ALBANY, New York, December 11, 2018
ALBANY, New York, December 11, 2018 /PRNewswire/ --
Transparency Market Research (TMR) observes the global automated guided vehicle market has a highly consolidated vendor landscape. There is heavy investment by the major companies for product innovation to cater to the complex demands from consumers. Some of the leading players operating in the global automated guided vehicle market are Toyota Industries Corporation, Bastian Solutions LLC, JBT Corporation, Oceaneering AVG Systems, and Hyster-Yale Materials Handling. These companies are focusing on research and development activities for introducing new and advanced products.
A report by TMR estimates the global automated guided vehicle market was valued at US$0.83 bn in 2015. It expects the market to achieve a value of US$2.3 bn by 2024 by expanding at a CAGR of 12.4% over the forecast period.
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Based on the type, the tugger AGVs segment dominated the automated guided vehicles market with the largest share in 2015 and is expected to remain dominant in the upcoming years. Based on region, Europe dominated the market in the same year followed by North America. Both the regions are expected to account for the leading share of 60% collectively by the end of the forecast period.
Automated Guided Vehicles See Uptake Because of Safety they Offer
The automated guided vehicles (AGVs) can improve warehousing efficiency and logistics management. Deployment of AGVs for material handling tasks can allow companies to save labor costs, which enhances customer satisfaction. These vehicles are equipped with numerous accessories and devices including the smart sensors, which aid in improving efficiency and thus reducing costs. These features offer several benefits for lowering the operating costs in the industrial area, which are propelling the growth of the global automated guided vehicles market.
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The AGVs are capable of working in secure environment and works smoothly in operation, which lowers the risks of accidents and ensures the workforce safety. This is propelling adoption of AGVs and likely to impel the growth of the automated guided vehicles market. Additionally, it uses the lithium batteries than conventional batteries which improve performance; thus, the AGVs are witnessing high adoption and likely to propel growth of the market.
Time Consuming Manufacturing Process to Hinder Market Growth
Despite these growth possibilities, the requirement of a long time for developing the AGVs may limit the growth of the automated guided vehicles market. Additionally, the entire process of converting AVG into vehicle takes time and is expected to restrain growth of the market. Furthermore, growing commercialization is leading to increasing the price of final products, which is restraining the growth of the automated guided vehicles market. Nonetheless, several initiatives by private and public organizations for maintaining a working environment is leading to improve the popularity of automation is expected to offer several opportunities for the growth of the global automated guided vehicles market.
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This information is encompassed in the new report by TMR, titled "Automated Guided Vehicle Market (Type - Forklift AGVs, Load Transfer AGVs, Pallet Trucks, Assembly Line Vehicles, Light Load Transporters, and Tugger AGVs; End-use Industry - Distribution & Logistics, Automotive, Aerospace, Healthcare, Retail, Manufacturing, and Food & Beverage) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024."
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For the study, the Automated Guided Vehicle Market has been segmented as follows:
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