Automated Guided Vehicle Market to Proliferate at Promising CAGR of 12.4% by 2024: Transparency Market Research

News provided by

Transparency Market Research

27 Sep, 2018, 11:30 BST

ALBANY, New York, September 27, 2018 /PRNewswire/ --

The global automated guided vehicle market is fairly consolidated as a handful of leading players accounted for a combined global share of about 56.0% in 2015, notes Transparency Market Research (TMR). The top players are increasingly tapping into emerging end-user demands of technologically-advanced products to stay ahead of their peers. To this end, they are making sizeable investments on research and development (R&D) activities and are focused on constantly making product innovations, observes TMR. A growing number of players are also likely to reap competitive gains by developing custom-built automated guided vehicles.

     (Logo: https://mma.prnewswire.com/media/664869/Transparency_Market_Research_Logo.jpg )

Prominent vendors in the automated guided vehicle market include Swisslog Holding AG, Egemin Automation Inc., Hyster-Yale Materials Handling, Toyota Industries Corporation, and JBT Corporation.

Get a Brochure for Research Insights at https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=9368

The global automated guided vehicle market is projected to expand at a robust CAGR of 12.4% during 2016-2024. The market stood at US$838.3 million in 2015 and it is forecast to reach a worth of US$2.3 billion by the end of 2024.

Among the various types of automated guided vehicle, tugger AGVs held the major share in the global market in 2015. The segment is also anticipated to rise at the most attractive CAGR amounting to 11.9% during 2016-2024. The growth is attributed to their extensive demand in automating warehouse operations with substantial productivity.

Regionally, Asia Pacific is anticipated to hold the sway in the global automated guided vehicle market throughout the assessment period. The regional market is projected to rise at a robust CAGR of 13.7% during this period. The growth is primarily driven by the large strides being made by the automotive sector across the region.

Request a PDF Sample at https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=9368

Benefits of Improving Production and Operational Efficiencies in Industrial Sectors bolster Demand 

The rapid pace of automation and the adoption of robotics in industrial sectors in various parts of the world is a key factor underpinning the steady expansion of the automated guided vehicle market. The deployment of automated guided vehicles in a range of industrial sectors is motivated by the benefits of achieving large operational efficiencies with consistent workflows. The rising use of AGVs to streamline operations with minimal human intervention is also expected to potentially accentuate the market over the assessment period. The focus on safe working environments, coupled with rising governments' focus for the same in several countries, has helped in the swift expansion of the automated guided vehicle market.

The global automated guided vehicle market is also boosted by the staggering worldwide rise in demand for automation technologies in industries that involve high-risk manufacturing processes. Furthermore, in several developing and less developed regions, these vehicles are witnessing attractive demand owing to their functionality in reducing the cost of production. Constant efforts to improve the technologies used in automated guided vehicles are opening new revenue streams for vendors. The inclusion of lithium-ion batteries in AGVs is a case in point.

Request for Customization at https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=9368

Slow Pace of Commercialization Key Constraint 

However, the steady expansion of the automated guided vehicle market is constrained by a few notable setbacks. The long period of development cycle for these machines attributed mainly to the slow pace of commercialization is hindering the expansion of the market. These concerns notwithstanding, the market is boosted by the rising adoption of AGVs in the manufacturing sectors, especially in those economies where the sectors have overcome past recessionary trends.

The growing deployment of AGVs in the transportation of goods in warehouse operations. The substantial pace of industrialization, coupled with the rising popularity of industrial automation, is a key factor expected to open new, exciting avenues in the automated guide vehicles. Moreover, the rising demand for fully integrated material handling systems in warehouses is catalyzing the uptake of the automated guided vehicle market.

The study presented here is based on a report by Transparency Market Research (TMR) titled "Automated Guided Vehicle Market (Type - Forklift AGVs, Load Transfer AGVs, Pallet Trucks, Assembly Line Vehicles, Light Load Transporters, and Tugger AGVs; End-use Industry - Distribution & Logistics, Automotive, Aerospace, Healthcare, Retail, Manufacturing, and Food & Beverage) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016-2024".

Request for Discount at https://www.transparencymarketresearch.com/report-toc/9368

The global Automated Guided Vehicle Market is segmented based on: 

Type 

  • Forklift AGVs
  • Load Transfer AGVs
  • Pallet Trucks
  • Assembly Line Vehicles
  • Light Load Transporters
  • Tugger AGVs
  • Others

End-Use Industry 

  • Distribution & Logistics
  • Automotive
  • Aerospace
  • Healthcare
  • Retail
  • Manufacturing
  • Food & Beverage
  • Others

Geography 

  • North America
  • Europe
  • Asia Pacific
  • Middle East and Africa
  • South America

Browse More Automotive & Transport Market Research Reports

Popular Research Reports by TMR: 

About Us 

Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.

Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.

TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision. 

Contact
Mr. Rohit Bhisey
Transparency Market Research
State Tower,
90 State Street,
Suite 700,
Albany NY - 12207
United States
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com


Website: https://www.transparencymarketresearch.com

Research Blog: https://transparencyjournal.com/

SOURCE Transparency Market Research

Also from this source

Value of Cervical Cancer Diagnostic Tests Market estimated at US$ ...

Aseptic Paper Packaging Market Size worth US$ 16.8 Billion by...

Explore

More news releases in similar topics