Automated Guided Vehicle Market Worth $2,240.15 Million by 2020
DALLAS, April 29, 2015 /PRNewswire/ --
According to a new market research report "Automated Guided Vehicle Market by Type (Unit Load Carrier, Tow Vehicle, Pallet Truck, Assembly Line Vehicle), Industry Vertical (Automotive, & Others), Application (Transportation, Distribution, & Others), & Geography - Global Forecast to 2020", published by marketsandmarkets, the AGV market is expected to reach $2,240.15 million by 2020, growing at a CAGR of 9.8% between 2014 and 2020.
Browse 72 market data Tables and 76 Figures spread through 160 Pages and in-depth TOC on "Automated Guided Vehicle Market"
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With the increase in industrial automation, the requirement for automated material handling is also expected to grow proportionately, in order to support this growth. Automated guided vehicles (AGVs) are used in the automation of material handling. The growth of AGVs has helped fulfill the objectives of various industries related to safety, productivity, timely production, and flexibility. Developing countries such as China, Japan, and India are continuously attracting investments and expansions from top most companies, due to the favorable business environment in these economies. The growth of the industrial manufacturing sector is acting as a leading market driver for AGVs, hence; the growing investment in these markets is creating an opportunity for the overall automated guided vehicle market.
The Automated Guided Vehicle Market is expected to benefit from emerging market investments that are enhancing the industrial infrastructure and facilities, while the developed markets are expected to continue to invest in more efficient material handling systems and procedures, which offer better and more efficient ways of material handling. The growing pressure on manufacturers to raise their output has encouraged the companies to adopt the automated techniques for their material handling operations, to eliminate wastages and cater to the growing demand.
This report details the segmentation of the AGV market by type, industry vertical, application, and geography and covers all the existing and emerging technologies in the AGV market. The report covers all the major industry verticals of the AGVs market, for example, automotive, manufacturing, food & beverage, aerospace, healthcare, logistics, retail, and others with qualitative as well as quantitative industry insights.
One of the objectives of the report is to analyze the market trends for each of the AGV market segments and their respective growth rates. Apart from the market segmentation, the report also covers in-depth analyses such as Porter's Five Forces analysis, value chain with a detailed process flow diagram, and market dynamics such as drivers, restraints, opportunities, and challenges for the automated guided vehicle market.
The Automated Guided Vehicle Market has been segmented based on geography into the North America, Europe, Asia-Pacific, and Rest of the World (RoW). Europe is estimated to account for a major share of the AGV market, which is expected to be followed by Asia-Pacific and North America. Moreover, the Asia-Pacific market for AGV is expected to grow at the highest rate.
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Some of the major players in this market are Daifuku Co. Ltd (Japan), Dematic GmbH & Co. KG (Luxembourg), Egemin International N.V. (U.S.), JBT Corporation (U.S.), and Swisslog Holding AG (Switzerland).
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