Transparency Market Research (TMR), a leading market intelligence company, has recently published a report on the global automated guided vehicle market, focusing especially on key trends and the prevalent growth dynamics. Over the past decade, this market has witnessed a significant upsurge, thanks to the continuous demand for automated guided vehicles across the world.
The worldwide automated guided vehicle market demonstrates a consolidated competitive landscape. The leading automated guided vehicle manufacturers in the world, such as Bastian Solutions LLC, Hyster-Yale Materials Handling, Oceaneering AGV Systems, Toyota Industries Corp., and JBT Corp. rely heavily on introducing new products in the automated guided vehicle market for business growth. Going forward, these players are expected to focus more on technological advancements and product innovations in order to remain in the race. They will also involve a lot in mergers, acquisitions, and strategic alliances to gain a competitive edge over their peers, states the research report.
The future of the global automated guided vehicle market looks bright. According to TMR, this market is likely to expand at an attractive CAGR of 12.40% during the period from 2016 to 2024. Among the types of automated guided vehicles, tugger AGVs are projected to witness a high rise in their demand over the next few years. The automotive, aerospace, distribution and logistics, retail, food and beverages, healthcare, and manufacturing industries have surfaced as the main end users of automated guided vehicles across the world.
In terms of the geography, the Asia Pacific region is anticipated to emerge as the leading automated guided vehicle market in the near future, thanks to the skyrocketing demand for automated vehicles in Asian countries, such as China, Japan, and India. This regional market is anticipated to rise at a CAGR of 13.70% over the period of the forecast, tells the report.
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High Demand for AGVs to Continue as Key Growth Factor
“The high demand for AGVs, especially in material handling, is the key factor that has been propelling the global automated guided vehicle market since the last few years,” says the author of this study. The market is also witnessing an upsurge in its valuation due to the ongoing replacement of traditional batteries with lithium-ion ones. The impact of these factors is likely to remain positive on this market over the coming years.
Apart from this, the continuous expansion in the e-commerce sector is also anticipated to influence the worldwide market for automated guide vehicles significantly in the near future. Since these vehicles assist e-commerce companies in decreasing their order processing time to a great extent, they are expected to deploy more and more of these vehicles, creating a huge market opportunity. Additionally, the increasing uptake of innovative technologies and rapid industrialization in developing markets, such as Asia Pacific, Latin America, and the Middle East and Africa, are projected to boost the global market’s growth substantially in the next couple of years, reports the study.