Automated Guided Vehicle Market’s Growth Rises with Advantages, Citing COVID-19 Impact
A closer look at the economic turmoil of Automated Guided Vehicle Market, with a focus on the recent COVID-19 pandemic disruptions.
Global Covid-19 Analysis on Automated Guided Vehicle market is expected to be valued at USD 5,579.3 Million by 2025, with a CAGR of 9.85% during the forecast period (2019–2025).
The report covers segmentations and drivers for a better glimpse of the market in the coming years. Automated guided vehicle is a computer controlled and battery-powered load carrier that runs in a warehouse or on the plant floor without the need of an onboard operator or driver. AGVs can improve efficiency and productivity as well as they can reduce product damage and labor costs. AGVs are useful in various operational applications such as pallet transportation of goods, loading and handling, pallet wrapping, tracking of cartons and products, and barcode scanning. They are used in various end-use industries, which include logistics & distribution, automotive, electrical & electronics, pharmaceuticals, food & beverage, and plastics & polymers. There are various types of AGVs, and they are tow vehicle, unit load carrier, forklift vehicle, assembly, line vehicles, and pallet trucks.
Some of the key industry participants of the global Covid-19 Analysis on Automated Guided Vehicle market are KUKA AG (Germany), Toyota Industries Corporation (Japan), Daifuku Co., Ltd (Japan), SSI SCHÄFER (US), E&K Automation GmbH (Germany), JBT corporation (US),KION GROUP AG (Germany), Crown Equipment Corporation (US), SCOTT (New Zealand), Meidensha Corporation (Japan), Seegrid Corporation (US), Hyster-Yale Materials Handling, Inc.(US), Jungheinrich AG (Germany).
KUKA invests heavily in the research and development of innovative products to compete in the market. The company also engages in the research & development activities through KUKA laboratories, which develops and markets products in the field of service robotics. The company has collaborated with various other technology companies to sustain and expand its market presence. The company has been increasing investments in reducing the maintenance costs and enhancing the capacity of its AGVs so that they can suit a variety of applications. Furthermore, it focuses on increasing the sales and growing the clientele. It has been focusing on developing the markets of Asia and Africa while strengthening its presence in the market.
Toyota Industries Corporation strategizes to renew its business model to enhance its revenue structure. The company has been increasing its research and development spending to enhance the product quality using efficient production technologies. It is collaborating with various companies to enhance its forklift systems and AGVs with new features. The company is also planning acquisitions to enhance its product portfolio and expand its presence in the market. The company’s technological expertise has strengthened its opportunity for market penetration.
The global market for automated guided vehicle is segmented based on vehicle type, technology, application and industry. On the basis of vehicle type, the tow vehicle segment is expected to dominate the global market. Tow AGVs work to add and remove the non-powered vehicles to/from the AGV vehicle at designated stops along a path can navigate a basic loop or a more complicated preprogrammed pathway, but typical towing vehicles do not reverse and need the looping system. The non-powered vehicles that are generally towed by towing vehicles include quad steer carts, wagon wheel style trailers, hospital carts, dollies, hand trucks, and maintenance carts and are useful for applications such as heavy lifting, tugging or towing, load transferring, pallet loading and unloading, and load positioning. Such factors are expected to drive the growth of the tow vehicle segment.
By technology, the laser guidance segment is expected to dominate the market. The laser guidance is a non-wire guided navigation system that uses targets in predictable locations and is the most popular navigation system in North America and Western Europe. The laser guidance technology relies on mounted laser scanners to function accurately as the scanners emit a laser onto a target, then reflects it. The AGV determines the target distance based on the amount of time it takes for the reflection to return and orients itself in relation to its distance from the target.
By application, the transportation segment is expected to dominate the market. AGVs are used to transport units such as containers and cartons in areas with limited space. Furthermore, AGVs equipped with forklifts or conveyor elements for pallets and roll containers increase flexibility for demanding transport, storage, and picking activities. Transport AGVs automate the workflow by managing and executing transport tasks and design the optimized and flexible path to improve the operational efficiency.
By industry, logistics & distribution segment dominates the market. The logistics & distribution play a major role in packaging, construction, and other industries. The increase in the number of small and medium organizations and customers further raises the demand for logistics & distribution. The increase in the number of freight services providers and the multiple governmental requirements for shipping/exporting/importing increase the complexity of the size, type, and a variety of products. Such factors are expected to enable the growth of third-party logistics.
Browse Full Report Details @ https://www.marketresearchfuture.com/reports/automated-guided-vehicle-market-7751
Geographic analysis of the global Covid-19 Analysis on Automated Guided Vehicle market spans across North America, Europe, Asia-Pacific (APAC), and Rest of the World.
In 2018, Europe dominated with a value of USD 1,084.8 Million. The regional market value is expected to reach USD 1,940.5 Million by 2025 with an impressive 8.77% CAGR during the forecast period.
Europe is one of the prominent markets in the global Covid-19 Analysis on Automated Guided Vehicle market due to the increasing utilization of industrial and domestic space and rapid technological advancements in robotics and automation.The increase in demand for electronics and retail products and the growing automotive industry supports the pace of supply of products. The growing food & beverage, electronics, automotive, and construction industries increase the demand for AGVs. Furthermore, many other industries are associated with the e-commerce & retail industries for distribution, which makes it an important economic growth driver. Moreover, advantages such as time-efficiency, precision, and accuracy offered by AGVs across various industries, including automobile and manufacturing are expected to increase their demand. Furthermore, Germany dominates the Covid-19 Analysis on Automated Guided Vehicle market due to the large workforce and established industries in the country. In Germany, the various industry participants focus on implementing energy-efficient solutions, adoption of connected devices, improved efficiency and productivity, mobile communication technology, and the deployment of PLC automation solutions.
In 2018, North America held the second largest market share in the Covid-19 Analysis on Automated Guided Vehicle market. North America has witnessed rapid growth in the recent times owing to the technically advanced manufacturing facilities, high presence of industrial equipment manufacturers, and supportive government free trade agreement in the US and Mexico. Furthermore, the demand for AGVs for material handling, the growing retail and e-commerce industry, and an increase in demand for AGVs in pharmaceutical, automotive, and agriculture industries further drives the demand for AGVs. The North American Free Trade Agreement (NAFTA) is focused on increasing the exports of equipment from Canada and Mexico, which enable the growth of the manufacturing sector. Mexico has entered into over 40 free trade agreements with Japan, and other countries including the European Union, which provides further incentives for larger multinational companies to ensure industrial growth in North America. The manufacturers in the US are expanding their presence in Mexico due to the growth of the construction and agriculture industries. The new United States-Mexico-Canada Agreement (USMCA) has increased the presence of AGV manufacturers in Mexico and the export of the goods from Mexico. Such factors are expected to increase the demand for AGVs in North America. In 2018, the regional market was valued at USD 822.5million, which is expected to reach USD 1,3241 Million by 2025 with a 7.14% CAGR during the forecast period.
The market Asia-Pacific is one of the significant markets for global automated guided vehicle owing to the presence of emerging economies, such as China, India, South Korea, Japan, Malaysia, Australia and Indonesia, which is expected to raise the demand for automated guided vehicle during the forecast period. Increasing spending power, improving standard of living, and the rising gross domestic product (GDP) are some of the factors increasing the demand for manufactured/consumer goods, which leads to the increased adoption of AGVs. For instance, a majority of conventional AGV in Indian manufacturing facilities were initially of the low-speed type, which require upgrade with the expansion of such facilities. This leads to the increased demand for goods and the adoption of high-speed and technologically advanced AGVs. Major food & beverage, e-commerce, and automotive companies from developed countries across the globe have set up their production, distribution facilities in Asia-Pacific, especially in countries, such as India and China, which ensure the availability of cost-effective labor, raw materials, and equipment. This has increased the adoption of AGVs in this region. Such factors are expected to lead to the growth of the Covid-19 Analysis on Automated Guided Vehicle market in Asia-Pacific during the forecast period. The regional Covid-19 Analysis on Automated Guided Vehicle market is expected to be valued at USD 1,523.4 Million by 2025 at a CAGR of 14.22% during the forecast period