Automated Guided Vehicle Market Growth and Restrain Factors Analysis 2023-2031

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Automated Guided Vehicle Market- (By Type (Tow Vehicles, Unit Load Carriers, Pallet Trucks, Assembly Line Vehicles, Forklift Vehicles, Others), By Navigation Technology (Laser Guidance, Magnetic Guidance, Inductive Guidance, Optical Tape Guidance, Vision Guidance, Others), By Industry (Automotive, Chemicals, Aviation, Semiconductor & Electronics, E-commerce, Food & Beverage, Healthcare, Metals & Heavy Machinery, 3PL, Others)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global Automated Guided Vehicle Market is valued at US$ 2.20 Bn in 2022, and it is expected to reach US$ 4.07 Bn by 2031, with a CAGR of 7.2% during a forecast period of 2023-2031.

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Automated guided vehicles are self-guiding load carriers or material handling systems that can move around distribution centres, warehouses, or factories without a person on board. Automating industrial facilities with AGVs can help meet the need for greater material handling capacity, shorter production times, lower risk of human error, higher safety standards, higher production numbers, and easier repeatability. As the manufacturing sector grows, there is a big need for e-commerce services in the logistics and warehouse field. This, in turn, will create enormous chances for the automated guided vehicle market to expand. As a result, the need for an automated guided vehicle market is expected to increase.

However, an issue with automated guided vehicles is that guidance systems can't always adapt to new barriers. Introducing new technology and sustained Economic growth indicate the automated guided vehicle market's future growth. Businesses in the Market are ramping up their operations by inventing cutting-edge technologies or expanding into developing nations, ultimately increasing competition and boosting market growth.

List of Prominent Players in the Automated Guided Vehicle Market:
• Daifuku
• JBT
• KION Group AG
• Toyota Industries Corp.
• KUKA AG
• Hyster-Yale Materials Handling
• Oceaneering International
• EK Robotics
• SSI Schaefer
• Scott Technology
• America In Motion
• Asseco CEIT
• CASUN
• DANBACH Robot Jiangxi Inc.
• ECA Group
• E80 Group S.P.A.
• Global AGV
• Grenzebach Group
• IDC Corporation
• IKV Robot Co., Ltd.
• Meiden America, Inc.
• Rocla AGV
• SAFELOG Gmbh
• Simplex Robotics Pvt. Ltd.
• System Logistics S.P.A.

Market Dynamics:

Drivers-
Growing demand for an automated guided vehicle makes it possible to send raw materials quickly, keep track of shipped items, and use computers to control received assembled parts. By storing, distributing, and transporting goods without help from a person, automated guided vehicles help keep workers safe and prevent damage to goods. They also help with accuracy. Automated guided vehicle reduces the severity of these problems. In addition, an information-enabled system, like an automated guided vehicle, is needed because of this trend so businesses can better manage their plant assets and make operational choices.

Challenges:
The prime challenge is the high cost, unwillingness and slowness to try new things or adopt cutting-edge technology, hindering the development of the automated guided vehicle business because automated guided vehicles are very complicated machines that use a lot of sensors and software to run. They are customized fixes, and replacements can take a long time. However, the benefits of this construction approach are not as well-known in other emerging. Many believe modular structures have a shorter lifespan or cannot withstand extreme weather.

Automated guided vehicle potential for recycling is also underappreciated in developing countries, hampering the overall growth of the automated guided vehicle over the coming years. The COVID-19 pandemic has had a significant effect on daily life and commerce. The global economic slowdown induced by the pandemic affected the supply chain, which knocked on the demand for specialist equipment, leading to a significant drop in the automated guided vehicle industry. COVID-19 another reason to automate storage is during a crisis, which could speed up the process in the coming years.

Regional Trends:
The Asia Pacific market is probably to register a major market share in revenue. It is projected to grow at a high CAGR in the near future because of the increase in spending on new product research and development. In addition, there is a high need for large warehousing spaces. Besides, North America had a considerable share in the market due to its developed economy, rapidly expanding population, and growth of the rising need for automated guided vehicles and due to the growth of both the e-commerce and manufacturing industries, which has increased demand for material handling equipment among established companies in the industrial sector. Moreover, the existence of key market players and the growing cooperation between major players for market penetration in the area enables an opportunity to grow the global automated guided vehicle market.

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Recent Developments:

• In September 2023, The collaboration between GROPYUS and automation specialist KUKA was announced to establish a production facility at the Richen location near Heilbronn, Germany. This facility will be entirely automated and operated by digital means. This entailed an investment amounting to several Bn euros in the mid-double-digit range. By the conclusion of 2024, the production capacity of GROPYUS had been augmented to around 3,500 residences annually.

• In September 2022, Toyota Material Handling Japan (TMHJ), a subsidiary of Toyota Industries Corporation, successfully created an autonomous lift truck incorporating groundbreaking AI technology. This advanced system can accurately identify the precise location and orientation of trucks and loads and subsequently generate automated travel routes to efficiently carry out loading operations. This innovation enabled the automation of loading processes in scenarios where the truck's halting location and load position were variable, in addition to the traditional fixed-position loading.

Segmentation of Automated Guided Vehicle Market-
By Type -
• Tow Vehicles
• Unit Load Carriers
• Pallet Trucks
• Assembly Line Vehicles
• Forklift Vehicles
• Others

By Navigation Technology-
• Laser Guidance
• Magnetic Guidance
• Inductive Guidance
• Optical Tape Guidance
• Vision Guidance
• Others

By Industry-
• Automotive
• Chemicals
• Aviation
• Semiconductor & Electronics
• E-commerce
• Food & Beverage
• Healthcare
• Metals & Heavy Machinery
• 3PL
• Others

By Region-
North America-
• The US
• Canada
• Mexico

Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America-
• Brazil
• Argentina
• Rest of Latin America

Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

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