According to the report, the global automated guided vehicle market is projected to reach ~US$ 4 Bn by 2027, expanding at a CAGR of ~14% during the forecast period, owing to an increase in the demand for automation in material handling and improved safety standards in manufacturing facilities and workplace. The automated guided vehicle market is highly technology driven, and original equipment manufacturers are strongly focused on enhancing the capabilities of their existing product portfolios
Expansion of Automated Guided Vehicle Market
Rising need for automation in material handling processes across various industries is a key factor that is propelling the automated guided vehicle market. Increasing demand for intelligent and customized AGVs and expansion of the manufacturing industry coupled with rapid expansion of e-commerce are offering significant opportunities to the market.
Penetration of AGVs is rising in the material handling and management industry. Furthermore, they are also being extensively utilized in several industries such as retail, manufacturing, healthcare, logistics, food & beverage, and aerospace. AGVs are employed in various areas across a facility including assemble, kitting, transportation, warehousing, staging, order picking and transferring load to support processing and handling. The use of AGVs helps eliminate risks arisen due to handling of materials manually. AGVs improve safety at the workplace, while optimizing the speed of the operation.
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e-Commerce companies are adopting automated guided vehicles as a key component in their growth and expansion, as AGVs can reduce their processing time. Expansion of e-Commerce industries are likely to offer significant opportunity to AGV manufacturers. Moreover, when it comes to retail, e-Commerce is the fastest distribution channel, and it is no longer restricted to developed markets of the U.S. and Europe. It has become a global phenomenon with high market penetration in APAC. Therefore, expansion of e-commerce and use of AGVs by e-Commerce players are projected to further offer considerable opportunities to the global AGV market.
Automated Guided Vehicle: Market Segmentation
Based on end use, the automotive segment held a leading share, owing to increased use of automated guided vehicles by auto manufacturers and auto part manufacturers. Adoption of automated guided vehicles enables auto manufacturers to lower production cycle time and help optimize the manufacturing process. In terms of type, the tugger AGVs segment is expected to hold a leading share of the global market during the forecast period.
Tugger automated guided vehicles, or towing vehicles, were one of the first type of AGVs introduced, and they are still highly popular. These AGVs can pull a multitude of trailer types and non-driven carts, which are charged with loads either automatically or manually. Tugger AGVs are highly productive, since they are capable of carrying more load than other type of AGVs. Tugger AGVs are highly efficient and have high load carrying capacity, as compared to that of conventional forklift trucks.