Automated Guided Vehicles (Agv) Market 2022 With Growing Revenue
The Automated Guided Vehicles (AGV) Market was valued at US$ 3,310.8 million in 2020 and is projected to reach US$ 9,077.3 million by 2028; it expected to grow at a CAGR of 14.59% during 2021–2028.
The increasing e-commerce business across the world is resulting in the adoption of the automated material handling process. E-commerce companies such as Walmart, Amazon, Alibaba, and Flipkart are increasing their focus on automated material handling to reduce operational costs and increase inventory size. According to the E-commerce Europe report, in 2019, online sales in the region was increased by 13%, which accounted for US$ 735 billion; also, the market concentration is expected to be focused on Western Europe, with the region accounting for the majority of B2C platform turnover, of around 66%. For instance, the material handling division of ThyssenKrupp is investing over US$ 83 million in its European warehousing and logistics network and planning to build a new logistics center in Rotenburg/Wümme (Lower Saxony) that will span 36,000 square meters and hold up to 20,000 metric tons of materials. MonotaRO is an e-commerce company that handles the consumables, maintenance tools, and other industrial supplies used in various industries. The company uses the Racrew by Hitachi, a compact, low-floor, automated guided vehicle (AGV) to increase the picking efficiency. Also, in late 2019, Flipkart announced to use 340 small AGVs at its warehouse in India. Such developments are driving the demand for AGVs, which is propelling the automated guided vehicles (AGV) market growth.
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The report provides the current market size for Automated Guided Vehicles (AGV), defines trends and presents growth forecasts for nine years from 2019 to 2028. 2020 is considered as the base year, and 2022 to 2028 is forecast year for the entire report. All the market numbers for revenue are provided in US dollars. The market is analyzed by the supply side, considering the market penetration of Automated Guided Vehicles (AGV) Market for all the regions globally.
The scope of the Automated Guided Vehicles (AGV) Market Report:
The research report focuses on the current market trends, opportunities, future potential of the market, and competition in the Automated Guided Vehicles (AGV) in North America, Europe, Asia-Pacific, Middle East & Africa, and South America. The study also provides market insights and analysis of the Automated Guided Vehicles (AGV), highlighting the technological market trends, adoption rate, industry dynamics, and competitive analysis of major players in the industry.
Automated Guided Vehicles (AGV): Market Insights
Growing Demand for Automation in Material Handling Across Industries
The adoption of automated guided vehicle (AGVs) has increased drastically as they are effective and reliable solutions for material handling, which, in turn, increases the production capacity of the industry. These material handling solutions reduce physical damages to goods and boost the efficiency of operations. The overall need for high efficiency in the automotive, healthcare, e-commerce, and food & beverage industries propels the demand for automated material handling. It has enabled the industries to have connected factories with big data and machine learning (ML), resulting in increased automation in the industries. The AGV-enabled automation in industrial facilities can help meet the requirements related to material handling capacity and reduced production time.
Technology-Based Market Insights
Based on technology, the automated guided vehicles (AGV) market is segmented into wired navigation, guide tape navigation, laser target navigation, magnetic navigation, and others. In 2020, the laser target navigation segment held the largest market share. Also, the same segment is expected to register the highest CAGR in the market during the forecast period. Laser target system is more accurate, speedy, and reliable technology that navigates vehicles with a laser positioning system. The technology is traditionally used in supply chain management, as it increases warehouse efficiency. Laser target navigation is used in a wide range of verticals, and it is used in automatic forklift trucks, warehouse management, stocking applications, and Tow Tractors AGVs.
Major highlights of the report:
· All-inclusive evaluation of the parent market
· Evolution of significant market aspects
· Industry-wide investigation of market segments
· Assessment of market value and volume in past, present, and forecast years
· Evaluation of market share
· Tactical approaches of market leaders
· Lucrative strategies to help companies strengthen their position in the market
Note – The Covid-19 (coronavirus) pandemic is impacting society and the overall economy across the world. The impact of this pandemic is growing day by day as well as affecting the supply chain. The COVID-19 crisis is creating uncertainty in the stock market, massive slowing of supply chain, falling business confidence, and increasing panic among the customer segments. The overall effect of the pandemic is impacting the production process of several industries. This report on ‘Automated Guided Vehicles (AGV) Market’ provides the analysis on impact on Covid-19 on various business segments and country markets. The reports also showcase market trends and forecast to 2028, factoring the impact of Covid -19 Situation.
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Major key players covered in this Automated Guided Vehicles (AGV) Market report:
· Balyo SA
· Bastian Solutions, Inc.
· Daifuku Co., Ltd.
· Dematic Group
· Hyster-Yale Group, Inc.
· SSI SCHAEFER Group
· Konecranes Oyj
· Kuka AG
· Lodamaster Group
Automated Guided Vehicles (AGV) Market Segmented by Region/Country: North America, Europe, Asia Pacific, Middle East & Africa, and Central & South America
Reason to Buy
· Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global Automated Guided Vehicles (AGV) Market.
· Highlights key business priorities in order to guide the companies to reform their business strategies and establish themselves in the wide geography.
· The key findings and recommendations highlight crucial progressive industry trends in the Automated Guided Vehicles (AGV) Market, thereby allowing players to develop effective long-term strategies in order to garner their market revenue.
· Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
· Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those restraining the growth at a certain extent.
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