Automated Guided Vehicle Market size worth $ 3.74 Billion, Globally, by 2028 at 7.86% CAGR: Verified Market Research®
Some of the major factors driving the growth of the Automated Guided Vehicle Market are the growing demand for automated materials handling systems in order to enhance the process in manufacturing facilities, warehouses, and distribution centres.
JERSEY CITY, N.J., Nov. 15, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Automated Guided Vehicle Market" By Type (Tow Vehicle, Forklift Truck, Pallet Truck), By Navigation Technology (Magnetic Guidance, Laser Guidance), By Battery Type (Lithium-Ion, Nickel-based, Lead), By Vertical (Industrial Products, Food Industry, Petrochemicals), By Application (Manufacturing, Automotive, Aerospace), and By Geography. According to Verified Market Research, the Global Automated Guided Vehicle Market size was valued at USD 2.04 Billion in 2020 and is projected to reach USD 3.74 Billion by 2028, growing at a CAGR of 7.86% from 2021 to 2028.
The rise in demand for Automated Guided vehicles due to their superior functions, reduction in production cost in end-use industries by deploying Automated Guided vehicles in high-end applications is expected to fuel the growth of the global Automated Guided Vehicle Market. The growing demand for the automated process in material handling across the broad range of industries is one of the most important drivers to market growth at a faster pace. In order to satisfy the changing need of the automotive, healthcare, e-commerce sector the system enables to meet the requirement by reducing production time enhancing safety and ensuring high production volumes.
In addition, to achieve increased accuracy and repeatability the systems are a perfect fit. The use of these vehicle types ensures the just in time delivery of the raw materials required with the facility of tracking the shipped articles. The companies related to retailing and other logistics are partnering and collaborating with the other giants in the market to transform the material handling industry. The advantages associated with the integration of innovative technologies such as camera-based vision that is complemented by LiDAR sensors and computer systems provide the accurate navigation of the systems within warehouse and production capabilities.
The sensors and camera also help for the creation of 3D images of the operational area. Better analysis of the environment is possible subjected to the advances in computer vision and related software solutions lead to accelerating the demand for AGVs for efficient operations in the challenging environment. However, a huge initial investment is required to set up the AGVs as the vehicles are programmed and built on the basis of navigation and communication systems to interact with other material handling equipment. The integration of industry 4.0 with robotics system untapped potential in emerging markets offers favourable growth opportunities.
In August 2019, Murata Machinery, Ltd. Japan-based company; a global provider of material handling solutions, partnered with Alert Innovation a US-based company, which is a provider of automated solutions. Under this partnership, Murata Machinery, Ltd. has adopted the company's Alphabot technology to transform grocery retail by commercializing the Alphabot materials handling technology.
In October 2019, one of the leading providers of autonomous mobile robots collaborated with PULSE Integration that provides agnostic engineered solutions for material handling, automation facility design, and system integration, among others.
The major players in the market are SSI SCHAEFER, DEMATIC, VANDERLANDE INDUSTRIES, DAIFUKU, NATIONAL INSTRUMENTS, TEXAS INSTRUMENTS, YOKOGAWA ELECTRIC, RIGOL TECHNOLOGIES, TOYOTA INDUSTRIES CORPORATION, BASTIAN SOLUTIONS LLC.
Verified Market Research has segmented the Global Automated Guided Vehicle Market On the basis of Type, Navigation Technology, Battery Type, Vertical, Application, and Geography.
Automated Guided Vehicle Market, By Type
Unit Load Carrier
Assembly Line Vehicle
Automated Guided Vehicle Market, By Navigation Technology
Optical Tape Guidance
Automated Guided Vehicle Market, By Battery Type
Automated Guided Vehicle Market, By Vertical
Building and Construction
Automated Guided Vehicle Market, By Application
Food and Beverages
Automated Guided Vehicle Market by Geography
Rest of Europe
Rest of Asia Pacific
Middle East & Africa
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