The global automated guided vehicle market size is slated to reach USD 3.14 billion by 2026, 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 2026, 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.
Request a Sample Copy of the Global Market Research Report: https://www.fortunebusinessinsights.com/enquiry/sample/automated-guided-vehicle-agv-market-101966
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, 2019-2026”. 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.
Promise of Enhanced Efficiency to Propel the Market
One of the main automated guided vehicles market trends is the increasing uptake of AGVs across industries owing to their high efficiency. For example, AGVs can operate 24/7 without rest, something that humans cannot do. As a result, they not increase productivity but also bring down utility costs. Furthermore, AGVs, once connected and synched with warehouse management system, can effectively monitor inventory, thereby removing the need to hire extra personnel to do inventory work. Even more important is the fact that deploying AGVs in hazardous environments, such as handling of toxic chemicals, can reduce the incidence of industrial accidents. Thus, AGVs offer a slew of advantages in terms of productivity and efficiency, which bodes well for the AGV market revenue.
For more information in the analysis of this report, visit: https://www.globenewswire.com/news-release/2020/01/23/1974167/0/en/Automated-Guided-Vehicles-AGV-Market-Worth-USD-3-14-Billion-by-2026-at-9-5-CAGR-Growing-Need-to-Reduce-Labor-Costs-to-Prove-Beneficial-for-the-Market-Fortune-Business-Insights.html
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)
Request for Customization: https://www.fortunebusinessinsights.com/enquiry/customization/automated-guided-vehicle-agv-market-101966
Speedy Expansion of the E-commerce Industry to Drive the Market in Asia-Pacific
The AGV market size in Asia-Pacific stood at 0.37 billion in 2018 and the region is anticipated to dominate the automated guided vehicles market share in the forthcoming years. This is mainly attributable to the fast-growing e-commerce industry in India and China. Moreover, these countries are heavily investing in developing their manufacturing sectors and improving their warehousing infrastructure through intelligent systems, which is further driving this market.
In North America, growth is expected to stable as the region has a well-established manufacturing sector and companies are rapidly adopting automation technologies to optimize their warehousing processes. Low working-age population is forcing many companies in Europe to implement automated technologies to maintain their efficiency in operations.
Urbanization and growth of e-commerce in Latin American countries is fueling the demand for AGVs.
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.
Order Complete Report https://www.fortunebusinessinsights.com/checkout-page/101966
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
(Have a Look at Reports Trending in “Machinery & Equipment” Industry)
View Related Reports:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights™ we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune – 411045, Maharashtra, India.
US :+1 424 253 0390
UK : +44 2071 939123
APAC : +91 744 740 1245
Email: [email protected]