Transparency Market Research observes that the leading players operating in the global automated guided vehicles market are determined to work on product innovation to remain relevant. As of 2015, the key players held a share of 55.82% in the global market. Toyota Industries Corporation, JBT Corporation, Hyster-Yale Materials Handling, and Dematic were leading the pack in 2015.

According to the research report, the global automated guided vehicle market is expected to be worth US$2.3 bn by the end of 2024 as compared to US$838.3 mn in 2015. The global market is projected to rise at a CAGR of 12.4% during the forecast period of 2016 and 2024.

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On the basis of type, the global automated guided vehicle market is segmented into forklift AGVs, pallet trucks, load transfer AGVs, light load transporters, assembly line vehicles, tugger AGVs, and others. Of these, the tugger AGVs segment is anticipated to grow at an accelerated pace in the coming years at a steady CAGR of 11.9% between 2016 and 2024.

Geographically, the market is divided into North America, Asia Pacific, Europe, South America, and Latin America. Out of these, Asia Pacific is expected to rise at CAGR of 13.7% between 2016 and 2024. This growth will be backed by the booming automotive industry in the coming years.

Automated guided vehicles play a key role in reducing the cost of labor in various material handling processes. Furthermore, it also ensures smooth operation, carried out in an exceptionally safe environment. These two factors have been the key reasons for the growing global automated guided vehicles market.

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Though the global market is estimated to pace ahead at a phenomenal pace, it needs to overcome few hurdles to achieve its full potential. Currently, the biggest problem for automated guided vehicles manufacturers is the long time required to bring the final product to the market.

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From transforming a prototype into a commercialized product, manufacturers have to tackle several issues such as parameterization, modeling, and self-calibration. Thus, the exceptionally long development time is likely to hamper the growth of the overall market in the long run.

The key players operating in the global automated guided vehicle market are Toyota Industries Corporation, Egemin Automation Inc., Bastian Solutions LLC, Hyster-Yale Materials Handling Inc., Swisslog Holding AG, Dematic GmbH & Co. KG, JBT Corporation, E&K Automation GMBH, Oceaneering AGV Systems, and Seegrid Corporation among others.