As per the report, Automated Guided Vehicle Market published by Astute Analytica, the market for AGV around the globe is expected to add an opportunity of US$ 2.5 Bn over the forecast period 2021-2027.
Globally, the AGV market in terms of volume is forecast to grow at an annual growth rate of 9.5% during the forecast period. The research study analyzes the impact of some of the major market drivers such as the demand for automation has increased in the majority of industries owing to the advantages and precision it provides for material handling. Apart from material handling, AGV-enabled automation of industrial facilities aids in the reduction of production time with increment in production volume, diminish the chances of human errors, improve safety measures and elevate the accuracy and repeatability of tasks. The retail sector is also one of the determinants which fuel the growth of the market, AGVs are mostly used to handle responsibilities such as fulfilling the needs of omnichannel orders and provide delivery with greater security. However, the huge capital expenditure required for the installation and maintenance of AGV seems to obstruct the market growth.
The increasing trend of digitalization, automation, and robotics with the use of Artificial Intelligence and big data analysis in the manufacturing processes with the integration of Industry 4.0 will foster the growth of the AGV market over the forecast period. As per International Data Corporation, IoT spending in the European region will surpass USD 241 billion by 2022 as in 2019 Germany spend USD 35 billion in IoT followed by France and the UK with a spending of USD 25 billion in the IoT sector. With the aid of this advanced technology, the AGV can easily detect the location of the customer, cope up with the various obstacles, carry the customer's location, coppery up to 20 pounds, and travel 4 to 8 miles per hour. Hence, the rising e-commerce sector and supportive functioning of AGV in the e-commerce sector are expected to create lucrative growth for the market growth.
The global market includes the following regions- North America, Europe, Asia Pacific, Middle East and Africa (MEA), and South America. Europe is projected to have the largest hold, with a share of approximately 37% in the global AGV market in 2020 owing to the increasing demand for material handling equipment by the various manufacturing industries. In Europe, the UK majorly contributes to the market growth in the region, with a share of more than a quarter (25%) in 2020.
The rapid growth of automotive, e-commerce, food & beverages, and healthcare industries in emerging economies, such as China, India, and South Korea, has contributed to the growth of the PAGV market in the Asia Pacific, which is forecast to record the fastest CAGR of 12.1% during the forecast period.
Some major players covered in the report are Balyo, Bastian Solutions, Inc., Daifuku Co., Ltd., Dematic, E&K Automation Gmbh, Fetch Robotics, Inc., Invia Robotics, Inc., Kmh Fleet Solutions, Kollmorgen, Locus Robotics, Schaefer Systems International, Inc., and Scott. The rise in the number of players and their contribution to the market stood strong like the economic pillars to support the growth of the market. For instance, in February 2021, Daifuku agreed to a partnership with AFT Industries ltd., which aims to leverage both companies' material handling expertise in the automotive industry.
Basis the different AGV types analyzed in the report, the Tow vehicle segment is estimated to have the highest market share during the forecast period. The segment dominated the market in 2020 with a market valued close to US$ 800 million in 2020. The tow vehicle segment is further estimated to project to grow by 78% during the forecast period.
Basis navigation technology, magnetic guidance is driven vehicle segment is projected to grow at highest CAGR of 11.6% during the forecast period, while laser-guided vehicle segment holds a maximum share, accounting for almost 50% of revenue share in 2020.
Similarly, the logistics and warehousing among all the applications dominated the market with around 55.4% volume share in 2020 while the raw material handling segment is projected to grow at the fastest revenue CAGR of 12.8% during the forecast period.
The report provides a thorough analysis of Automated Guided Vehicle (AGV) Market – Industry Dynamics, Market Size, and Opportunity Forecast to 2027, based on the following.
By Product Type
By Battery Type
By Navigation Technology
By Application
By End-user Industry
By Region
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