Self-Driving Industrial Vehicle Market

Self-driving industrial vehicle is an autonomous vehicle that is operated safely without human involvement. The self-driving industrial vehicles uses artificial intelligence technologies, internet of things technology, infrared radars, laser radar (LIDAR), cameras, motion sensors, accurate sensors, and complex algorithms among others that allows the vehicle to automatically drive. The self-driving system or the robotic industrial vehicle is used for the transportation of materials and equipment from one place to another in the industries without any human effort. The self-driving industrial vehicle is categorized into various types such as load transporters, assembly line vehicles, pallet trucks, forklift, tugger AGVs and other such industrial vehicles

COVID-19 scenario analysis:

• The demand for the Self-Driving Industrial Vehicle Market is expected to decrease in the year 2020 due to lockdown imposed by the government and low demand form automotiveindustries.
• COVID-19 pandemic has shut-down the production of various products in the self-driven industrial vehicle market, mainly owing to the prolonged lockdown in major global countries. This has hampered the growth of the self-driven industrial vehicle market significantly form last few months, as is likely to continue during 2020.
• COVID-19 has already affected the sales of equipment and machinery in the first quarter of 2020 and is likely to cause a negative impact on the market growth throughout the year.
• The major demand for equipment and machinery was previously noticed form giant manufacturing countries including the U.S., Germany, Italy, the UK, and China, which is badly affected by the spread of coronavirus, thereby halting the demand for equipment and machinery.
• Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves. Equipment and machinery companies can afford a full lockdown only for a few months, after which the players would have to modify their investment plans.
• Equipment and machinery manufacturers must focus on protecting their workforce, operations, and supply chains to respond toward immediate crises and find new ways of working after COVID-19 infection cases start to decrease.

Top impacting factors: Market Scenario Analysis, Trends , Drivers and Impact Analysis

The increasing number of warehouses owing to the increasing industrialization across various regions is expected to fuel the growth of the self-driving industrial vehicle market. The growing advancement in technology such as artificial intelligence, internet of things, robotics, edge computing, laser radar systems in the industrial vehicle is further expected to fuel the self-driving industrial vehicle market. The shortage of workers in the industries for the transportation of goods and production materials is expected to fuel the self-driving industrial vehicle market. The self-driving industrial vehicle are fully electric and use significantly less energy than the conventional vehicles used in the industries. This in turn creates the demand for the self-driving industrial vehicle as it helps in reducing the pollution. The increasing growth of automotive sector in the Asia-Pacific coupled with rising technological advancements and automation in the automotive industry is expected to fuel the demand for the self-driving industrial vehicle. North America is accounted to hold the largest share in self-driving industrial vehicle followed by Europe. However, the high initial cost of the components such as radar sensors of self-driving industrial vehicle and high maintenance cost can hamper the growth of the self-driving industrial vehicle market.

The global self-driven industrial vehicle market trends are:

New product launches to flourish the market

The rising automation andlaunch of new generation technologically advanced self-driving industrial vehicles can boost the growth of the market. In February 2019, one of the global leader in self-driving autonomous vehicle New Holland is introducing T8 blue tractor that is specifically designed for agricultural applications. The T8 blue tractor equipped with latest radar and accurate sensors helps in determining the soil conditions for higher crop yield.

High demand form applications :

The self-driving industrial vehicle serves for various industrial applications in agriculture, mining, retail, logistics & warehouse, manufacturing and other such industries. The self-driving industrial vehicle are specifically used in the transportation of goods and production materials in various industrial facilities. Further, in agriculture sector the agricultural robotics is driven by the potential autonomous technologies to reduce cost while increasing output. For example, the self-driving tractors equipped with GPS and PID sensor technologies are used to determine the soil conditions, offering guidance on the fertilizer applications and providing opportunities to increase the crop productivity without any human effort. The self-driving trucks in the mining industry are equipped with technologies such as fleet tracking, proximity detection and  remote machine operation improves the workers safety and also increase the mine productivity and yield levels.

Key benefits of the report:

• This study presents the analytical depiction of the self-driven industrial vehicle market market along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the self-driven industrial vehicle market market share.
• The current market is quantitatively analyzed to highlight theself-driven industrial vehicle market market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed Market analysis based on competitive intensity and how the competition will take shape in coming years.

 Self-Driving Industrial Vehicle Market Report Highlights