Automation has transformed the industrial sector as machines are far more productive and efficient than manual labor. Automated guided vehicles (AGVs) are deployed in the manufacturing industry to transport raw materials, finished goods, and ensure the safe and rapid transport of goods from the warehouse to manufacturing site and vice-versa. Although the industrial sector has recorded sluggish growth rates recently, the automated guided vehicle market has a bright future as companies seek to improve operating efficiency, maximize profit, and reduce overheads.
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Kaizen Approach to Logistics Assists Global Automated Guided Vehicles Market
An increasing demand for pinpoint accuracy, the need to minimize downtime, heightened safety mandates, and zero tolerance for human error all play a key role. The boom in e-commerce with large centralized warehouses being built has benefited demand in the global automated guided vehicles market. AGVs significantly reduce product damage that is an unavoidable result of conventional transportation methods. The logistics industry has nearly grown at double-digit rates, raising the profile of the global automated guided vehicles market. Lastly, narrower warehouse aisles and the squeezing of more goods to maximize economies of scale have raised safety concerns for both handlers and the products themselves. This can be mitigated to a large degree by the automated guided vehicles market.
Slow Economic Revival Post COVID-19 a Challenge in Automated Guided Vehicles Market
COVID-19 has wreaked havoc on the world economy and caused an unimaginable loss of life, supply chain disruption, and production cuts. Pre COVID-19, growth rates in the manufacturing industry were moderate but companies are still hesitant to invest the large CAPEX needed in logistics. In addition, several companies had shut their logistics channels entirely for several months on end. In 2021, the world is slowly reopening the manufacturing sector and implementing targeted lockdowns as opposed to nationwide ones. Nonetheless, this can prove to be a challenge for companies with a major stake in the automated guided vehicles market.
Greater Acceptance of Automated Guided Vehicle Technology Observed in APAC Region
The e-commerce industry has demonstrated explosive growth in the APAC region which necessitates a robust warehouse and logistics infrastructure. Automated guided vehicles boost efficacy of intra-logistical tasks with minimal supervision required. Asian countries such as China, Japan, Korea, and Taiwan are at the forefront of accepting newer technologies, and this is projected to augment the automated guided vehicles market.
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Brutally Competitive Landscape in the Automated Guided Vehicles Market
The automated guided vehicles market is characterized by cutthroat competition unlikely to ebb anytime soon. Companies are seeking partnerships with logistics and retail organizations to redefine the concept of material handling. Ecommerce companies and retailers in particular, are installing robots in their storage spaces to grow their business manifold. Companies in the automated guided vehicles market are looking at organic and in-organic growth, through innovative pricing strategies and continuous product launches and iterations.
Some companies profiled in this in-depth report on the automated guided vehicles market include Swisslog Holding AG, Dematic, Bastian Solutions, Inc., Daifuku Co., Ltd., JBT, Seegrid Corporation, TOYOTA INDUSTRIES CORPORATION, Hyster-Yale Materials Handling, Inc., Balyo, E&K Automation Gmbh, Kollmorgen, KMH Fleet Solutions, Fetch Robotics, Inc., inVia Robotics, Inc., Locus Robotics, Schaefer Systems International Pvt Ltd, and System Logistics S.p.A.
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