Report : Asia Pacific Automated Guided Vehicles Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Technology (Wired Navigation, Guide Tape Navigation, Laser Target Navigation, Magnetic Navigation, and Others), Type (Standard, Hybrid, Compact, and Others), Vehicle Type (Pallet Trucks, Unit Load Carriers, Driverless Trains, Forklift Trucks, and Others), and End-User (General Manufacturing, Food and Beverage, Aerospace, Retail, Healthcare, Logistics, Automotive, and Others)

Pallet Trucks Segment to Dominate APAC Automated Guided Vehicles Market During 2021–2028     

According to a new market research study on “APAC Automated Guided Vehicles Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Technology, Type, Vehicle Type, and End-User” is expected to reach US$ 3,470.27 million by 2028 from US$ 1,278.51 million in 2021. The market is estimated to grow at a CAGR of 15.3% from 2021 to 2028. The report provides trends prevailing in the APAC automated guided vehicles market along with the drivers and restraints pertaining to the market growth. Amalgamation of industry 4.0 and accentuating strategic activities are the major factor driving the growth of the APAC automated guided vehicles market. However, overpriced installation, maintenance, and switching hinders the growth of APAC automated guided vehicles market.         

In case of COVID-19, APAC is highly affected specially India. APAC countries are expecting to witness a huge challenge due to growing COVID-19. Due to the outbreak of disease, healthcare industries have been affected severely, considering the economic conditions in the current situation. Due to increasing coronavirus cases of COVID-19 in the region after its first case in December 2019 in Wuhan, China, the COVID-19 virus has spread to at least 180 countries and other regions. APAC region is characterized by the presence of a large number of developing countries, positive economic outlook, high industrial presence, and huge population. The high growth rate of urbanization and industrialization in developing countries of APAC region is anticipated to offer ample growth opportunities to the market players operating in the global AGV market. Logistics is amongst the prominent industries in Asian economy due to rising e-commerce, however COVID-19 has impacted the supply chain of many industries. However, due to government’s measures to reduce the effects coronavirus outbreak by announcing lockdowns, travel and trade bans has disturbed the performance of supply chain to some extent. Disturbed logistics industry has witnessed minimal adoption of advanced technologies during the time of lockdown. All these measures are expected to have a negative impact on the demand of AGV in this region especially in 2020.  

The APAC automated guided vehicles market has been segmented based on technology, type, vehicle type, end-user, and country. Based on technology, the market has been segmented into wired navigation, guide tape navigation, laser target navigation, magnetic navigation, and others. The laser target navigation segment dominated the market in 2020 and same segment is expected to be fastest growing during forecast period. Based on type, the market has been segmented into standard, hybrid, compact, and others. The standard segment dominated the market in 2020 and hybrid segment is expected to be fastest growing during forecast period. Based on vehicle type, the market has been segmented into pallet trucks, unit load carriers, driverless trains, forklift trucks, and others. The pallet trucks segment dominated the market in 2020 and same segment is expected to be fastest growing during forecast period. Based on end-user, the market has been segmented into general manufacturing, food and beverage, aerospace, retail, healthcare, logistics, automotive, and others. The logistics segment dominated the market in 2020 and healthcare segment is expected to be fastest growing during forecast period. Based on country, the market has been segmented into China, India, Japan, South Korea, Australia, and rest of APAC.    

Balyo SA; Bastian Solutions, Inc.; Daifuku Co., Ltd.; Dematic Group (KION Group AG); Hyster-Yale Group, Inc.; JBT Corporation; Konecranes Oyj; Kuka AG; and SSI SCHAEFER Group are among the leading companies in the APAC automated guided vehicles market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Konecranes Oyj had signed a contract with Long Beach Container Terminal for 30 additional Konecranes Gottwald automated guided vehicles (AGVs) which will be delivered in Q4 2021 and commissioned by Q2 2022. The order, which was booked in March 2020, reflects the growing momentum behind Konecranes’ path to port automation approach.

APAC Automated Guided Vehicles Market, By Country, 2020 and 2028 (%)
APAC Automated Guided Vehicles Market, By Country, 2020 and 2028 (%)

 

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