Global Automated Guided Vehicles (AGV) Market: Ability to Reduce Cost and Increase Efficiency Promotes Growth

Published On : 10 Aug 2018

Automated guided vehicles (AGV) are computer-controlled, wheel-based unmanned load carriers that can travel across the floor of a facility. A combination of sensor-based guidance systems linked to software, helps to monitor and direct their movements. They enable safe movement of goods since their move along a predetermined path with precisely controlled acceleration and deceleration. Automated guided vehicles (AGV) typically transport raw materials, work-in-process, and finished goods.

Rising Demand for Automation to Boost Automated Guided Vehicles (AGV) Market

The automated guided vehicles (AGV) market is predicted to soar impressively over the course of the next few years because of the increasing demand for automation. AGVs which are based on vision guidance technology serve to bring down downtime and also lower infrastructure costs. Most importantly, it does away with the need to hire manpower. This saves companies labor wages. They just need to make a one-time investment in the automated guided vehicles (AGV). 

Automotive and Retail Industry at Forefront of Driving Demand 

Products popular in the automated guided vehicles (AGV) market are tow vehicles, unit load carrier, pallet trucks, and assembly line vehicles. They are used across a range of industries such as food and beverage, automotive, aerospace, retail, and healthcare and pharmaceuticals. Among them, the automotive industry is one of the prime driver of demand in automated guided vehicles (AGV) market owing to its emphasis on a fork-free manufacturing environment to better safety of workplace. The retail industry is another key demand driver as it embraces automation in material handling to reduce operational costs. Going forward, the food and beverage industry will likely generate substantial sales in the automated guided vehicles (AGV) market.

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Asia Pacific and Latin America Automated Guided Vehicles (AGV) Markets to Gain Traction in Near Term

So far, densely populated nations in Latin America and Asia Pacific such as China, India, and Mexico have proved of be less attractive automated guided vehicles (AGV) market owing to the abundant availability of cheap manpower in the regions. Besides, being cost conscious developing economies, they are less inclined to spend on automated products such as guided vehicles. Nevertheless, the regions’ automated guided vehicles (AGV) market would rise at a healthy clip in the near term because of the increasing manufacturing and logistics activities in China and India.

Europe and North America Dominant Regions in Market

Currently, the automated guided vehicles (AGV) market is being driven mainly by the regions of Europe and North America. State-of-the-art warehouses and industrial facilities in the regions and their penchant for latest automation technologies have led to solid sales of automated guided vehicles (AGV) in the market. In North America, such technologies are majorly being used in food and beverage and aerospace industries. In Europe, on the other hand, the large automotive companies are the main driver of demand.

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