Automated Guided Vehicle Market Report Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027


Posted March 23, 2021 by shrushtig

An automated guided vehicle or an autonomous guided vehicle (AGV) is a material handling system that travels throughout a warehouse, manufacturing unit or distribution center without any human intervention.
 
The increasing demand for automation and automated guided vehicles (AGV) is expected to drive the market growth significantly during the forecast period (2020–2027). An automated guided vehicle is considered as the most reliable solution for material handling, which in turn, increases the production capacity of many industries. This material handling equipment is used to minimize physical damages to the goods that are usually caused by human operators and also, increases the efficiency in the production. Automated guided vehicles are used in many industries such as logistics, automotive, food & beverages, and others.  The increasing need for high efficiency, reducing production time, less human error, enhanced safety, and increasing accuracy are some of the factors that are expected to drive the market growth during the forecast period. Moreover, e-commerce companies in developed and emerging economies are adopting automated guided vehicles to enhance productivity and reduce labor costs. Companies such as Amazon.com Inc., Walmart, Alibaba, and Flipkart are focusing on automation in order to reduce operating costs and increase efficiency. For instance, in March 2019, Flipkart, an Indian e-commerce company, launched the first automated guided vehicle in Bengaluru. AGV helped Flipkart to meet growing customer demand and provide faster delivery and enhance user online experience. The automated guided vehicle is used to help operators to process or complete 4,500 shipments per hour with high accuracy.
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The major factor restraining growth of the global automated guided vehicle market is high installation and maintenance cost. Huge capital is needed to install an automated guided vehicle. The high cost of AGV can discourage manufacturing companies to install high-end vehicles. The cost of maintaining automated guided vehicle vary from age, type, and location. For instance, automated guided vehicles are used in manufacturing, chemical, and construction industries that require high maintenance costs. Thus, it becomes difficult for companies to invest in AGVs due to high capital spending. This, in turn, is expected to hinder growth of the automated guided vehicle market over the forecast period.

Asia Pacific held a dominant position in the global automated guided vehicle market in 2019 and is projected to retain its dominance throughout the forecast period, owing to increased demand for automation in emerging economies such as India and China. As a result of this, it is becoming more economically viable to opt for automation. According to Coherent Market Insights’ analysis, the average wage per hour in countries such as India has increased significantly from US$ 3.5 in 2007 to US$ 5.1 in 2014. Increasing conversion rate and currency fluctuations have also impacted the overall market, resulting in increased labor costs, as labor cost is directly linked to inflation. Hence, there is a huge demand for automated guided vehicle so that these industries can maintain productivity and cost-efficiency. Therefore, these factors are expected to drive growth of the global automated guided vehicle market during the forecast period.
Major players operating in the global automated guided vehicle market include JBT, KION GROUP AG, KUKA AG, TOYOTA INDUSTRIES CORPORATION, Hyster-Yale Materials Handling, Inc., Schaefer Systems International Pvt Ltd., E&K AUTOMATION LIMITED, Oceaneering International, Inc., Murata Machinery, Ltd., KNAPP AG, Swisslog Holding AG, Dematic, Bastian Solutions, Inc., Daifuku Co., Ltd., Seegrid Corporation, Fetch Robotics, Inc., inVia Robotics, Inc., Crown Equipment Corporation, and Meidensha Corporation.
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Categories Biotech , Computers , Engineering
Tags automated guided vehicle market outlook , automated guided vehicle market share , automated guided vehicle market size
Last Updated March 23, 2021