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.
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.
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.
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".
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