According to the latest market research report "Automated Guided Vehicle Market by Type (Unit Load Carrier, Forklift Truck, Tow Vehicle, Pallet Truck, Assembly Line Vehicle), Battery Type (Lead, Nickel, Lithium Ion), Application, Navigation Technology, Industry, & Geography - Global Forecast to 2023", published by MarketsandMarkets™ , the market is estimated to grow from USD 1.86 billion in 2018 to USD 2.74 billion by 2023, at a CAGR of 8.02% from 2018 to 2023.
Early buyers will receive 10% customization on this report.
The growth of this market is driven by the increasing demand for automation in material handling across industries, emerging e-commerce industry, rising requirement for workplace safety standards , and growing productivity due to improved supply chain processes, among others.
The market for vision guidance navigation technology-based AGVs to grow at the highest CAGR from 2018 to 2023
The market for AGVs based on vision guidance navigation technology is expected to grow at the highest rate during the forecast period due to their capability to reduce downtime and minimize infrastructure costs as users are not required to modify the existing infrastructure for installing these systems in an industrial facility. Additionally, vision-guided AGVs navigate their way through warehouses or industrial facilities, without relying on static barriers or infrastructure modifications such as magnets or reflectors.
Lead batteries accounted forthe largest market share in 2017
Lead batteries accounted for the largest share of the overall AGV market, based on battery type, in 2017. The lead battery is a mature energy storage technology used in the conventional automotive and power sectors. It is the oldest form of rechargeable battery that is suitable for automated guided vehicle applications. Lead-acid batteries are generally used in AGVs as these batteries have the highest power-to-size ratio in comparison with conventional batteries.
Europe held the largest share of the AGV market in 2017
Europe's largest market size is due to the exceptionally high labor cost in the region. Manufacturers in European countries have been adopting automated solutions to reduce the overall operational cost. Implementing automated material handling solutions also helps manufacturers maintain a competitive edge by facilitating the efficient management of overall warehousing operations.
Daifuku (Japan), JBT Corporation (US), KION Group (Germany), KUKA (Germany), Toyota Industrial (Japan), Hyster-Yale Materials Handling (US), Kollmorgen (US), EK Automation (Germany), Seegrid Corporation (US), and SSI Schaefer (Germany) are among a few major players in the AGV market.
Know more about the Automated Guided Vehicle Market
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact: Mr. Shelly Singh MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA : +1-888-600-6441 Email: email@example.com