Automated guided vehicle manufacturers are investing in the diversification of sourcing for specialized automotive components away from China to mitigate the effects of the pandemic.
ROCKVILLE, MD / ACCESSWIRE / June 8, 2020 / The numerous restrictive measures set up by governments to combat the global coronavirus outbreak, including the restrictions on imports, exports and transport of goods are creating a number of challenges in the automated guided vehicle industry. This is anticipated to generate tough conditions for key players throughout the lockdown period. Also, the massive role of China as a supplier to the industry, and the impact of the pandemic on the country, will cut into the growth of the automated guided vehicle market.
The market has been projected to display an exponential 12.5% CAGR in the forecast period between 2020 and 2030, according to a new Fact.MR report. Automated guided vehicle manufacturers are likely to leverage the need for remote deliveries of services to minimize the spread of contagions, which will generate new opportunities within the market.
"Advances in safety & security features for operations in real world will drive demand for automated guided vehicles. Superior safety will lead to reduced costs and operational downtime, which will bolster the productivity of multiple operations," states the FACT.MR analyst.
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Key Takeaways of Automated Guided Vehicle Market
- Unit load carrier vehicles are expected to display substantial growth, driven by the need for long-distance automated operations in hazardous industrial settings.
- Camera based vision guidance systems will witness healthy growth, propelled by the requirement of real-time environmental analysis in transportation.
- Assembly applications in manufacturing, industrial settings, driven by modernization drives of existing facilities are set to generate notable growth in revenue.
- Automated guided vehicle services, are estimated to display faster growth in comparison to hardware and software components.
- Europe will remain a dominant region, driven by high adoption of Industry 4.0 practices. However, Asia Pacific will display strong growth driven by intense e-commerce competition in the region.
Growth Factors in Automated Guided Vehicle Market
- Exponential growth of manufacturing, warehousing, and distribution facilities globally is the primary factor promoting the adoption of automated guided vehicles.
- Key benefits of reduced labor costs, higher productivity, and minimized product damage are set to increase adoption.
- Collaborations between tech development companies and retail and logistics businesses are key to market developments.
- Demand for customized material handling and transport, along with industrial automation will increase demand for automated guided vehicles.
Restraints in Automated Guided Vehicle Market
- Poor transportation infrastructure, particularly in developing economies is a key factor hindering market growth.
- Issues associated with accident liability are also having a negative impact on the market.
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Impact of COVID-19 on Automated Guided Vehicle Market
The COVID-19 has exposed major cracks in the operations of the global automotive sector. China currently holds more than 80% of the world's auto supply chain. The automated guided vehicle market is forecasted to regain traction towards the end of the 3rd quarter of 2020. Leading manufacturers will witness a lower impact, as China is already on a rebound trajectory.
A number of manufacturers are leveraging the pandemic to develop novel solutions to boost the adoption of automated guided vehicles. Hospitals are now taking to such vehicles to minimize the transmission of disease among healthcare workers. Prototypes have even been designed to deliver essential goods to afflicted patients. Most automated guided vehicles will be controlled through cloud, which will support sales in the near term.
Competitive Landscape of Automated Guided Vehicle Market
Some of the major companies studied in the FACT.MR study include, but are not limited to, SSI Schafer, Daifuku, Seegrid Corporation, JBT Corporation, Kollmorgen, Teradyne Inc, E&K Automation, Murata Machinery Ltd., Oceaneering International, Tompkins Robotics, Hyster-Yale Materials Handling, KION Group, Toyota Industries, and KUKA, among others. Players in automated guided vehicle market are seeking mergers and acquisitions and strategic partnerships to bolster market presence. Automated guided vehicle product manufacturers are also focusing on research and development activities to bolster product portfolio.
About the Study
This FACT.MR study of 250 pages provides all-encompassing insights on the global automated guided vehicle market. The analysis is based on vehicle type (tow vehicles, unit load carriers, pallet trucks, assembly line vehicles, forklift trucks, and others), navigation technology (laser guidance, magnetic guidance, inductive guidance, optical tape guidance, vision guidance, and others), battery (lead battery, lithium-ion battery, nickel-based battery, and others) application (transportation, storage, distribution, assembly, packaging, and waste handling) and end use (automotive, manufacturing, food & beverages, aerospace, healthcare, logistics, and retail), across six regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa).
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About FACT.MR
Expert analysis, actionable insights, and strategic recommendations of the veteran research team at FACT.MR helps clients from across the globe with their unique business intelligence requirements. With a repository of over thousand reports and 1 million+ data points, the team has scrutinized the automotive sector across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Fact.MR's latest automotive market reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.
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SOURCE: FactMR