Tokyo, Jan. 18, 2022 (GLOBE NEWSWIRE) -- The global automated guided vehicle market size was accounted at US$ 2.1 billion in 2020. The automated guided vehicle demand is expected to increase as a result of increasing industrialization, particularly in non-traditional industries in Asia-Pacific’s emerging economies. Due to their widespread applications, market players of automated guided vehicles are projected to benefit from the growth in the manufacturing industry.
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In addition, businesses are extending out into new markets. As a result, the global automated guided vehicle market is expected to grow strongly over the forecast period. The new product development, mergers and acquisitions, and partnerships among the automated guided vehicle industry companies are some of the other key factors.
Regional Snapshot
North America is the largest segment for automated guided vehicle market in terms of region. North America is expected to have the strongest sales growth during the forecast period. Due to presence of major market players in the U.S., the growth of regional market is expected. The key market players are investing heavily in innovative and modern automated guided vehicle rather than traditional vehicles.
Asia-Pacific region is the fastest growing region in the automated guided vehicle market. The countries such as China, Japan, India, Australia, and South Korea show the highest growth in the region. The companies such as Transbotics, Locus Robotics, Fetch Robotics Inc., EK Automation, and JBT Corporation are some of the leading automated guided vehicle companies in the Asia-Pacific region.
Scope of the Report
| Report Coverage | Details | |
| Market Size In 2020 | USD 2.10 Billion | |
| CAGR from 2021 to 2030 | 11.5 | % |
| Largest Revenue Holder | North America | |
| Fastest Growing Region | Asia Pacific | |
| Base Year | 2021 | |
Report Highlights
- Based on the type, the tow vehicles segment dominated the global automated guided vehicle market in 2020 with highest market share. The tow vehicles are most productive type of automated guided vehicle, which helps to load and unload the material or luggage.
- Based on the navigation technology, the laser guidance segment is estimated to be the most opportunistic segment during the forecast period. The laser guidance is a flexible system incorporated in automated guided vehicle to increase scalability, accuracy, and flexibility of the vehicles.
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Drivers
Surge in demand for automation solutions in material handling processes
The material handling systems that are automated boost productivity, automate processes, and reduce workload. By removing the need for humans, it enables effective material transportation in the manufacturing area or storage sites. It also aids in the faster, cheaper, and higher-quality production and delivery of goods to clients. Furthermore, Small and Medium Enterprises (SMEs) are increasingly deploying automated material handling equipment coupled with improvements in modern technologies such as Artificial Intelligence (AI) and Internet of Things (IOT), as well as their integration with automated systems, are projected to drive the automated guided vehicle market growth during the forecast period.
Restraints
Low labor costs
The emerging economies such as India, Cuba, Bangladesh, Tanzania, and Venezuela have low labor wage rates as compared to developed nations. So, these countries don’t easily adopt automated guided vehicles, due to high price. Automation in industrial facilities is less common in these emerging economies, owing to a lower cost benefit in labor trade-offs with robots due to the availability of inexpensive labor. The countries such as Tanzania, Cuba, and Bangladesh have very low average daily incomes. As a result, developed economies are hesitant to invest in automated guided vehicle. Human labor is used in a variety of processes in emerging economies’ manufacturing sectors. Thus, the low labor costs are hindering the growth of the automated guided vehicles market during the forecast period.
Opportunities
Evolution of industry 4.0 and smart factories
The automated guided vehicle market is expected to benefit from the growing trend towards smart factories. The wireless remote-control systems that help give better diagnostics and save setup and installation time are also provided by the integration of such automated systems placed in facilities. The automated guided vehicle enables monitoring of each and every process of factory. The rise in industry 4.0 and smart factory development is creating a potential market for automated guided vehicle as a result of aforementioned considerations.
Challenges
High implementation costs
The huge initial investments are required for the automated guided vehicle, which is restricting the market growth. The installation, integration of software solutions and robotics, after sales services, and regular maintenance all add to the overall capital costs, making it difficult for businesses to invest in automated guided vehicle. Due to poor production output and investment returns, as well as the reorganization of existing warehouses, and other factors, small and medium enterprises find it difficult to transition from traditional to automated guided vehicles. As a result, the high implementation costs are big challenge for the growth of the automated guided vehicle market.
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Segments Covered in the Report
By Type
- Unit Load Carriers
- Tow Vehicles
- Pallet Trucks
- Forklift Trucks
- Assembly Line Vehicles
By Navigation Technology
- Magnetic Guidance
- Laser Guidance
- Inductive Guidance
- Vision Guidance
- Natural Navigation
- Others
By Application
- Logistics and Warehousing
- Transportation
- Cold Storage
- Wholesale & Distribution
- Cross-docking
- Assembly
- Packaging
- Trailer Loading and Unloading
- Raw Material Handling
- Others
By Industry
- Food & Beverage
- Automotive
- Manufacturing
- Retail
- Logistics
- Others
By End User
- Manufacturing Sector
- Automotive
- Aerospace
- Electronics
- Chemical
- Pharmaceuticals
- Plastics
- Defense
- FMCG
- Tissue
- Others
- Wholesale and Distribution Sector
- E-commerce
- Retail Chains/Conveyance Stores
- Grocery Stores
- Hotels and Restaurants
By Component Type
- Hardware
- Software
- Service
By Battery Type
- Lead Battery
- Lithium-ion Battery
- Nickel-based Battery
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- MEA
- Rest of the World
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