Automated guided vehicles (AGVs) are completely automated transport systems that are used in manufacturing of unmanned vehicles. The primary function of these vehicles is to safely transport all types of products and materials without any human interference. Automated guided vehicles are extensively being used in areas of production, logistics, warehousing, and distribution as they ensure profitability through efficient and accurate operations. Owing to these reasons, the global automated guided vehicles market is expected to surge at a CAGR of 12.4% during the forecast period of 2016 and 2024. The market is anticipated to reach a valuation of US$2.3 bn by the end of 2024 as compared to US$838.3 mn in 2015.
Transparency Market Research observes that the leading players operating in the global automated guided vehicles market are determined to work on product innovation to remain relevant. As of 2015, the key players held a share of 55.82% in the global market. Toyota Industries Corporation, JBT Corporation, Hyster-Yale Materials Handling, and Dematic were leading the pack in 2015. "These companies are expected to make heavy investments in research and development to launch innovative products to win the bigger share of the overall market," states the lead author of this research report.
Automated guided vehicles play a key role in reducing the cost of labor in various material handling processes.