North America Automated Guided Vehicle Market, By Type (Tow Vehicles, Unit Load Carriers, Forklift Trucks, Pallet Trucks, Assembly Line Vehicles and Others), Navigation Technology (Magnetic Guidance, Laser Guidance, Vision Guidance, Optical Tape Guidance, Inductive Guidance and Others), Battery Type (Lead, Lithium Ion, Nickel Based and Others), Application (Work in Process Movement, Handling Raw Materials, Pallet Handling, Final Product Handling, Container Handling, Roll Handling, Trailor Loading and Others), Industry (Healthcare, Manufacturing, Logistics, Retail, Food & Beverages, Paper & Printing, Tobacco, Chemical and Others), Country (U.S., Canada, Mexico) Industry Trends and Forecast to 2028
Market Analysis and Insights: North America Automated Guided Vehicle Market
The automated guided vehicle market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the market is growing with a CAGR of 10.9% in the forecast period of 2021 to 2028 and expected to reach USD 1,358.98 million by 2028. Increasing adoption of automation in different industries is aiding growth of this market.
Automated guided vehicles also known as autonomous guided vehicles or self-guided vehicles are driverless vehicles that are used for handling materials or as load carriers in warehouse, manufacturing facility or distribution centre. Automated guided vehicles are used for various applications such as transportation of raw material or finished goods, for work in process, or lifting and handling of products.
Growing need for automation in various industries and manufacturing facilities is the driving factor for the growth of the automated guided vehicle market. The usage of the automated guided vehicle in industries and manufacturing plants reduces human efforts and increase the safety of the workers. The period to reach to return on investment (ROI) is quite long and therefore automated guided vehicle (AGV) is not suitable for short term period. Moreover, the high maintenance and initial investment acts as major restraint for the automated guided vehicle market.
The companies are providing their automated guided vehicle (AGV) systems to several manufacturers to provide automation to their facilities and lead to more connected technologies. The overall increase in adoption of industry 4.0 will create new opportunity for the growth of the automated guided vehicle market. The automated guided vehicle are continuously used during the whole process of manufacturing for various processes such as material handling, pallet lifting and transportation, however, limited energy density and lifespan of batteries can limit the working of these automated vehicles acting as major challenge for the growth of the automated guided vehicle market.
This automated guided vehicle market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the automated guided vehicle market scenario contact Data Bridge Market Research for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
Automated Guided Vehicle Market Scope and Market Size
The automated guided vehicle market is segmented on the basis of type, navigation technology, battery type, application and industry. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of type, the automated guided vehicle market is segmented into tow vehicles, unit load carriers, forklift trucks, pallet trucks, assembly line vehicle and others. In 2021, tow vehicles segment is dominated and forklift trucks segment is expected to grow at higher rate as forklift trucks generates larger revenue for the market.
- On the basis of navigation technology, the automated guided vehicle market is segmented into magnetic guidance, laser guidance, vision guidance, optical tape guidance, inductive guidance and others. In 2021, magnetic guidance segment holds the largest market share in navigation technology segment as it provides cost effective solution.
- On the basis of battery type, the automated guided vehicle market is segmented into lead, lithium ion, nickel based and others. In 2021, lead segment account for the highest market share in battery type segment as these are most used product.
- On the basis of application, the automated guided vehicle market is segmented into work in process, handling raw materials, pallet handling, final product handling, container handling, roll handling, trailor loading and others. In 2021, work in process segment is dominating segment in application due to the growing requirement for continuous movement of goods during the manufacturing process in each industry.
- On the basis of industry, the automated guided vehicle market is segmented into manufacturing, logistics, retail, food & beverages, healthcare, paper & printing, tobacco, chemical and others. In 2021, manufacturing segment dominates the industry segment owing to major companies in the region which have large manufacturing plants and assembly.
Automated Guided Vehicle Market Country Level Analysis
Automated guided vehicle market is analysed and market size information is provided by country, type, navigation technology, battery type, application and industry as referenced above.
The countries covered in automated guided vehicle market report are U.S., Canada and Mexico.
The U.S. dominates the automated guided vehicle market as it is the largest manufacturer and service providers of the automated guided vehicle and heavy research and development investments are taking place in the country.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of North America brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Rising Demand of Automated Guided Vehicle
The automated guided vehicle market also provides you with detailed market analysis for every country growth in industry with sales, components sales, impact of technological development in automated guided vehicle and changes in regulatory scenarios with their support for the automated guided vehicle market. The data is available for historic period 2010 to 2019.
Competitive Landscape and Automated Guided Vehicle Market Share Analysis
The automated guided vehicle market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the companies’ focus related to automated guided vehicle market.
The major players covered in the report are Toyota Industries Corporation, Dematic, DF Automation, Daifuku, KUKA AG, Konecranes, System Logistics, JBT Corporation, SSI Schafer AG, EK Automation Gmbh, and Scott among other domestic and global players. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Many product developments are also initiated by the companies worldwide which are also accelerating the growth of automated guided vehicle market.
For instance,
- In April 2019, Daifuku Co., Ltd. completed the acquisition of Vega Conveyors & Automation Private Limited (“Vega”), an Indian-based company engaged in manufacturing and sales of material handling equipment. The increasing demand for automation market in India has prompted Daifuku Co., Ltd. to open a manufacturing facility in India.
Partnership, joint ventures and other strategies enhances the company market share with increased coverage and presence. It also provides the benefit for organisation to improve their offering for automated guided vehicle through expanded range of size.
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