The North American AGV market was valued at USD 539.5 million in 2017 and is expected to reach a value of USD 1679.9 million by 2023, at a CAGR of 14.47%, over the forecast period (2018-2023). The region’s strong industrial activity to meet its export demands and the strengthening e-commerce market are expected to provide the anticipated boost to the North American market during the next five years.
Automated guided vehicles (AGV) are professional service robots that follow a guiding medium, such as a wire, magnet, or marker, for navigation. They are mostly used in industrial manufacturing facilities and warehouses for moving materials with high precision. They are considered the best automation solution for many industries because of their flexibility and faster return on income.
POLITICAL SITUATION IN THE REGION IS EXPECTED TO DECIDE THE MARKET’S GROWTH
North America is highly affected by political situations in the United States. The country’s potential decision to withdraw (or not) from the North American Free Trade Agreement (NAFTA) could disrupt the AGV market in the region. In case of a decision to withdraw, the demand for AGV is expected to rise as it draws many manufacturers to shift production to the United States. Though this case benefits the United States, it is expected to negatively impact many surrounding countries that are highly dependent on export activities in the region. In case of a decision to continue in NAFTA, the current moderate growth situation is expected to remain in many North American countries, including the United States. Automotive and general manufacturing sectors in the region are the segments most affected by these changes.
ELECTRONICS & ELECTRICAL INDUSTRY TO PROVIDE MORE AUTOMATION OPPORTUNITIES
The electronics & electrical industry is expected to generate the maximum demand for AGVs in the next four years. This situation is mostly due to the labor shortage in the country. More than 72% of the electronics manufacturers in North America believe that there is a labor shortage in the region; most of them faced difficulties while recruiting production workers and engineers in the past two years.
This situation of labor shortage for the electronics & electrical industry is immutable. The growing need for labor in the automotive and general manufacturing sector (which likely requires fewer skills when compared to the electronics industry) is likely to attract people to work in these sectors. This situation, over a period, is expected to raise the demand for AGVs in electronics to replace the manual intralogistics systems.
STRENGTHENING FINANCE AND INSURANCE SECTORS TO PUT CANADA ON THE FAST TRACK
Canada is the second largest economy in North America after the United States. The finance and insurance sector of Canada recently posted a gain of 0.2%, following a 0.6% decline in July 2017 (which was the largest in two years). Activity at banking, monetary authorities, and other depository credit intermediaries also show a considerable increase. These situations are expected to favor the general manufacturing sector in the country. At the same time, there is a good growth seen in the logistics and warehouse sectors, which are a key support for the growth of e-commerce (second largest source of demand for AGVs in the country) in Canada.
Our report on Aircraft Maintenance Repair and Overhaul covers the following
- AGV market trends & dynamics
- Latest news & AGV oriented developments
- Porter’s five forces analysis
- Investment scope
- Deep-dive insights
1. Introduction
1.1 Key Study Deliverables
1.2 Study Assumptions
1.3 Market Definition
2. Research Methodology
2.1 Reserach Phases
2.2 Analysis Methodology
3. Executive Summary
4. Market Insights
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Model
4.2.1 Threat of New Entrants
4.2.2 Bargaining Power of Consumers
4.2.3 Bargaining Power of Suppliers
4.2.4 Threat of Substitute Products and Services
4.2.5 Competitive Rivalry in the Industry
4.3 Industry Value Chain Analysis
5. Market Dynamics
5.1 Introduction to Market Dynamics
5.2 Market Drivers
5.2.1 Wide Adoption of Robotics in Warehouse Applications
5.2.2 Increasing Demand for Improving Order Accuracy And SKU Proliferation
5.3 Market Restraints
5.3.1 Supply Chain Skills Gap and Workforce Shortage
6. Segmentation, by Type
6.1 Forklift
6.2 Tugger
6.3 Assembly Line
6.4 Special Purpose
6.5 Unit Load
7. Segmentation, by End-user Industry
7.1 Automotive
7.2 Retail and Warehousing
7.3 Electronics and Electrical
7.4 General Manufacturing
7.5 Food and Beverages
7.6 Pharmaceuticals and Healthcare
8. Segmentation, by Country
8.1 United States
8.2 Canada
9. Competitive Intelligence - Company Profiles
9.1 Bastian Solutions Inc
9.2 Daifuku Group
9.3 Dematic Group
9.4 JBT Corporation Ltd
9.5 Seegrid Corporation Ltd
9.6 Murata Machinery
9.7 Swisslog Holding AG
9.8 SSI Schaefer Systems International DWC LLC
9.9 Grenzebach Group
9.10 Kollmorgen Corp
9.11 Transbotics Corporation
*List Not Exhaustive
10. Investment Analysis
11. Future of the Market
