Market Overview

$2.7 Bn Automated Guided Vehicle Market, 2023 - Opportunities in Integration of Industry 4.0 With Industrial Automation Solutions

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$2.7 Bn Automated Guided Vehicle Market, 2023 - Opportunities in Integration of Industry 4.0 With Industrial Automation Solutions

PR Newswire

DUBLIN, Aug 16, 2018 /PRNewswire/ --

The "Automated Guided Vehicle Market by Type (Unit Load Carrier, Forklift Truck, Tow Vehicle, Pallet Truck, Assembly Line Vehicle), Battery Type (Lead, Nickel, Lithium Ion), Application, Navigation Technology, Industry, & Geography - Global Forecast 2023" report has been added to ResearchAndMarkets.com's offering.

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The automated guided vehicle (AGV) market is expected to grow from USD 1.86 billion in 2018 to USD 2.74 billion by 2023, at a CAGR of 8.02% between 2018 and 2023.

The major factors driving the growth of the AGV market include the rising demand for automation in material handling across industries, emerging e-commerce industry, increasing requirement for workplace safety standards, and growing productivity due to improved supply chain processes.

In this report, the AGV market has been segmented on the basis of type, navigation technology, battery type, application, industry, and geography.

On the basis of type, tow vehicles accounted for the largest share of the AGV market in 2017. The tow vehicle, also known as tugger, pulls non-powered carts carrying heavy loads. This is the most productive AGV used for towing and tugging as it can move heavy loads with multiple trailers than a single fork truck. The tow vehicle has the ability to automatically pick up a load without any human interface, or loading/unloading can be done manually. Tow vehicles are used for pallet operations requiring frequent long-distance deliveries carrying high volumes of the load.

Laser guidance technology accounted for the largest share of the AGV market, based on navigation technology, in 2017. Laser guidance is the most flexible system for vehicle movement and offers accurate navigation. It has reflectors mounted on walls along the vehicle's route. Onboard AGV is a rotating laser light beam source that detects its reflections and receives information on distance and angle, which gets stored in the vehicle memory. The AGV can calculate its position based on this information.

On the basis of battery type, the lead battery accounted for the largest share of the AGV market in 2017. The lead battery is a mature energy storage technology used in the conventional automotive and power sectors. It is the oldest type of rechargeable battery and is most suitable for automated guided vehicle applications. Lead-acid batteries are generally used in AGV systems as these batteries have the highest power-to-size ratio in comparison with conventional batteries.

On the basis of application, the transportation application accounted for the largest share of the AGV market in 2017. Transportation systems rapidly and efficiently connect the receipt of goods, production, order picking, and material shipment within the plant. They also aid the movement of goods around a warehouse to improve material handling efficiency and productivity while maximizing profits. AGVs are widely used for automatic transportation of materials from one location to another, which maximizes productivity, reduces costs, prevents infrastructure damages and accidental injuries, and optimizes space.

On the basis of industry, the automotive industry accounted for the largest share of the AGV market in 2017. The automotive industry is enhancing its manufacturing operations through automated, efficient, and effective processes. Automotive suppliers have made rapid progress in automotive storage with innovative product technologies and by enabling real-time information for the efficient delivery of high-quality products.

Currently, the AGV market is largely dominated by Europe because of the exceptionally high labor cost in this region. Europe held the largest share of the global AGV market in 2017, while APAC is the most promising region for the AGV market, and the market in APAC is expected to witness the highest CAGR because of the region's fast-growing e-commerce industry, a booming manufacturing sector, and numerous planned installations of AGVs in emerging economies such as China and India.

The low labor cost in emerging countries and real-time technical challenges may create more problems for the manufacturers in the AGV market. Daifuku (Japan), JBT Corporation (US), KION Group (Germany), KUKA (Germany), Toyota Industrial (Japan), Hyster-Yale Materials Handling (US), Kollmorgen (US), EK Automation (Germany), Seegrid Corporation (US), and SSI Schaefer (Germany) are among a few major vendors in the AGV market. These players adopted strategies such as product launches and developments, contracts, acquisitions, partnerships, and business expansions to satisfy the needs of the customers in the market.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

4.1 Major Opportunities in Automated Guided Vehicle (AGV) Market
4.2 Automated Guided Vehicle Market, By Type
4.3 Automated Guided Vehicle Market, By Navigation Technology
4.4 Automated Guided Vehicle Market in APAC
4.5 Automated Guided Vehicle Market, By Region

5 Market Overview

5.1 Introduction
5.2 Market Dynamics: Automated Guided Vehicle (AGV) Market
5.2.1 Drivers
5.2.1.1 Demand for Automation in Material Handling Across Industries
5.2.1.2 Emerging E-Commerce Industry
5.2.1.3 Improved Safety Standards at Workplaces
5.2.1.4 Enhanced Productivity Enabled By Improved Supply Chain Processes
5.2.2 Restraints
5.2.2.1 High Installation, Maintenance, and Switching Costs
5.2.2.2 Initial Price Complexity of AGVs
5.2.3 Opportunities
5.2.3.1 Integration of Industry 4.0 With Industrial Automation Solutions
5.2.3.2 Adoption of Industrial Automation By SMEs
5.2.3.3 Industrial Growth in Emerging Economies
5.2.4 Challenges
5.2.4.1 Low Labor Cost in Emerging Countries
5.2.4.2 Real-Time Technical Challenges

6 Value Chain Analysis

6.1 Introduction
6.2 Value Chain Analysis
6.3 Mergers & Acquisitions in Automated Guided Vehicle (AGV) Market
6.3.1 Toyota Industries Acquired Vanderlande Industries and Bastian Solutions to Strengthen Its Position in Automated Material Handling Market in 2017
6.3.2 Kion Group Became A Global Leader in Intralogistics and Automated Material Handling Market With Three Acquisitions
6.4 Factors Influencing the Price of Automated Guided Vehicles (AGVs)
6.5 Key Trends
6.5.1 Industry 4.0 (Fourth Industrial Revolution):
6.5.2 Implementation of 5G in AGVs:
6.6 Safety Standards

7 Automated Guided Vehicle Market, By Type

7.1 Introduction
7.2 Unit Load Carrier
7.3 Forklift Truck
7.4 Tow Vehicle
7.5 Pallet Truck
7.6 Assembly Line Vehicle
7.7 Others

8 Automated Guided Vehicle Market, By Navigation Technology

8.1 Introduction
8.2 Laser Guidance
8.3 Magnetic Guidance
8.4 Vision Guidance
8.5 Inductive Guidance
8.6 Optical Tape Guidance
8.7 Others

9 Automated Guided Vehicle Market, By Industry

9.1 Introduction
9.2 Automotive
9.3 Manufacturing
9.4 Food & Beverage
9.5 Aerospace
9.6 Healthcare
9.7 Logistics
9.8 Retail
9.9 Others

10 Automated Guided Vehicle Market, By Application

10.1 Introduction
10.2 Transportation
10.3 Distribution
10.4 Storage
10.5 Assembly
10.6 Packaging
10.7 Others

11 Automated Guided Vehicle Market, By Battery Type

11.1 Introduction
11.2 Lead
11.3 Nickel-Based
11.4 Lithium-Ion
11.5 Others

12 Automated Guided Vehicle Market, By Geography

13 Competitive Landscape

13.1 Overview
13.2 Market Ranking of Players, 2017
13.3 Competitive Scenario
13.3.1 New Product Developments and Launches
13.3.2 Partnerships, Agreements, and Collaborations
13.3.3 Acquisitions
13.3.4 Expansions

14 Company Profiles

14.1 Key Players
14.1.1 Daifuku
14.1.2 JBT Corporation
14.1.3 Kion Group
14.1.4 Toyota Industries
14.1.5 Kuka
14.1.6 Hyster-Yale Materials Handling
14.1.7 EK Automation
14.1.8 Seegrid Corporation
14.1.9 Kollmorgen
14.1.10 SSI Schafer
14.2 Key Innovators
14.2.1 Locus Robotics
14.2.2 Fetch Robotics
14.2.3 Invia Robotics
14.2.4 Addverb Technologies
14.2.5 Motum
14.3 Other Companies
14.3.1 Transbotics Corporation
14.3.2 Ifuture Robotics
14.3.3 Oceaneering International
14.3.4 Savant Automation
14.3.5 Konecranes

For more information about this report visit https://www.researchandmarkets.com/research/4p99tq/2_7_bn_automated?w=5

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