Across industries, logistics and transportation departments are utilizing automated guided vehicles to move items in manufacturing facilities, warehouses, and distribution centers. During the forecast period, the global automated guided vehicle market is expected to grow at a staggering 12.5% CAGR (2020 – 2030). Innovation and new developments in automated guided vehicle installation, control, and monitoring will continue to gain traction. The growing importance of reducing carbon emissions through the implementation of energy efficient intermediate manufacturing processes is a key growth driver for the automated guided vehicles market.
Prominent Automated Guided Vehicle Service Players
Aichi Machine Industry Co., Ltd.
China SME Group Co., Ltd
Egemin Automation Inc.
Murata Machinery, Ltd.
Oceaneering International, Inc.
SHENZHEN MIRCOLOMAY TECHNOLOGY CO., LTD
System Logistics S.p.A.
TOYOTA INDUSTRIES CORPORATION
Key Takeaways of Automated Guided Vehicles Market Study
Tow Vehicles are poised to lead as the vehicle type segments accounts for a humongous 44% of total market value share. The elimination of floor accidents, coupled with adaptability of tow vehicles for narrow paths are driving the demand for this vehicle type segment.
Forklift trucks will offer the most lucrative growth opportunities with a stellar 15% CAGR during the forecast period. Increasing complexity of warehouse space management impels manufacturing units to leverage precision automated guided forklift trucks.
Laser guidance is emerging as the front-runner among navigation technologies used by automated guided vehicles. The efficiency and availability of this navigation technology in major markets is giving this segment 47% of the total market value share.
The highest growth is offered by vision guidance navigation. Increasing demand from oil & gas industries for safe and efficient exploration machines is a central factor for the 14% growth of this segment during the projection period.
Lead batteries account for the largest market share of more than 65% of the total market value. Early adoption of this battery type coupled with favorable durability: price ratio is prime factor behind the growth of this segment.
Nickel batteries present the most gainful opportunities with a stupendous 14.5% CAGR during the forecast period. High energy density of nickel batteries is cited as the main growth driver for this segment.
Europe emerges as the leader of global sales with more than ? of the total market value share. Ubiquitous adoption of industry 4.0 technology across industry verticals is driving the growth of the automated guided vehicle market in this region.
North America accounts for the second largest share of over 23% of the total market value. Increasing demand for high-performance products warrant an increasing demand for precision manufacturing processes which is achieved by employing automated guided vehicles.
Collaborative Innovation to Differentiate Product Offerings
Strategic partnerships to collaborate and develop innovative products shape the competitive landscape. Advancements in industry 4.0 technologies such as the internet of things (IoT), machine learning (ML), and artificial intelligence (AI) give automated guided vehicle manufacturers a competitive edge. For instance, artificial intelligence systems help automated guided vehicles to avoid accidents and ensure the safety of laborers working with them. The Internet of things on the other hand helps provide instant control over automated guided vehicles. Market players are targeting high-growth potential regions such as Asia Pacific owing to the increasing penetration of e-commerce and digital services.
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