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Global Automated Guided Vehicle Market Is Set For A Rapid Growth And Is Anticipated To Reach USD 3.7 Billion By 2024

iCrowdNewswire   Oct 1, 202011:23 AM ET

Zion Market Research has published a new report titled “Automated Guided Vehicle Market by Product (Driverless Train, Pallet Trucks, and Unit Load Carriers), by Navigation Technology (Wired, Guided Tape, Gyroscopic Navigation, and Laser Target), by Battery (Lithium-Ion, NiCad, Sealed, Flooded Lead Acid, Inductive Power, and Fuel Cells), by Application (Receiving & Distribution, Transport in Production, Storage & Retrieval, End of Line Transport, and Others), and by End-Use Industry (Automotive, Aerospace & Defense, Electronics, General Manufacturing, Food & Beverages, Pharmaceutical, Textile, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017–2024”. According to the report, the global automated guided vehicle market accounted for USD 1.6 billion in 2017 and is expected to reach USD 3.7 billion globally by 2024, at a CAGR of around 12.5% between 2018 and 2024.

Automated guided vehicles are portable robotic vehicles that use wires, markers, magnetic stripes, and lasers for navigation. These vehicles are deployed to transit materials and products in manufacturing facilities and storage spaces. They are more suitable in handling raw materials, moving products between assembly lines, etc.

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Global Automated Guided Vehicle Market

Adoption of advanced automation technology in various food manufacturing processes has led to the expansion of the food and beverage sector. Automated guided vehicles are used to handle palletized and unit loads of snack foods, soft drinks, candy, cereals, in-process ingredients, packaging materials, etc. Nestle, Pepsi, Coca-Cola, and Anheuser-Busch InBev have opted for automated guided vehicles to reduce their manufacturing costs. Investments made in this industry have increased due to the global expansion of various players.

Technological developments in electronics product manufacturing are likely to fuel the automated guided vehicle market. Electronic manufacturers depend on AGV’s for reliable transport of fragile electronic products. Robot sales in the electronics sector witnessed an average annual growth of 19% between 2011 and 2016. Further, robot sales in the electronics sector were 91,300 units in 2016. Considering the rising demand for electronics, the need to automate the manufacturing process is likely to drive the automated guided vehicle market during the forecast time period.

The automated guided vehicle market is divided into the product, navigation technology, battery, application, and end-user industry. By product, the automated guided vehicle market is segmented into the driverless train, pallet trucks, and unit load carriers. Wired, guided tape, gyroscopic navigation, and laser target comprise the navigation technology segment of this market. Laser target is projected to hold a considerable market share during the estimated time period, due to their rising demand in warehouses, where navigation is not limited to vehicles’ physical components. Lithium-Ion, NiCad, sealed, flooded lead acid, inductive power, and fuel cell comprise the battery segment of this market. The flooded lead acid segment is likely to hold a notable share during the forecast timeframe, due to its increasing demand by the automotive sector. By application, this market includes receiving and distribution, transport in production, storage and retrieval, end of line transport, and others. By end-use industry, this market is divided into automotive, aerospace and defense, electronics, general manufacturing, food and beverages, pharmaceutical, textile, and others.

North America is likely to witness a considerable rise in the automated guided vehicle during the forecast timeframe. The U.S. is projected to lead the automated guided vehicle market in this region. Technological developments made in the manufacturing of airplanes and defense materials, such as nuclear containers, are anticipated to fuel the automated guided vehicle market in this region. Boeing, Bombardier, and Raytheon use automated guided vehicle systems in their assembly lines. Boeing uses automated guided vehicles for manufacturing all its 777 models.

Some significant players of the global automated guided vehicle market are Egemin Automation Inc., Toyota Industries Corporation, Hyster-Yale Materials Handling Inc., Bastian Solutions LLC, Dematic GmbH & Co. KG, E&K Automation GMBH, JBT Corporation, Oceaneering AGV Systems Swisslog Holding AG, and Seegrid Corporation, among others.

This report segments the global automated guided vehicle market as follows:

Global Automated Guided Vehicle Market: Product Segment Analysis

Global Automated Guided Vehicle Market: Navigation Technology Segment Analysis

Global Automated Guided Vehicle Market: Battery Segment Analysis

Global Automated Guided Vehicle Market: Application Segment Analysis

Global Automated Guided Vehicle Market: End-Use Industry Segment Analysis

Global Automated Guided Vehicle Market: Regional Segment Analysis

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Keywords:    Automated Guided Vehicle Market

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