LONDON--(BUSINESS WIRE)--The global automated guided vehicle market size is poised to grow by USD 1.19 billion during 2020-2024, progressing at a CAGR of almost 10% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
End-users across various industries are increasingly adopting AGVs to optimize their operational efficiencies. AGVs improve order picking accuracy and employee safety and make efficient use of available space. Also, AGVs offer help in the efficient management of inventory. For instance, with the adoption of AGVs in warehouses, unused space can be efficiently utilized by increasing racks up to the roof. This increases warehouse productivity, driving higher revenues. Because of such benefits, AGVs are gaining popularity among firms operating warehouses and distribution centers. The rising need for improving warehouse efficiency is expected to boost the growth of the global automated guided vehicle market during the forecast period.
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Report Highlights:
- The major automated guided vehicle market growth came from the unit load carriers segment. These are mostly used in warehouses, wherein guided paths are relatively short, and high volumes of materials are involved. The popularity of unit load carriers is expected to increase during the forecast period as they can easily interface with conveyors and automated storage and retrieval systems. Therefore, the automated guided vehicle market share growth by the unit load carrier segment will also be faster than the growth of the market in other segments.
- APAC will offer several growth opportunities to market vendors during the forecast period. Factors such as the growing demand for AGVs from the manufacturing, e-commerce, and automotive industries will significantly drive automated guided vehicle market growth in this region over the forecast period.
- The global automated guided vehicle market is fragmented. Daifuku Co. Ltd., Hitachi Ltd., Hyster-Yale Materials Handling Inc., John Bean Technologies Corp., KION GROUP AG, KUKA AG, Murata Machinery Ltd., Seegrid Corp., SSI SCHAEFER Group, and Toyota Industries Corp. are some of the major market participants. To help clients improve their market position, this automated guided vehicle market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the global automated guided vehicle market 2020-2024 is expected to have Negative and Inferior growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
Read the full report here: https://www.technavio.com/report/report/automated-guided-vehicle-market-industry-analysis
Rising Application of AGVs in Refrigerated Warehousing and Semiconductor Industries will be a Key Market Trend
The rising application of AGVs in refrigerated warehousing and semiconductor industries is one of the key global automated guided vehicle market trends. The increasing sale of electronic devices such as laptops and flat-panel displays has necessitated the need for cleanroom operations among semiconductor and flat-panel manufacturers. The adoption of AGVs is facilitating effective cleanroom operations, which, in turn, is helping end-users achieve maximum quality control in their operations. The ability of AGVs to operate at lower temperatures has increased their adoption in refrigerated warehouses. The refrigerated warehousing market is expected to grow at a CAGR of more than 8% during the forecast period. This will have a positive influence on the growth of the global automated guided vehicle market size.
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Automated Guided Vehicle Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist automated guided vehicle market growth during the next five years
- Estimation of the automated guided vehicle market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the automated guided vehicle market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of automated guided vehicle market vendors
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Executive Summary
Market Landscape
- Market ecosystem
- Market characteristics
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Product
- Market segments
- Comparison by Product
- Unit load carrier - Market size and forecast 2019-2024
- Tow vehicle - Market size and forecast 2019-2024
- Pallet truck - Market size and forecast 2019-2024
- Assembly line vehicle - Market size and forecast 2019-2024
- Others - Market size and forecast 2019-2024
- Market opportunity by Product
Market Segmentation by End-User (qualitative)
- Distribution and logistics
- Automotive
- Manufacturing
- Retail
- Others
Customer Landscape
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- Europe - Market size and forecast 2019-2024
- APAC - Market size and forecast 2019-2024
- North America - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Market drivers
- Market challenges
- Market trends
Vendor Landscape
- Overview
- Vendor landscape
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- Daifuku Co. Ltd.
- Hitachi Ltd.
- Hyster-Yale Materials Handling Inc.
- John Bean Technologies Corp.
- KION GROUP AG
- KUKA AG
- Murata Machinery Ltd.
- Seegrid Corp.
- SSI SCHAEFER Group
- Toyota Industries Corp.
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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