In a recent report covering the global automated guided vehicle market, Transparency Market Research suggests that the vendor landscape has a decent level of consolidation, with the top few companies collectively accounting for nearly 56% of the overall market in 2015. Leading vendors, such as Dematic, JBT Corporation, Toyota Industries Corporation, and Hyster-Yale Materials Handling are focused on product innovation to remain ahead of peers. Companies are expected to invest heavily in research and development activities to introduce innovative products at a steady pace and stay relevant to the increasingly complex demands from consumers.
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According to the report, the global market for automated guided vehicles is expected to expand at a promising 12.4% CAGR over the period between 2016 and 2024, rising to a revenue opportunity of US$2.3 bn by 2024 from US$838.3 mn in 2015.
The market comprises a variety of automated guided vehicles (AGVs), including pallet trucks, tugger AGVs, forklift AGVs, light load transporters, assembly line vehicles, and load transfer AGVs. Of these, the segment of tugger AGVs dominated the market in 2015 and is expected to remain the most promising product segment over the report’s forecast period as well, exhibiting a CAGR of 11.9% over the report’s forecast period.
From a geographical standpoint, the market in Asia Pacific is expected to emerge as the most promising regional market over the report’s forecast period. A thriving industrial scenario in the region and the massive expansion of the automotive sector are expected to help the regional market register a promising 13.7% CAGR over the report’s forecast period.
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One of the key factors driving the market for automated guided vehicles is their help in reducing the overall cost of operations for the industrial sector. While resulting in a significant reduction in overall cost of labor and thus of an entire operation, AGVs also ensure smooth operation as they work in highly secure environment. Besides these factors, the market is also driven due to the several initiatives undertaken by public and private bodies to ensure safe working environments for human resources working with and around heavy machineries or environments that can pose risk to human health are also driving the market. The rising popularity of automation is also expected to drive the market for AGVs in the next few years.
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Although the market for automated guided vehicles has mostly positive growth prospects, it could be restrained due to a few hurdles. The most prominent ones of these is the lengthy development cycles for the manufacture of automated guided vehicles. Apart from the process of transformation of a prototype to a commercialized product being lengthy, it also leads to the heightened cost of the final product. This could restrict the market from achieving its full potential, especially in emerging economies.