BANGALORE, India, Aug. 13, 2020 /PRNewswire/ — Automated Guided Vehicle (AGV) is an autonomous, computer-controlled mobile transport vehicle used in a wide range of industries for material handling and transport. An AGV is a vehicle powered by a battery or an electric motor and capable of conducting tasks without human control or operation.
In 2019, the global Automated Guided Vehicle market size was USD 3.3 Billion and it is expected to reach USD 9.5 Billion by the end of 2026, with a CAGR of 19.9% during 2021-2026.
Major factors responsible for the growth of Automated Guided Vehicle market size are rising demand for automation in material handling across sectors, changing demand from mass manufacturing to mass customization, increasing e-commerce penetration, and improved occupational safety standards.
COVID-19 is the expected cause of slump in the growth of the AGV market size. The outbreak of the COVID-19 pandemic has a major effect on sectors such as aviation, transportation, mining, and food & beverages. One of the main sectors incurring major losses due to the COVID-19 pandemic scenario is the automotive industry. Demand for vehicles has been hampered internationally due to lockdowns introduced in numerous countries around the world and suspended production activities.
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TRENDS INFLUENCING THE AUTOMATED GUIDED VEHICLE MARKET SIZE
Industrial development in developing markets, the intralogistics sector ‘s presence in Southeast Asia, and the growing adoption of industrial automation by SMEs are expected to accelerate the growth of Automated Guided Vehicle Market size during the forecast period.
The growth of the e-commerce industry is, in turn, expected to increase the Automated Guided Vehicle Market size. Deploying AGVs in warehouses helps e-commerce businesses automate the tasks of intralogistics, such as sorting, selection, and palletizing, thus increasing efficiency. The adoption of AGVs by the e-commerce industry is increasing substantially as industry incumbents try to roll out a reliable storage process and enhance efficiency.
Retail and commerce firms are adopting integrated robots in their warehouses. This, in turn, is expected to increase the market size during the forecast period.
The increasing need for automation in material handling processes across industries is expected to increase the Automated Guided Vehicle Market size during the forecast period. Industrial plant automation by AGV will help meet material handling capability requirements, along with reducing processing time, decreasing the likelihood of human mistakes, maintaining high output volumes, and increasing efficiency and repeatability.
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AUTOMATED GUIDED VEHICLE MARKET SHARE ANALYSIS
In 2019, the European region held the largest Automated Guided Vehicle market share. This dominance is attributed to the increasing demand for material handling equipment by the incumbents of the manufacturing industry.
North America is expected to witness stable growth as the region has a well-established manufacturing sector, and businesses are rapidly implementing automation technologies to automate their warehousing operation.
The Asia Pacific region is predicted to grow at the highest CAGR during the forecast period. This rapid growth can be attributed to the growing e-commerce industries in this region.
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TOP COMPANIES IN THE AUTOMATED GUIDED VEHICLE MARKET
The Automated Guided Vehicle market is highly fragmented, with many regional and global players trying to capture a major market share. Retailing and other logistics based companies are collaborating and partnering with tech leaders to change the material handling industry.
Some of the top companies in the Automated Guided Vehicle Market are,
- DS Automotion
- Ek Automation
- AGVE Group
Segment by Type, the Automated Guided Vehicle market is segmented into
- Tugger Type
- Pallet Truck
- Unit Load Carrier
Segment by Application, the Automated Guided Vehicle market is segmented into
- Manufacturing Sector
- Wholesale and Distribution Sector.
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SIMILAR REPORTS :
- Tugger Automated Guided Vehicle Market Report
Tugger automated guided vehicles were introduced as one of the first forms of AGVs, and are still popular. Those AGVs can pull a multitude of trailer types and non-driven carts, either automatically or manually.
Tugger AGVs with reliable and consistent workflows improve operating efficiencies. By increasing the safety of staff, goods, and equipment with precise and regulated movements, Tugger AGVs minimize the usual operating costs and concerns of conventional forklift trucks. Delivery and timing of the goods can be monitored so that goods are where they should be, and when they should be. These factors are expected to increase the Tugger Automated Guided Vehicle Market size during the forecast period.
View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-19R2242/global-tugger-automated-guided-vehicle
- Forklift Automated Guided Vehicles Market Report
The Forklift Automated Guided Vehicles Market report includes a country-wise and region-wise market size for the period 2015-2026. It also includes market size and forecast by Type and by Application segment in terms of production capacity, price, and revenue for the period 2015-2026.
View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-35Z2122/global-forklift-automated-guided-vehicles
- Clamp Automated Guided Vehicles Market Report
View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-5U2378/global-clamp-automated-guided-vehicles
- COVID-19 Impact on Global Hospital Automated Guided Vehicle (AGV) Market Report
Hospital AGV works in areas shared with pedestrians or in dedicated service lifts & paths, more efficiently. A fleet of these vehicles will provide 24-hour shift service to a hospital in poor lighting, but with improved protection and minimizing costs.
Typical hospital AGV models are flexible to meet the specific needs and conditions of each hospital with different navigation, interfacing, and load handling technologies. These factors are expected to increase the growth of the Global Hospital Automated Guided Vehicle market size during the forecast period.
View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-33M1803/global-hospital-automated-guided-vehicle-agv
- Unit load Automated Guided Vehicles Market Report
Unit Load AGVs are used for pallet distribution, wide bins, or roll handling. Unit Load AGV ‘functions best in wide areas where plenty of space for maneuverability is available.
Using Unit Load AGVs can minimize damage to the commodity, aisle traffic, and provide efficient scheduling capabilities. These advantages offered by Unitload AGV are, in turn, expected to increase the Unitload Automated Guided Vehicles Market size.
View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-13R2381/global-unitload-automated-guided-vehicles
- Custom Automated Guided Vehicles Market Report
View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-31S2061/global-custom-automated-guided-vehicles
- Self-Guided Vehicles Market Report
View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-13T2108/global-self-guided-vehicles
- COVID-19 Impact on Rail Guided Vehicle System Market Report
View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-14L2795/covid-19-impact-on-rail-guided-vehicle-system
- COVID-19 Impact on Global Autonomous Pallet Trucks Market Report
View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-2M2884/covid-19-impact-on-global-autonomous-pallet-trucks
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