Publication Month: Mar 2021 | Report Code: TIPAT00002059 | No. of Pages: 211 | Category: Automotive and Transportation | Status: Published
The increasing e-commerce business across the world is resulting in the adoption of the automated material handling process. E-commerce companies such as Walmart, Amazon, Alibaba, and Flipkart are increasing their focus on automated material handling to reduce operational costs and increase inventory size. According to the E-commerce Europe report, in 2019, online sales in the region was increased by 13%, which accounted for US$ 735 billion; also, the market concentration is expected to be focused on Western Europe, with the region accounting for the majority of B2C platform turnover, of around 66%. For instance, the material handling division of ThyssenKrupp is investing over US$ 83 million in its European warehousing and logistics network and planning to build a new logistics center in Rotenburg/Wümme (Lower Saxony) that will span 36,000 square meters and hold up to 20,000 metric tons of materials. MonotaRO is an e-commerce company that handles the consumables, maintenance tools, and other industrial supplies used in various industries. The company uses the Racrew by Hitachi, a compact, low-floor, automated guided vehicle (AGV) to increase the picking efficiency. Also, in late 2019, Flipkart announced to use 340 small AGVs at its warehouse in India. Such developments are driving the demand for AGVs, which is propelling the automated guided vehicles (AGV) market growth.
According to latest report from the World Health Organization (WHO), the US, Spain, Italy, France, Germany, the UK, Russia, Turkey, Brazil, Iran, and China are among the worst affected countries due to COVID-19 outbreak. The crisis is hindering the industries worldwide and the global economy is also witnessing a downturn. Due to lockdown, the production volume is decreasing for many sectors. Thus, decline in the operations of industries is restraining the development of AGV technologies and systems.
The adoption of automated guided vehicle (AGVs) has increased drastically as they are effective and reliable solutions for material handling, which, in turn, increases the production capacity of the industry. These material handling solutions reduce physical damages to goods and boost the efficiency of operations. The overall need for high efficiency in the automotive, healthcare, e-commerce, and food & beverage industries propels the demand for automated material handling. It has enabled the industries to have connected factories with big data and machine learning (ML), resulting in increased automation in the industries. The AGV-enabled automation in industrial facilities can help meet the requirements related to material handling capacity and reduced production time. Moreover, this automation facilitates improved labor management, enhanced safety, high production volumes, and increased accuracy and repeatability by enhancing quality control with flexible manufacturing processes. AGVs enable just-in-time (JIT) delivery of raw material, computerized control of received assembled parts, and tracking of shipped articles. At present, the automotive industries are rapidly adopting automation and AGVs, especially in their production floors. For instance, in Martorell, Spain, the SEAT plant is moving toward digital and smart factory, with which the manufacturers are adopting AGVs with SLAM navigation, 4G connection, and induction battery charging. Till date, the facility adopted eight AGVs for outdoor operation and has over 200 AGVs that deliver parts inside the assembly workshops at the Martorell and Barcelona factories. Thus, growing demand for automation in material handling across industries is likely to increase the adoption of automated guided vehicles during the forecast period.
Based on technology, the automated guided vehicles (AGV) market is segmented into wired navigation, guide tape navigation, laser target navigation, magnetic navigation, and others. In 2020, the laser target navigation segment held the largest market share. Also, the same segment is expected to register the highest CAGR in the market during the forecast period. Laser target system is more accurate, speedy, and reliable technology that navigates vehicles with a laser positioning system. The technology is traditionally used in supply chain management, as it increases warehouse efficiency. Laser target navigation is used in a wide range of verticals, and it is used in automatic forklift trucks, warehouse management, stocking applications, and Tow Tractors AGVs.
Every laser-guided vehicle is equipped with a 2-dimensional navigation laser. Similarly, flat reflectors and cylindrical reflectors are the two significant reflectors in vehicle design. Flat reflectors are simple and low-priced strips of retro-reflective tape that offer excellent accuracy for the vehicle. On the other side, cylindrical reflectors are more challenging to deploy and disrupt users.
|Market Size Value in||US$ 3,310.8 Million in 2020|
|Market Size Value by||US$ 9,077.3 Million by 2028|
|Growth rate||CAGR of 14.59% from 2021-2028|
|No. of Pages||211|
|No. of Tables||108|
|No. of Charts & Figures||102|
|Historical data available||Yes|
|Segments covered||Technology , Type , Vehicle Type , and End User|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
Players operating in the automated guided vehicles (AGV) market focus on strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:
The List of Companies - Automated Guided Vehicles (AGV) Market