Europe to Dominate the AGV Market Through the Forecast Period 2016-2022

The Global Automated Guided Vehicles (AGV) Market is segmented by type (unit load carriers, tow vehicles, pallet trucks, assembly line vehicles, forklift vehicles, clamp vehicles, and others); industry (automotive, retail, healthcare, manufacturing, energy, transport/logistics, and others) and by geographical region (North America, Europe, APAC, and Rest of the World).

The global automated guided vehicles (AGV) market was estimated to be worth USD 1.88 billion in 2016 and is expected to record an estimated CAGR of 11.71% during the forecast period, to reach USD 2.10 billion by 2022.

Some of the major drivers for growth in this market include the rising demand for automation, increased emphasis on workplace safety, technological advancements in the field of automated material handling systems, and the need for greater predictive maintenance and productivity across major verticals. Rapid growth in e-commerce and the emergence of flexible manufacturing systems are some of the major growth opportunities that could future drive the growth of this market. Conversely, exorbitant initial costs and the need for skilled personnel for ensuring smooth integration and functioning could impede the market growth during the forecast period.

Get the Full Report Here: Global Automated Guided Vehicles Market (https://www.mordorintelligence.com/industry-reports/automated-guided-vehicles-market-industry )

Towing vehicles recorded the highest market share of 22.57% in 2016; these vehicles are known to be highly productive since they can be used for both towing & hauling materials, unlike single load fork trucks. Unit load carriers and assembly-line vehicles are also projected to account for a sizeable share of the overall market, with total market share of more than 40% each, while pallet trucks are expected to record a robust CAGR of 12.38% during the forecast period. However, unit load vehicles are expected to retain their market position during the forecast period, owing to their utilitarian functions.

The automotive and manufacturing sectors have been projected to account for a sizeable portion of the market, with a total market share (as of 2016) of more than 45% each. In the automotive sector, AGV’s have been able to gain high traction, and are increasingly being seen as an integral part of the production process. The transport/logistics segment (primarily aerospace) is expected to record a robust CAGR of 14.02%, followed by retail and healthcare segments.

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The AGV market report includes competitive vendor landscape while considering major companies, such as Daifuku, Bosch Rexroth, Murata, Siemens AG, Dematic, and Beumer. Daifuku, followed by Bosch Rexroth and Murata dominate the AGV market.

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