The global AGV market to grow at a CAGR of 8.15% during the period 2017-2021.
Global AGV Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market. To calculate the market size, the report considers the revenue generated from the sales of AGV.
The growing trend of using robotic systems by various industries, such as the automation and e-commerce, and increased interest among various countries, such as China, UAE, and Switzerland, are driving the demand for AGV robotic systems. Robotic systems are among the highest growing products in the global AGV market, expected to post a CAGR of above 8% during the forecast period. Traditional industries such as automotive are investing in robotics.
In 2015, Toyota announced an investment of $50 million till 2019 to focus on enhancing robotics, autonomous vehicles, and artificial intelligence (AI). Further, companies from various industries, other than traditional industries, are also buying or investing in robotic systems. Google and Amazon are few examples of companies that focus on optimizing their business using robotic systems. Amazon acquired Kiva Systems in 2012, and as of 2016, had more than 30,000 robots working in their warehouse to make delivery processes faster.
Amazon has also set a trend of using robotic systems for better operational efficiency and cost saving. Amazon claimed to have achieved 20% cost saving using robotics in its warehouse. Other vendors with high warehouse requirements such as Walmart and Target are likely to follow the trend in the forecast period.
According to the report, various end-user segments are adopting automated systems throughout their supply chain. This is driving the market for AGVs, as the entire lifecycle of products, from manufacturing to distribution, consumption, and disposal is being automated. Some of the most advanced automation systems include baggage transport systems in airports, automated storage systems in warehouses, and automated dispatching systems.
Baggage transport systems make use of technologically advanced identification systems to collect baggage and transport to the loading points of an aircraft. Automated storage systems optimize storage capacity and an efficient use of the vertical space. These advantages are driving more end-users toward adopting automated systems across all their workflow.