Valley Cottage, NY -- (SBWIRE) -- 02/03/2016 -- As the industrialization is growing globally, the need for automation is growing in parallel with it as well. Industries such as automotive, food & beverages, manufacturing, healthcare, logistics and aerospace require extensive automation for various day to day operations. Material handling is the one of the day to day operation that requires accuracy and agility.

Automotive guided vehicles are used for material handling in various industries. Automotive guided vehicles are robots that use magnets, lasers, markers, vision to navigate. They are used at manufacturing plants or warehouses to move materials. Manufacturing facility and warehouses use automotive guided vehicles to increase the efficiency by reducing the time required to move materials and at the same time reducing the costs as well. Some of the operational usages of automotive guided vehicles are: moving materials and store the raw materials or finished products.

The safety concerns and growth in the industrialization is propelling the growth of global automotive guided vehicles market.

Automatic Guided Vehicles Market: Drivers and Challenges

Growth in industries such as automotive, manufacturing, aerospace, food & beverages and healthcare is fueling the growth of global automatic guided vehicles market. Automotive guided vehicles help manufacturing plants and warehouses to reduce the costs and increase the efficiency of the moving & stowing operations. Stringent government regulations pertaining to the safety are also propelling the growth of the global automatic guided vehicles market. As the global economy is expected to grow in the near future, the per capita income & consumption in expected to grow as well. Growing population with the high per capita income is propelling the growth for the global guided vehicles market.

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Though, the importance of the automatic guided vehicles is on the rise in developed economies, they have moderate awareness among underdeveloped or developing countries and this is inhibiting the growth for the global automatic guided vehicles market.

Automatic Guided Vehicles Market: Overview

The global automatic guided vehicles market by value is expected to expand at a CAGR of around 10–11% during the forecast period (2015-2025), due to rise in the automation in industries such as automotive, food & beverages, manufacturing, healthcare, logistics and aerospace.

Automatic Guided Vehicles Market: Segmentation

The global automatic guided vehicles market can be segmented by end-use industry, by type, by application and by regions

Based on end-use industry type, the global automatic guided vehicles market is segmented as:

Automotive
Food & Beverages
Healthcare
Aerospace
Others

Based on type, the global automatic guided vehicles market is segmented as:

Tow vehicle
Assemble line vehicle
Pallet truck
Unit load carrier

Based on application, the global automatic guided vehicles market is segmented as:

Distribution
Transportation
Others

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Automatic Guided Vehicles Market: Region-wise Outlook

The global automatic guided vehicles market is expectedto register a double-digit CAGR for the forecast period. Depending on geographic regions, global automatic guided vehicles market is segmentedinto seven key regions: North America, Latin America, Eastern Europe, Western Europe, Asia-Pacific Excluding Japan, Japan, and Middle East & Africa. In terms of market revenue, North America automatic guided vehicles market is projectedto register a significant CAGR during the forecast period. Growth in the industries such as automotive, healthcare & manufacturing and stringent government safety norms, are some of the factors which are fueling the growth of automatic guided vehicles market in North America. Western Europe and Asia Pacific are also forecast to register a significant growth in the global automatic guided vehicles market.

Automatic Guided Vehicles Market: Key Players

Some of the key market participants in global automatic guided vehicles market are JBT Corporation, Swisslog Holding AG, Daifuku Co.Ltd, Dematic GmbH & Co., and Egemin International N.V.