Automated Guided Vehicle Market Revenue Growth to Stoke Up in Next Couple of Years, Key players Profile Outlook and Forecast Till 2030 | By R&I

Reports & Insights (MMC) has published a new report titled, "Automated Guided Vehicle Market: Opportunity Analysis and Future Assessment 2020-2028"

Global Automated Guided Vehicles Market, By Component (Hardware (Capacitors, Resistors, Motion sensors, and Others), Software, and Services), By Type (Tow Vehicles, Unit Load Carriers, Pallet Trucks, Assembly Line Vehicles, Forklift Vehicles, Others (Customized and hybrid AGVs)), By Navigation Technology (Laser Guidance, Magnetic Guidance, Inductive Guidance, Optical Tape Guidance, Vision Guidance, Others (Dead reckoning guidance, inertial guidance, and beacon guidance)), By Application (Loading & unloading, Packaging, Assembling, Warehousing, Raw material handling, and Other applications), By Propulsion Type (Battery (Lead battery, Lithium-ion battery, Nickel-based battery, and Others), Fuel Cell, and Others), By End Use Industry (Automotive, Manufacturing, Food & beverage, Transport & logistics, Retail & e-commerce, Healthcare, Aerospace & defence, and Other industries) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.

The global automated guided vehicle market is estimated to reach at a value of US$ 2,049.2 Mn by the end of 2020 and expected to reach at a value of US$ 3,637.4 Mn by 2028 with a significant CAGR of 7.3%

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Automated guided vehicles (AGV), often known as autonomous guided vehicles or self-guided vehicles,  understands the needs of the business and assists as its load carriers or material handling systems that move self-sufficiently across a distribution center, warehouse, or manufacturing facility, without the need of a driver or an onboard operator.

An automated guided vehicle's movement is led by an amalgamation of software and sensor-based guidance systems and it trails configurable guide paths for optimisation of picking, storage, and transport functions in the environment of prime space. In the present times, most of the industries require increased accuracy, productivity as well as efficiency which has favorably increased the integration of automated guided vehicles in various industries all across the world. Owing to which, the global automated guided vehicle market is projected to grow substantially in the forthcoming years.

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Moreover, the beneficial features of automated guided vehicles including elevated accuracy and productivity, increased safety, reduced labor costs and modularity is further expected to provide major breakthroughs to the growth of the global automated guided vehicle market over the forecast period.

However, factors like reduced flexibility, heavy initial investments as well as high maintenance costs is likely to hamper the market growth. In addition to that, the automated guided vehicles are not considered suitable for non-repetitive tasks since they are usually programmed to perform repetitive and monotonous tasks, which may further restrain its growth in the coming years. 

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Reports & Insights study identifies some of the key participating players in the automated guided vehicles market globally are Daifuku, JBT, KION, KUKA, Toyota Industries, Hyster-Yale, SSI Schaefer, E&K Automation, Oceaneering, Murata Machinery, KNAPP, Seegrid, AGV International, Addverb Technologies, America in Motion, Meiden America, Grenzebach, Rocla, Denbach Robot, Uncease Automation, ECA, Scott Automation, Redviking, IKV Robot, and Echkart, among others.

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This release was published on openPR.