The global “automated guided vehicles“ (AGV) market size is slated to reach USD 3.14 billion by 2027, exhibiting a CAGR of 9.5% during the forecast period. Rising tide of industrial automation is likely to emerge as the central factor driving the growth of this market in the coming decade. Automation in industrial processes is primarily based on the integration of Artificial Intelligence-based technologies such as Internet of Things (IoT) with the existing infrastructure. Automated technologies are taking industries by storm and their future looks immensely promising. For example, the World Economic Forum (WEF) estimates that by 2035, only 35% of working hours will be spent on manual routine jobs that currently take up 48% of work time. Furthermore, manufacturing, logistics, and retail sectors will have the highest potential for automation by 2027, notes the WEF. AGVs are a prelude to the adoption of full-fledged AI-powered technologies in any industry and as automation gains ground, the AGV market demand will remain steady.
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Fortune Business Insights shares the above information in its report, titled “Automated Guided Vehicles (AGV) Market Size, Share & Industry Analysis, By Type (Unit Load Carrier, Forklift Truck, Mobile Robots and Others), By Navigation Technology (Laser Guided, Magnetic Guided, Vision Guided and Others), By Application (Transportation & Distribution, Storage & Assembly, Packaging), By Industry (Automotive, Food & Beverage, E-Commerce and Others) and Regional Forecast, 2019-2027”. As per the report, the value of this market was at USD 1.53 billion in 2018. The other highlights of the report include:
- Detailed analysis of the market share, size, and figures and the factors shaping them;
- Exhaustive study of the different market segments;
- 360-degree overview of the general industry outlook;
- Comprehensive evaluation of the regional and competitive dynamics of the market; and
- In-depth assessment of the market restraints.
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Key segments within the market
1. By Type
- Unit Load Carrier
- Forklift Truck
- Mobile Robots
- Other (Tuggers, etc.)
2. By Navigation Type
- Laser Guided
- Magnetic Guided
- Vision Guided
- Others (Wire Guided, etc.)
3. By Application
- Transportation & Distribution
- Storage & Assembly
4. By Industry
- Food & Beverage
- Others (Healthcare, etc.)
5. By Region
- North America (the U.S. and Canada)
- Europe (U.K., Germany, France, Italy and Rest of Europe)
- Asia-Pacific (Japan, China, India, Southeast Asia, and Rest of Asia-Pacific)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
- Latin America (Brazil, Mexico, and Rest of Latin America)
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Increasing Focus on Research and Innovation to Create a Charged-up Competitive Atmosphere
According to the automated guided vehicle market analysis, competition in this market is set to intensify as major players double down their investment launching innovative products. This would enable them to solidify their market position and diversify their product portfolio.
- October 2019: Hit Robot Group (HRG) launched its new-age automated guided vehicle, powered by the SLAM (Simultaneous Localization and Mapping) technology used by the company in its automated mobile robots. The AGV can recreate a 2D map of the facility it is deployed in and navigate on its own.
- September 2018: Seegrid Corporation, an automated guided vehicles market leader, introduced its new vision guided vehicle as an expansion of the company’s automated solutions platform. The smart platform would enable manufacturing, e-commerce, and distribution companies to optimize their operations and streamline their processes.
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The Automated Guided Vehicle Market Report Profiles the Following Players:
- HIT Robot Group
- SI Systems, LLC.
- ELETTRIC80 S.P.A.
- AGVE Group
- The Raymond Corporation
- Daifuku Co., Ltd.
- Seegrid Corporation
- KION GROUP AG
- Toyota Advanced Logistics
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
Click here to get the short-term and long-term impact of COVID-19 on this Market.
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