According to the latest market research report “Automated Guided Vehicle Market by Type (Unit Load Carrier, Forklift Truck, Tow Vehicle, Pallet Truck, Assembly Line Vehicle), Battery Type (Lead, Nickel, Lithium Ion), Application, Navigation Technology, Industry, & Geography – Global Forecast to 2023″, The automated guided vehicle (AGV) market is estimated to grow from USD 1.86 billion in 2018 to USD 2.74 billion by 2023, at a CAGR of 8.02% from 2018 to 2023.
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The growth of this market is driven by the increasing demand for automation in material handling across industries, emerging e-commerce industry, rising requirement for workplace safety standards , and growing productivity due to improved supply chain processes, among others.
The market for vision guidance navigation technology-based AGVs to grow at the highest CAGR from 2018 to 2023
The market for AGVs based on vision guidance navigation technology is expected to grow at the highest rate during the forecast period due to their capability to reduce downtime and minimize infrastructure costs as users are not required to modify the existing infrastructure for installing these systems in an industrial facility. Additionally, vision-guided AGVs navigate their way through warehouses or industrial facilities, without relying on static barriers or infrastructure modifications such as magnets or reflectors.
Lead batteries accounted for the largest market share in 2017
Lead batteries accounted for the largest share of the overall AGV market, based on battery type, in 2017. The lead battery is a mature energy storage technology used in the conventional automotive and power sectors. It is the oldest form of rechargeable battery that is suitable for automated guided vehicle applications. Lead-acid batteries are generally used in AGVs as these batteries have the highest power-to-size ratio in comparison with conventional batteries.
Europe held the largest share of the AGV market in 2017
Europe’s largest market size is due to the exceptionally high labor cost in the region. Manufacturers in European countries have been adopting automated solutions to reduce the overall operational cost. Implementing automated material handling solutions also helps manufacturers maintain a competitive edge by facilitating the efficient management of overall warehousing operations.
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Daifuku (Japan), JBT Corporation (US), KION Group (Germany), KUKA (Germany), Toyota Industrial (Japan), Hyster-Yale Materials Handling (US), Kollmorgen (US), EK Automation (Germany), Seegrid Corporation (US), and SSI Schaefer (Germany) are among a few major players in the AGV market.
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