Market World Automated Guided Vehicle Market | Page 2

Tow vehicles segment topped the total market in terms of revenue in 2015
In 2015, in terms of revenue the tow vehicle segment dominated among other segments and accounted for
36.7% of overall market share. The segment is expected to reach 37.4% in terms of revenue by 2024.
Advancement in automation, workplace safety norms, increasing productivity and low operational cost is fueling
demand for tow vehicles. The pallet truck segment is expected to grow at a CAGR of 6.8% from 2014 to 2024.
The requirement of minimum change, in the existing infrastructure, is anticipated to drive the adoption of
natural navigation technology-based AGV
The natural navigation technology is advanced technology used in AGV which eliminates the need of reflectors
or markers. The boundaries for controlling AGV path are removed along with less installation time and low cost.
In 2015, AGV’s based on vision guidance navigation technology accounted for 36.7% of overall market revenue.
Vision guided vehicles builds three-dimensional map with the help of images that makes them effective and has
increased their popularity.
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The assembly and packaging application segment accounted for the highest market share
In 2015, the assembly line vehicles segment accounted for 67.1% of overall market share in terms of revenue.
The increasing demand of assembly line vehicles in automobile and food & beverage industry are vital factors
in AGV’s market growth.
The healthcare industry is estimated to emerge as the fastest growing end-use industry
Modern hospitals have increased in size and patient capacity; this will propel the market of AGV in medical and
healthcare sector. AGV’s can be used to transport patient meals, surgical case carts and medical equipment. In
2015, the automobile industry accounted the highest share in terms of revenue. The use of robotics and
automated systems on assembly lines will drive the market
The Asia Pacific region is expected to observe the largest adoption of AGVs during the forecast period
The Asia Pacific regional market is predicted to have strong growth rate due increasing demand for AGVs in the
automobile and the retail sectors. In 2015, Asia pacific accounted for 39.6% of overall market share in terms of
revenue which will be 40.4% by 2024.