Worldwide automotive guided vehicle (AGV) market is projected to reach over US $3,977.8 million by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
According to the report, increasing need for automation and ascending labor costs promote the adoption of automated guided vehicles. Rising demand from a wide array of industries including defense, agriculture, aerospace, healthcare and food & beverages, is likely to endow the global AGV market with enormous growth opportunities in the forthcoming years. Also, the emerging, untapped markets of developing economies offer various opportunities to key market players.
There has been huge demand for automation worldwide, owing to stiff competition prevailing in the market globally. Companies are constantly automating processes for reducing costs, saving time, and delivering products of better quality. These vehicles automate internal processes to lower the workload of employees, by performing tasks conjointly with the employees to augment efficiency. Companies, these days, are obligated to employ the automated guided vehicles for hazardous and dangerous environment conditions.
Earlier, automation of manufacturing processes was confined only to the automotive sector, whereas, now the industries such as food & beverage, aerospace and healthcare are increasingly accepting the automated vehicles solutions. Thus, the surging adoption of automation in various industries is one of the key factors fueling the market growth.
According to the report, companies are shifting towards the AGVs in a move to save time as well as rising labor costs. The deployment of AGVs tends to enhance efficiency, while eliminating chances of human errors. Growth of this market is further driven by the unavailability of competent labor for management of processes, coupled with high labor costs.
Depending on the product spectrum, the worldwide AGV market is fragmented into pallet trucks, forklift trucks, unit load carriers, assembly line vehicles, tow vehicles, and others. Based on the guidance technology, the market is segmented into vision guidance, laser guidance, inductive guidance, and magnetic guidance. The application outlook of this market includes storage, assembly, distribution, packaging, transportation, and others.
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On the basis of the end-user landscape, the global AGV market is segmented into automotive, healthcare, aerospace, food & beverages and other sectors. As reported, the automotive sector dominated the global market in terms of revenue, during the year 2017, and is further predicted to expand at a considerable rate throughout the forecast timeline. The usage of AGVs in the automotive industry allows manufacturers to attain high reliability, superior quality, reduced product life cycle cost, along with great economic efficiency, cites the report.
Based on the regional outlook, Europe amassed the highest market revenue in the year 2017 and is further estimated to lead the global market over the projected period. Also, the Asia Pacific market is likely to expand at the highest CAGR over the forecast period, given the increased automation and speedy industrialization in the region. The regional growth is further impelled by the introduction of advanced technologies and increased applications in the automotive, electronics, aerospace and healthcare sectors.
The highly competitive scenario of the global AGV market includes key market players such as Toyota Industries Corporation, Bastian Solutions Inc., Swisslog Holding AG, KUKA AG, JBT Corporation, JBT Corporation, Daifuku Co. Ltd., Baylo Inc., Kion Group AG, and EK Automation GmbH. These companies are innovating their portfolio and collaborating with other market leaders in a bid to meet the amplifying needs of consumers.