Automated guided vehicles are highly essential in material handling industry and is an important support of modern management. These are self-operated, driverless vehicles which are controlled by computer and embedded with administration and collision avoidance system which enables the movement of tools and materials from one place to another automatically without any human involvement. The key dependent factors of automated guided vehicles include ease of operation, vehicle reliability and vehicle durability. Automated guided vehicles are used in various industries such as manufacturing, food & beverage, logistics, healthcare, retail, etc. These vehicles helps the material handling industry by enabling them to handle complex material and thus, improving the material management across all industries. The increasing population, rise in consumption spending and the escalating preference for automation by various industries are the factors bolstering the global market growth. Furthermore, the increase in automation helps in reducing the production cost, which is another reason for the companies preferring automated guided vehicles. In addition to this, government initiatives, increase in productivity, safety in operations, industrial expansions and material handling optimization are also the factors bolstering the market for automated guided vehicle. The growth in e-commerce industry provides a potential opportunity to automated guided vehicle market in the near future.
The automated guided vehicle market is bifurcated by type, navigation technology, battery type, application, industry and geography. The type segment is classified into pallet truck, unit load carrier, tow vehicle, assembly line vehicle and others. Based on navigation technology, the market is segmented into magnetic guidance, laser guidance, optical tape guidance, inductive guidance and others. Furthermore, the battery type segment is analysed into lead, nickel-based, lithium-ion and others. The application segment is bifurcated into transportation, assembly, distribution, storage, packaging and others. On the basis of industry, the market is classified into automotive, food & beverages, retail, manufacturing, logistics, healthcare, aerospace and others. Geographically, the market segmentation includes Asia-Pacific, North America, Latin America, Middle East & Africa and Europe.
The automated guided vehicles are considered to provide high return on investments, thus making it an attractive approach by the companies. The automotive sector contributes the largest portion in the world’s economy resulting in offering potential opportunities to the automated guided vehicle market. This is due to the rapid growth in automobile industry and several manufacturers have already incorporated automated guided vehicle technology in their engine assembly or automobiles for advancing the automation level. Some of the common applications in automotives are automotive work-in-progress and automotive raw-material delivery. However, lithium-ion battery type is anticipated to dominate the market under the battery type segment in the near future.
Europe is anticipated to dominate the market for automated guided vehicle market in the coming years. This is attributed by the growing demand for automated technology in hospital and pharmacy applications. Also, Europe is witnessing a shift in its manufacturing industry from manual labour to the automated material handling resulting in the rise of automated guided vehicle market in this region. However, Asia-Pacific is predicted to grow at a highest pace among all regions owing to the increasing manufacturing and production facilities along with the expansion of manufacturing plants in countries such as Japan, Australia and China. The market for automated guided vehicles in Asia-Pacific is at its emerging stage and the constant developments taking place in this region makes it a market with high-potential. The key industry players operating in the automated guided vehicle market include Swisslog Holding AG, Daifuku Co., Ltd., Dematic GmbH & Co. Kg, Toyota Industrial Equipment, E&K Automation GmbH, Kollmorgen Corporation, Elettric 80 S.P.A., JBT Corporation, Egemin International NV, Bastian Solutions, Inc., Hyster-Yale Materials Handling, Inc., Frog AGV Systems B.V., Seegrid Corporation and Balyo SA among others.