Automated Guided Vehicle Market is forecasted to grow at a rate of 6.8% from USD 2.54 Billion in 2020 to USD 4.27 Billion in 2028.

NEW YORK, NY, UNITED STATE, October 25, 2021 /EINPresswire.com/ -- The Automated Guided Vehicle (AGV) market is expected to grow from USD 2.54 Billion in 2020 to USD 4.27 Billion by 2028, at a CAGR of 6.8%. The crucial factors that drive the growth of the AGV market include increasing demand for automation in the handling of materials across industries, the emerging e-commerce industry, increasing requirements for safety standards in the workplace and increased productivity due to improved supply chain processes.

High initial costs can be a major concern for those who consider the deployment of automated guided vehicles, which can lead to long - term high return on investment (ROI).

Low labor costs in emerging countries and technical challenges in real time can create more problems for AGV manufacturers.

Top Key Players:

The significant players in the market are SSI Schaefer (Germany), EK Automation (Germany), JBT Corporation (US), Toyota Industrial (Japan), Daifuku (Japan), Hyster-Yale Materials Handling (US), KUKA (Germany), KION Group (Germany), Kollmorgen (US), Seegrid Corporation (US), and others.

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Key reasons to buy this report:

The latest report comprehensively studies the global Automated Guided Vehicle (AGV) market size and elaborates on the latest market trends & developments and new product offerings.
It offers an insightful analysis of the Automated Guided Vehicle (AGV) market’s regional landscape.
It offers a detailed account of the end-use applications of the products & services offered by this industry.
The report identifies the most effective business strategies implemented by the market players for ideal business expansion.
Furthermore, the report explains the macro-economic and micro-economic factors influencing market growth and highlights the potential investment opportunities, new and existing pricing structures, and emerging product application areas in the global market.

Further key findings from the report suggest

The Automated Guided Vehicle (AGV) market is expected to grow from USD 2.54 Billion in 2020 to USD 4.27 Billion by 2028, at a CAGR of 6.8%. The crucial factors that drive the growth of the AGV market include increasing demand for automation in the handling of materials across industries, the emerging e - commerce industry, increasing requirements for safety standards in the workplace and increased productivity due to improved supply chain processes.
In type, tow vehicles segment is expected to hold largest market share with a CAGR of 8.2% in 2028. The towing vehicle, also known as a tug, pulls carts carrying heavy loads without power.
This is the most productive AGV used for towing and tugging because it can transport heavy loads with multiple trailers than a single forklift. The towing vehicle can automatically collect a load without a human interface or manually load / unload.
On the basis of navigation technology, laser guidance technology is expected to hold largest market share with a CAGR of 8.45% in 2028. Laser guidance is the most flexible vehicle movement system and provides precise navigation. Reflectors have been mounted on the walls along the road of the vehicle.
Onboard AGV is a rotating source of laser light that detects its reflections and receives distance and angle information that is stored in the vehicle memory. On the basis of this information, the AGV can calculate its position.
In battery type, lead battery segment is expected to hold largest market share with a CAGR of 9.12% in 2028. The lead battery is used in the automotive and power industries as a energy storage solution/system.
It’s one of the oldest types of re-chargeable battery and is best suited for automated vehicle guidance. In AGV systems, lead-acid batteries are generally used, as these batteries have the highest power-to-size ratio compared to conventional batteries.
In application, transportation segment is expected to hold largest market share with a CAGR of 10.32% in 2028. Transport systems connect the receipt of goods, production, picking of orders and shipment of materials within the plant quickly and efficiently.
They also help goods move around a warehouse to improve the efficiency and productivity of material handling while maximizing profits. AGVs are widely used to transport materials automatically from one location to another, maximizing productivity.
Europe is expected to hold the largest market share during the forecast period due to the exceptionally high cost of labour in this region. Asia Pacific is expected to be the most promising region for the market, and APAC is expected to witness the highest CAGR due to the rapidly growing e - commerce industry in the region, a booming manufacturing sector, and numerous planned AGV facilities in emerging economies such as China and India


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Segments covered in the report:

This report forecasts volume and revenue growth at a global, regional & country level, and provides an analysis on the industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Reports and Data have segmented the market on the basis of type, navigation technology, industry, application, battery type and region.

Type (Revenue, USD Million; 2020–2028)

Unit Load Carriers
Assembly Line Vehicles
Forklift Trucks
Tow Vehicles
Pallet Trucks
Others (Automated Carts, Hybrid AGVs, and Customized AGVs)

Navigation Technology (Revenue, USD Million; 2020–2028)

Laser
Magnetic Guidance
Vision Guidance
Inductive Guidance
Optical Tape Guidance
Others (Dead Reckoning Guidance, Inertial Guidance, and Beacon Guidance)

Industry (Revenue, USD Million; 2020–2028)

Automotive
Manufacturing
Food & Beverages
Aerospace
Healthcare
Logistics
Retail
Others

Application (Revenue, USD Million; 2020–2028)

Transportation
Distribution
Storage
Assembly
Packaging
Others (Waste Handling and Work-in-Process Activities)

Battery Type (Revenue, USD Million; 2020–2028)

Lead
Nickel Based
Lithium Ion
Others (Hydrogen Fuel Cells and Ultracapacitors)

Region (Revenue, USD Million; 2020–2028)

North America
US
Canada
Europe
Germany
France
UK
APAC
China
India
Latin America
Brazil
Middle East & Africa

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Table of Content:

Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2018-2028
Chapter 3. Indicative Metrics
3.1. Macro Indicators
3.1.1. Global usage of Automated Guided Vehicle
3.1.2. Global Automated Guided Vehicle Usage by Solution
Chapter 4. Automated Guided Vehicle Market Segmentation & Impact Analysis
4.1. Automated Guided Vehicle Segmentation Analysis
4.2. Industrial Outlook
4.3. Regulatory Framework
4.4. Automated Guided Vehicle Market Impact Analysis
4.4.1. Market driver analysis
4.4.1.1. Emerging industry of e – commerce
4.4.1.2. Improved productivity enabled through improved supply chain processes
4.4.1.3. Automation demand in the manufacturing of materials
4.4.2. Market restraint analysis
4.4.2.1. High Installation, Maintenance, and Switching Costs
4.4.3. Market opportunities
4.4.3.1. Industrial Growth in Emerging Economies
4.4.3.2. Industrial automation adoption by SMEs
4.4.4. Market Challenges
4.4.4.1. Low labor cost in emerging economies...

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