India Automated Guided Vehicle Market Size, Share, Competitive Landscape and Trend Analysis Report by Type, Navigation Technology, Application, Industry and Mode of Operation : Opportunity Analysis and Industry Forecast, 2020-2027

India Automated Guided Vehicle Market Statistics - 2027

The India automated guided vehicle market size was valued at $122.1 million in 2019 and is projected to reach $364.3 million by 2027, registering a CAGR of 14.4% from 2020 to 2027. 

Automated guided vehicles can be defined as self-guided material handling systems or load carriers that can travel autonomously in distribution centers, warehouses, or manufacturing facilities without any onboard operator with the help of sensors that are installed on it. In recent days, the supply chain management is witnessing automation in form of automated guided vehicles such as forklifts, automated stackers, small rack-carrying robots, pallet trucks, and others. In addition, these vehicles are programmed to perform some tasks by using machine learning & deep learning, which are the safest alternatives for material handling by personnel. Further, it provides significant advantages such as safety inside the facility, increased precision & productivity, reduction in labor cost, and others.

Factors such as rise in demand for automation and automated guided vehicles in various industries and increased safety, accuracy, and productivity, are driving the growth of the India automated guided vehicle market. In addition, reduction of labor cost in organizations is boosting the growth of market. However, high initial investment cost and lack of flexibilityin non-repetitive tasks are hindering the growth of the India automated guided vehicle market. Further, incorporation of industry 4.0 is anticipated to provide lucrative growth opportunities for the players operating in the automated guided vehicle market.

India automated guided vehicle market is segmented based on type, navigation technology, application, industry, and mode of operation. Based on type, the market is classified into tow-vehicles, unit load carriers, pallet trucks, assembly line vehicles, and forklift trucks. Based on navigation market, it is divided into laser guidance, magnetic guidance, inductive guidance, optical tape guidance, vision guidance, and others. Based on application, the market is categorized into transportation, distribution, storage, assembly, packaging, and waste handling. Based on industry, the market is analyzed across automotive, manufacturing, food & beverages, aerospace, healthcare, logistics, retail, and others. Based on mode of operation, it is classified into indoor and outdoor.

Key players operating in the India automated guided vehicle market are Alstrut India Private Limited, Ati Motors Pvt. Ltd., Conductix-Wampfler, GreyOrange, Konecranes, KUKA AG, Seegrid Corporation, Swisslog, The Hi-Tech Robotic Systemz, Toyota Material Handling India, and others.

Increase in demand for automation and automated guided vehicles (AGVs) in various industries

In recent years, the adoption of AGVs has increased significantly as they are a reliable solution for material handling, which in turn results in increased production capacity of the industries. These material handling solutions are used to decrease the physical damages to the goods (usually caused due to human operators), and increase efficiency of the operation. Automated guided vehicles are adopted in almost all the industries such as logistics, automotive, food & beverages, manufacturing, and others. In addition, companies operating in the e-commerce industry in India are adopting automated guided vehicle for enhance productivity and reduced labor cost. For instance, Flipkart is using artificial intelligence (AI) powered bots that enable bots and humans to work together efficiently. Around 350 AI-powered bots – monikered Automated Guided Vehicles (AGVs) assist operators to process almost 4,500 shipments per hour at twice the speed with remarkable accuracy. Further, company claims that with the adoption of these bots the throughput and storage capacity has doubled as well. Thus, increasing demand for automation and automated guided vehicles is driving the growth of the market.

Increase in safety, accuracy and productivity

Automated guided vehicles are designed with a focus on safety as the first priority and are equipped with lasers, cameras, and others sensors that allow these vehicles to safely operate with workers as well as with the structures. However, some vehicles such as forklifts, rely on human inputs and are not equipped with safety features. Thus, there is always a potential danger that the operator is distracted or tired and thereby, causes an accident. This can be avoided by adopting automated guided vehicle. In addition, when personnel are replaced with AGV, potential inaccurate workflow is reduced, which in turn results in increased, productive, and accurate output. Further, integration of AGV allows continuous flow of operation with streamlined processes. Thus, increase in safety, accuracy, and productivity offered by automated guided vehicles in the warehouse is boosting the growth of automated guided vehicle in India.

High initial investment cost

Adoption of automated guided vehicle by the company increases the profitability of an operation by reducing the labor cost and increasing the productivity. Purchasing an AGV in short duration is estimated to be more expensive as compared to hiring personnel for labor or using other human operated equipment. Profitability due to adoption of automated guided vehicle can be realized by the company in longer term. In addition, automated guided vehicle is projected to undergo routine maintenance and repair, which will result in some operational downtime. Thus, it can be burdensome on smaller operations that may not have readily available access to capital. Therefore, high initial investment cost and maintenance cost is anticipated to hinder the growth of the automated guided vehicle market in India.

Incorporation of industry 4.0

Industry 4.0 can be defined as the new phase in the industrial revolution that is highly focused on automation, interconnectivity, real time data, and machine learning. Industry 4.0 is also referred as smart manufacturing and operations with smart digital technology to create a better connected ecosystem for companies focused on manufacturing and supply chain management. Adoption of automated guided vehicle in industry 4.0 will enhance the safety at the warehouse and will allow the companies with higher level of lean manufacturing. Also, it will increase the productivity and profitability of the companies with significant reduction in the long term labor cost. Further, the overall adoption of industry 4.0 by the companies is significantly low and holds a potential opportunity for the AGV market players. Thus, manufacturing of automated guided vehicles with a focus on incorporation of industry 4.0 is anticipated to provide a remarkable growth opportunity for the players operating in the India automated guided vehicle market.

 

Key Benefits For Stakeholders

• This study presents the analytical depiction of the India automated guided vehicle market analysis along with the current trends and future estimations to depict the imminent investment pockets.

• The overall India automated guided vehicle market opportunity is determined by understanding the profitable trends to gain a stronger foot hold.

• The report presents information related to the key drivers, restraints, and opportunities of the market with a detailed impact analysis.

• The current India automated guided vehicle market is quantitatively analyzed from 2019 to 2027 to benchmark the financial competency.

• Porter’s five forces analysis illustrates the potency of buyers and suppliers in the industry.

  India Automated Guided Vehicle Market Report Highlights