Albany, NY -- (SBWIRE) -- 04/10/2019 -- In a recent report by Transparency Market Research (TMR), the vendor landscape of the global automated guided vehicle market is estimated to be having a decent level of consolidation owing to the heavy investment done by major companies for introducing product innovation at a stable pace and also for staying relevant in order to increase complex demands from clients. Automated guided vehicles are primarily used in distribution areas, warehousing, logistics and production areas. They also ensure more profit through accurate and efficient operations. The main aim of these vehicles is to transport all types of materials and products safely without any human intrusion.

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Some of the leading players of the global automated guided vehicle market are Bastian Solutions LLC, Toyota Industries Corporation, Oceaneering AGV Systems, JBT Corporation, and Hyster-Yale Materials Handling. Major companies are anticipated to be investing huge sums of money in research and development activities in order to introduce new products at a steady pace and also stay pertinent to the increasingly composite demands from consumers.

As per the TMR report, the global automated guided vehicle market is projected to earn a US$2.3 bn by the end of 2024. The market is estimated to expand with 12.4% CAGR by the forecast period of 2016 to 2024. With regard to vehicle type, the global automated guided vehicle market is anticipated to be dominated by tugger AGVs and will continue to do so in the years to come. Geographically, the market may be expected to emerge in the Asia Pacific region owing to the massive expansion of automotive sector in the regions especially in the developing countries of Japan, China, and India. Asia Pacific region is likely to exhibit a 13.7% CAGR by the end of the forecast period.

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An important factor to propel the automated guided vehicles market is the benefit of overall operation cost reduction in industrial sector. So, the use of AGVs helps in reducing labor cost thus, reducing the overall operation cost. Since they are capable of working in extremely secure environment, AGVs ensure smooth operation as well.

Apart from that the risk of accidents and loss of life on site has also reduced, thus ensuring workforce safety. The market is also propelled with the use of lithium batteries instead of conventional batteries which means that the overall market will attract more clients towards it.

Moreover, several initiatives undertaken by both private and public bodies to guarantee safe working environment for human resource working in and around heavy machineries on environment that may pose human health risk are also propelling the market. In the coming years, the increasing popularity of automation will further boost the market for automated guided vehicles.