is anticipated to drive the AGV market.

Automated guided vehicles (AGV) are used to transport loads to places where repetitive movements of material is required with little or no human intervention. In 2015, the AGV market size was valued at USD 810.4 million and is predicted to expand at CAGR of 7.3% in next seven years. Industries are aiming to achieve high productivity by minimizing waste in manufacturing process.

High labor cost is primary challenge in industry and consistent increasing labour cost in recent times has forced manufacturers to undertake decisive solutions in order to stay competitive in market. AGV are unmanned automated systems that transport all kind of products within warehouse, distribution and logistics environment that reduce cost and increase profitability and efficiency. Technological advancement in field of robotics has helped to increase productivity. The high initial set-up cost can act as barrier in industry growth hence, restricting AGV applications to medium-sized and large enterprise. Average cost of magnetic guided vehicle is around USD 100,000.

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Tow vehicles segment topped the total market in terms of revenue in 2015

In 2015, in terms of revenue the tow vehicle segment dominated among other segments and accounted for 36.7% of overall market share. The segment is expected to reach 37.4% in terms of revenue by 2024. Advancement in automation, workplace safety norms, increasing productivity and low operational cost is fueling demand for tow vehicles. The pallet truck segment is expected to grow at a CAGR of 6.8% from 2014 to 2024.

The requirement of minimum change, in the existing infrastructure, is anticipated to drive the adoption of natural navigation technology-based AGV

The natural navigation technology is advanced technology used in AGV which eliminates the need of reflectors or markers. The boundaries for controlling AGV path are removed along with less installation time and low cost. In 2015, AGV’s based on vision guidance navigation technology accounted for 36.7% of overall market revenue. Vision guided vehicles builds three-dimensional map with the help of images that makes them effective and has increased their popularity.

The assembly and packaging application segment accounted for the highest market share

In 2015, the assembly line vehicles segment accounted for 67.1% of overall market share in terms of revenue. The increasing demand of assembly line vehicles in automobile and food & beverage industry are vital factors in AGV’s market growth.

The healthcare industry is estimated to emerge as the fastest growing end-use industry

Modern hospitals have increased in size and patient capacity; this will propel the market of AGV in medical and healthcare sector. AGV’s can be used to transport patient meals, surgical case carts and medical equipment. In 2015, the automobile industry accounted the highest share in terms of revenue. The use of robotics and automated systems on assembly lines will drive the market

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The Asia Pacific region is expected to observe the largest adoption of AGVs during the forecast period

The Asia Pacific regional market is predicted to have strong growth rate due increasing demand for AGVs in the automobile and the retail sectors. In 2015, Asia pacific accounted for 39.6% of overall market share in terms of revenue which will be 40.4% by 2024.

Egemin Automation, Inc., Kiva Systems, Dematic Corporation, Kollmorgen Corporation, and JBT Corporation hold a significant market position

Innovation and technological trends has made AGV industry highly competitive. The major players in AGV industry are Egemin Automation Inc, Daifuku Co. Ltd., JBT Corporation, Swisslog Holding AG, Bastian solutions Inc, Dematic Corp., Seegrid Corporation. The companies are focusing on inorganic growth strategies to expand their business globally.

Hyster-Yale Group Inc., Ek Automation, Baylo Inc., Toyota Industries Corporation, KMH systems Inc., and Kollmorgen are some other major players in industry.

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