Global Automated Guided Vehicle Markets, 2019-2024
The "Automated Guided Vehicle Market by Type (Tow Vehicles, Unit Load Carriers, Forklift Trucks, Assembly Line Vehicles), Navigation Technology (Laser Guidance, Vision Guidance), Application, Industry, and Geography - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
“Automated Guided Vehicle Market by Type (Tow Vehicles, Unit Load Carriers, Forklift Trucks, Assembly Line Vehicles), Navigation Technology (Laser Guidance, Vision Guidance), Application, Industry, and Geography - Global Forecast to 2024”
The growth of this market is attributed to the growing demand for automation in material handling across industries, the rising popularity of eCommerce, improved safety standards at workplaces, and shift in demand from mass production to mass customization.
However, factors such as high installation, maintenance, and switching costs; and increasing use of mobile robots in retail and e-commerce industries are restraining the market growth. Moreover, low labor cost and dependency on labor in the manufacturing sector of emerging economies, and technical challenges related to sensing elements act as a challenge to AGV manufacturers.
An automated guided vehicle (AGV) is a computer-controlled vehicle used in a wide variety of industrial applications, mainly including the transportation of different types of materials in pallets, rolls, racks, carts, and containers. They are used in industries, such as automotive, manufacturing, aerospace, healthcare, and logistics, to reduce cost and increase efficiency by automating the facility.
These self-guided vehicles are capable of operating without any human intervention in complex environments. Raw material handling, work-in-process movement, pallet handling, and finished product handling are the other application of AGVs. Advancements in technologies and evolution of control programming and navigation systems used in AGVs have enabled their smooth functioning in various industries.
Key players in the AGV market are Daifuku (Japan), JBT Corporation (US), KION Group (Germany), KUKA (Germany), and Toyota Industries (Japan), among others.
These companies have adopted key strategies such as contracts, acquisitions, product launches, expansions, and partnerships to expand their business operations and customer base worldwide.