New York, NY, Dec. 04, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Automated Guided Vehicle Market by Product (Driverless Train, Pallet Trucks, and Unit Load Carriers), by Navigation Technology (Wired, Guided Tape, Gyroscopic Navigation, and Laser Target), by Battery (Lithium-Ion, NiCad, Sealed, Flooded Lead Acid, Inductive Power, and Fuel Cells), by Application (Receiving & Distribution, Transport in Production, Storage & Retrieval, End of Line Transport, and Others), and by End-Use Industry (Automotive, Aerospace & Defense, Electronics, General Manufacturing, Food & Beverages, Pharmaceutical, Textile, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017–2024”. According to the report, the global automated guided vehicle market accounted for USD 1.6 billion in 2017 and is expected to reach USD 3.7 billion globally by 2024, at a CAGR of around 12.5% between 2018 and 2024.
Automated guided vehicles are portable robotic vehicles that use wires, markers, magnetic stripes, and lasers for navigation. These vehicles are deployed to transit materials and products in manufacturing facilities and storage spaces. They are more suitable in handling raw materials, moving products between assembly lines, etc.
Browse through 123 Tables & 46 Figures spread over 208 Pages and in-depth TOC on “Global Automated Guided Vehicle Market: Industry Type, Size, Share, Trends and Forecast, 2017–2024”.
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Adoption of advanced automation technology in various food manufacturing processes has led to the expansion of the food and beverage sector. Automated guided vehicles are used to handle palletized and unit loads of snack foods, soft drinks, candy, cereals, in-process ingredients, packaging materials, etc. Nestle, Pepsi, Coca-Cola, and Anheuser-Busch InBev have opted for automated guided vehicles to reduce their manufacturing costs. Investments made in this industry have increased due to the global expansion of various players.
Technological developments in electronics product manufacturing are likely to fuel the automated guided vehicle market. Electronic manufacturers depend on AGV’s for reliable transport of fragile electronic products. Robot sales in the electronics sector witnessed an average annual growth of 19% between 2011 and 2016. Further, robot sales in the electronics sector were 91,300 units in 2016. Considering the rising demand for electronics, the need to automate the manufacturing process is likely to drive the automated guided vehicle market during the forecast time period.
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The automated guided vehicle market is divided into the product, navigation technology, battery, application, and end-user industry. By product, the automated guided vehicle market is segmented into the driverless train, pallet trucks, and unit load carriers. Wired, guided tape, gyroscopic navigation, and laser target comprise the navigation technology segment of this market. Laser target is projected to hold a considerable market share during the estimated time period, due to their rising demand in warehouses, where navigation is not limited to vehicles’ physical components. Lithium-Ion, NiCad, sealed, flooded lead acid, inductive power, and fuel cell comprise the battery segment of this market. The flooded lead acid segment is likely to hold a notable share during the forecast timeframe, due to its increasing demand by the automotive sector. By application, this market includes receiving and distribution, transport in production, storage and retrieval, end of line transport, and others. By end-use industry, this market is divided into automotive, aerospace and defense, electronics, general manufacturing, food and beverages, pharmaceutical, textile, and others.
North America is the most technologically developed region and is likely to hold a substantial share in the automated guided vehicle market. The U.S. is anticipated to contribute majorly toward the rise of the automated guided vehicles market in this region. Automated guided vehicles are used in the manufacturing of missiles and airplanes. With major aerospace and defense companies, such as Boeing, United Technologies, General Dynamics, and Lockheed Martin, located in the U.S., the demand for automated guided vehicles is likely to grow. Further, in 2018, the U.S. government declared a defense budget of about USD 611 billion, an increase of nearly USD 5 billion from 2017. The U.S. defense department has also estimated a budget of about USD 686 billion for 2019, i.e., USD 74 billion more than 2018. Thus, it has been projected that these investments are anticipated to increase during the next five years.
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The European automated guided vehicle market is majorly driven by the investments made to automate the manufacturing process of vehicles. Europe contributed about 23% to the global vehicle production in 2017. In 2016, the number of industrial robots sold in Europe was 56,000 units, witnessing an increase of 12%. Germany contributed around 36% to the overall European industrial robot sales in 2016. Rising demand and technological developments made in the European automotive sector are expected to boost the automated guided vehicle market in the forecast timeframe.
The Asia Pacific is projected to hold a notable share during the forecast time period in the global automated guided vehicle market, owing to the initiatives taken by China, South Korea, and India for foreign investments made in the manufacturing sector. In 2016, the Chinese manufacturing sector attracted outbound investments worth USD 31 billion. Prominent companies, such as Siemens, GE, Toshiba, HTC, and Boeing, have either set-up or plan to establish manufacturing facilities in India. Further, in 2016, Asia Pacific witnessed an increase in the industrial robot sales by almost 19%. Thus, it is anticipated that the expansion of the manufacturing sector in the Asia Pacific will propel the automated guided vehicle market.
Browse the full "Automated Guided Vehicle Market by Product (Driverless Train, Pallet Trucks, and Unit Load Carriers), by Navigation Technology (Wired, Guided Tape, Gyroscopic Navigation, and Laser Target), by Battery (Lithium-Ion, NiCad, Sealed, Flooded Lead Acid, Inductive Power, and Fuel Cells), by Application (Receiving & Distribution, Transport in Production, Storage & Retrieval, End of Line Transport, and Others), and by End-Use Industry (Automotive, Aerospace & Defense, Electronics, General Manufacturing, Food & Beverages, Pharmaceutical, Textile, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017–2024" report at https://www.zionmarketresearch.com/report/automated-guided-vehicle-market
Latin America is likely to make a substantial contribution in propelling the automated guided vehicle market. Strategic agreements made between Brazil and the U.S. for industrial automation products are anticipated to drive the demand for automated guided vehicle market in this region. In 2015, the U.S. exported industrial automation products worth USD 367 million to Brazil. The statistics are projected to bloom during the forecast years, owing to the developing economic conditions. Further, Siemens has signed a “Memorandum of Understanding” with the “Brazilian Trade and Investment Promotion Agency”, focusing on automation initiatives in industries.
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Some significant players of the global automated guided vehicle market are Egemin Automation Inc., Toyota Industries Corporation, Hyster-Yale Materials Handling Inc., Bastian Solutions LLC, Dematic GmbH & Co. KG, E&K Automation GMBH, JBT Corporation, Oceaneering AGV Systems Swisslog Holding AG, and Seegrid Corporation, among others.
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This report segments the global automated guided vehicle market as follows:
Global Automated Guided Vehicle Market: Product Segment Analysis
- Driverless Train
- Pallet Trucks
- Unit Load Carriers
Global Automated Guided Vehicle Market: Navigation Technology Segment Analysis
- Wired
- Guided Tape
- Gyroscopic Navigation
- Laser Target
Global Automated Guided Vehicle Market: Battery Segment Analysis
- Lithium-Ion
- NiCad
- Sealed
- Flooded Lead Acid
- Inductive Power
- Fuel Cells
Global Automated Guided Vehicle Market: Application Segment Analysis
- Receiving & Distribution
- Transport in Production
- Storage & Retrieval
- End of Line Transport
- Others
Global Automated Guided Vehicle Market: End-Use Industry Segment Analysis
- Automotive
- Aerospace & Defense
- Electronics
- General Manufacturing
- Food & Beverages
- Pharmaceutical
- Textile
- Others
Global Automated Guided Vehicle Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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