Industries such as manufacturing, food and beverages, transportation, etc., are rapidly moving towards the automation of processes for reducing working expenditure. Automated guided vehicles are autonomous vehicles which are either battery or electricity-based. They are integrated with several computer algorithms which enables them to move from one point to another. Some of their applications include product and pallet loading, part assembly, movement of materials between conveyor belts and towing, amongst others. Studies show that the automated guided vehicles provide a high return on investment, especially in the labour intensive industries. Around the clock operation can be achieved using automated guided vehicles, and they improve the working efficiency through the reduction of errors. Therefore, the rising demand for reducing working capital across industries using automated solutions is leading to the growth of the global automated guided vehicles market.
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The COVID-19 pandemic is expected to have a positive impact on the global automated guided vehicles market. Manufacturing units have been drastically hit by lockdown measures that have been imposed by several countries such as India, the U.S., the UK, etc., for curbing the spread of the virus. Shortage in manpower as a result of social distancing norms and the reduction in revenue is forcing companies to cut down the manual intervention in manufacturing, and automated guided vehicles that are based on technologies like infrared red radiation, magnetic inertia, LASER, etc., are being increasingly adopted for process handling. These factors are expected to present additional growth opportunities for the market participants in the coming years.
The detailed research study provides qualitative and quantitative analysis of automated guided vehicles market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
Key Findings of the Report:
- In terms of revenue, the global automated guided vehicles market was valued at US$ 2247.73 Mn in 2019 and is anticipated to grow at a CAGR of 15.40% over the forecast period.
- North America accounted for the highest market share in the global automated guided vehicles market in 2019. The presence of companies who are increasingly adopting automation solutions in the U.S. and Canada, coupled with the presence of prominent market participants such as America in Motion, Dematic, Savant Automation, etc., can be cited as a major reason for the higher market share of North America.
- The transportation and logistics industry is expected to show considerable growth in the global automated guided vehicles market during the forecast years. Logistics companies are making use of automated guided vehicles for processes such as picking and placing, product loading, surveillance, amongst others.
- Some of the players operating in the automated guided vehicles market are America In Motion, Bastian Solutions, Inc., Clearpath Robotics, Inc. (OTTO Motors), Dematic Group – KION Group AG, ECA GROUP, Eckhart, LODAMASTER Group, Nido Machineries, Oceaneering International, Inc. , RedViking, River Systems, Inc. , Savant Automation , Scania, Scott Technology NZ Limited, Seegrid Corporation, System Logistics S.p.A., Ward Ventures, Inc., Xinxiang Hundred Percent Electrical and Mechanical Co., Ltd, amongst others.
Global Automated Guided Vehicles Market:
- Pallet Trucks
- Load Transfers
- Tow Tractors and Tugger
- Assembly Line Vehicles
- Food and Beverages
- Healthcare and Pharmaceutical
- Oil and Gas
- Transportation and Logistics
- Aviation and Aerospace
- Military And Defense
- Laser Guided
- Fixed Path
- Camera Guided
- Optical Guided
- Inertial Guided
- North America
- Asia Pacific
- Middle East & Africa
- Latin America