Automated Guided Vehicle Market - Drivers and Forecasts by Technavio

Technavio has published a new report on the global AGV market from 2017-2021. (Graphic: Business Wire)

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LONDON--()--Technavio analysts forecast the global automated guided vehicle market to grow at a CAGR of more than 9% during the forecast period, according to their latest report.

The research study covers the present scenario and growth prospects of the global automated guided vehicle market for 2017-2021. To calculate the market size, the report has taken into consideration the revenue generated by vendors of AGV service providers for each product type, which include unit load carriers, two vehicles, pallet trucks, assembly line vehicles, and other AGVs.

In 2016, the automotive industry had the highest market share, accounting for 24% of the global AGV market, which was closely followed by the manufacturing industry with a share of 22%. The manufacturing process in the automotive industry involves a combination of thousands of parts, ensuring a superior quality product without any damage. This requires a synchronized and efficient supply chain. AGV is responsible for lean manufacturing, just-in-time delivery, and various features to ensure timely and effective product delivery.

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Technavio transportation and logistics analysts highlight the following three factors that are contributing to the growth of the global automated guided vehicle market:

Increased automation across product segments

Various end-user segments are adopting automated systems throughout their supply chains. This is driving the market for AGVs, as the entire lifecycle of products, from manufacturing to distribution, consumption, and disposal is being automated. Some of the most advanced automation systems include baggage transport systems in airports, automated storage systems in warehouses, and automated dispatching systems.

Jhansi Mary, a lead warehouse and storage research analyst at Technavio, says, “Baggage transport systems make use of technologically advanced identification systems to collect baggage and transport to the loading points of an aircraft. Automated storage systems optimize storage capacity and an efficient use of the vertical space.”

Incremental growth in APAC

One of the main factors impacting the market is a rise in demand from developing countries in APAC. Developing countries such as China and India are driving the market, and the increased growth rate is attributed to industries in these countries. The primary end-users of the global AMHE market are the mining, automotive, F&B, wholesale, retail, and e-commerce industries.

The dominating factor for setting up manufacturing locations in these countries is the availability of raw materials and low cost of labor, which help in attracting huge investments to these countries. These emerging economies are growing above par the global growth rate,” adds Jhansi.

Adoption of automation technology in the healthcare industry

The increase in demand for automation technology in pharmaceutical and hospital applications is one of the major factors driving the market. Drug manufacturers and distributors are increasingly adopting automated solutions such as AVGs and storage systems to attain high standards of control, accuracy, and traceability.

Drug manufacturers have increased supply chain activities because of the increased demand for frequent shipments of products to distributors. To meet the demand while maintaining the required level of quality and consistency in drug manufacturing, drug manufacturers are adopting AGVs and information systems to reduce supply chain inefficiencies.

Top vendors:

  • Vanderlande Industries
  • SSI Schaefer
  • Dematic
  • Daifuku

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

If you are interested in more information, please contact our media team at media@technavio.com.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com

Release Summary

Technavio analysts forecast the global automated guided vehicle market to grow at a CAGR of more than 9% during the forecast period, according to their latest report.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com