Automated Guided Vehicle Market to grow from a market value of USD 3238.18 million to USD 8,617.92 million by 2023| Major Vendors – Amerden Inc, Swisslog Holding, Kuka Group, Jungheinrich Group, Murata Machinery, Dematic Corp, Toyota Material Handling,

Market Analysis:

Asia-Pacific to be the Largest Market in the World
Asia-Pacific is the largest consumer of AGVs in the world. The presence of industrial giants, like China and Japan, in the region and the growing demand from other developing Asian countries (like Malaysia, Singapore, and India) are the key factors driving the demand for AGVs in Asia-Pacific.

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The sales rate of automated guided vehicles has witnessed a rapid growth. The number of units sold grew by more than twice in some cases since in the last decade. According to the latest projection from the International Federation of Robotics (IFR), the sales rate in service robots for the professional use (parent market for AGV) is expected to increase by 12% by the end of 2017. The long-term forecast is also positive, with an expected average growth rate to be in between 20% and 25%, during the forecast period (2018-2020). Out of all the end-user segments, the automotive industry holds the largest demand for automated guided vehicles (AGV). The increased rate of production of electric cars and growing investments in automotive R&D activities are expected to keep these production numbers high over the next four years.

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Market Segments:
Automated Guided Vehicle Market is segmented by:
1. Product Type: Unit Load Carriers, Tow Vehicles, Pallet Trucks, Assembly Line Trucks, Fork Lift Vehicles
2. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa

Key Developments in the Market
• April 2017 - KUKA, a key global AGV producer, with the Swisslog brand, signed a value added reseller (VAR.) agreement, with BEET.
• September 2017- International Federation of Robotics released the statistics of Automated Guided Vehicles Sales.

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This release was published on openPR.