“The AGV market is projected to grow at a significant rate from 2020 to 2025.”
The AGV market is projected to grow from USD 2.3 billion in 2020 to USD 3.6 billion by 2025; it is expected to grow at a CAGR of 9.3% from 2020 to 2025. The growth of the AGV market is driven by growing demand for automation in material handling across industries, improved safety standards at workplaces, rising popularity of e-commerce owing to COVID-19, and shift in demand from mass production to mass customization.
COVID-19 has emerged as a global pandemic that has spread across 215 countries worldwide and disrupted various industries around the world. The prominent players across industries have been affected by this pandemic. The foreseeable decline in the growth of end-user industries may have a considerable direct impact on the AGV market.
“The customized and hybrid AGVs is expected to grow at the highest CAGR during the forecast period.”
The customized and hybrid AGVs are witnessing high adoption rates across the world. Manufacturers are designing hybrid and customized AGVs to cater to the varying material handling requirements of different industries. They aid in moving and handling almost all types of industrial load?from small parts to heavy pallets. Hence, they are widely used for efficient operation.
“The automotive industry is projected to account for the largest share of the AGVmarket during the forecast period.”
The automotive industry is expected to hold the largest share of the AGV market during the forecast period. Key factors such as growing after-sales spare parts market, increasing levels of customization in vehicles, and the need to ensure availability of various parts required in assembling of a vehicle are driving the implementation of AGVs in the automotive industry. The economic effects of COVID-19 are expected to impact the automotive industry, which is expected to influence the growth of the AGV market in 2020.
“APAC is projected to grow at a higher CAGR during the forecast period.”
China and Japan are the countries driving the growth of the AGV market in APAC. The rapid growth of automotive, e-commerce, food & beverages, and healthcare industries in emerging economies, such as China, India, and South Korea, has contributed to the growth of the AGV market in APAC. Moreover, governments in APAC countries are increasingly emphasizing safety and security on production floors, which can be best achieved by the implementation of AGVs. Asian countries under lockdown have suffered tremendous loss of business and revenue due to the shutdown of many manufacturing units. Thus, widely mandated stay-at-home orders are already having an impact on the various markets in APAC. This has impacted the demand for AGVs in 2020.
Break-up of the profiles of primary participants:
- By Company Type – Tier 1 – 40%, Tier 2 – 35%, and Tier 3 – 25%
- By Designation – C-level – 48%, Director-level – 33%, and Manager-level – 19%
- By Region – North America - 35%, Europe – 18%, APAC – 40%, and RoW – 7%
The key players in the AGV market include Daifuku (Japan), JBT (US), KION (Germany), KUKA (Germany), Toyota Industries (Japan), Hyster-Yale Materials Handling (US), Oceaneering (US), E&K Automation (Germany), Seegrid (US), and SSI Schaefer (Germany) .
The AGV market has been segmented into type, navigation technology, industry, and region. Based on type, the market has been segmented into tow vehicles, unit load carriers, pallet trucks, assembly line vehicles, forklift trucks, and others. Based on navigation type, the AGV market has been segmented into laser guidance, magnetic guidance, inductive guidance, optical taoe guidance, vision guidance, and others. Industries studied in the report include automotive, metal & heavy machinery, food & beverages, chemicals, healthcare, 3PL, semiconductors & electronics, aviation, e-commerce, and others. The AGV market has been studied for North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).
Reasons To Buy the report:
- Illustrative segmentation, analysis, and forecast of the market based on type, navigation technology, industry, and region have been conducted to give an overall view of the AGV market.
- A value chain analysis has been performed to provide in-depth insights into the AGV market.
- The key drivers, restraints, opportunities, and challenges pertaining to the AGV market have been detailed in this report.
- Detailed information regarding the COVID-19 impact on the AGV market has been provided in the report.
- The report includes a detailed competitive landscape of the market, along with key players, as well as in-depth analysis of their revenues