Press release
Growing need for workplace safety and high costs of labor are the major driving factor for Automated Guided Vehicle Market
Growing need for workplace safety and high costs of labor are the major driving factor for automated guided vehicle market. Increased efficiency of the end-user industries, the rise in the interest in mechanization and replacement of the conventional batteries with Lithium-Ion based batteries also fuels the market growth for automated guided vehicle. However, huge capital investments and large switching costs are major restraining factors for the growth of automated guided vehicle market.
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The automated guided vehicle (AGV) market can be segmented on the type, navigation technology, battery type, industry, application, and region. By type, the global automated guided vehicle market can be segmented into unit load carrier, assembly line vehicle, tow vehicle, pallet truck and others. Optical tape guidance, magnetic guidance, laser guidance, inductive guidance and others are the various navigation technologies of automated guided vehicle market. Based on battery type the market is segmented as lithium-ion, lead, nickel-based, and others. By Industry, the market is segmented as aerospace, automotive, logistics, manufacturing, food & beverages, retail, healthcare, and others. The various applications of automated guided vehicle market include packaging, storage, transportation, distribution, and others.
On the basis of region, the global automated guided vehicle market can be segmented into North America, Latin America, Europe, Middle East & Africa and Asia Pacific. Europe was the highest revenue contributor for automated guided vehicle market, whereas Asia-Pacific is projected to register the highest growth rate during the forecast period. This growth is attributed owing to the fact that manufacturers are expanding their production facilities in the region.
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Key players involved in the global automated guided vehicle market are focusing on key market strategies including mergers and acquisitions with local as well as established players. Moreover, companies are also focusing on collaborating with local players to increase their reach across all geographies and earn huge profits. Partnership with multinational companies to strengthen their market reach and goodwill is also anticipated to be a major market strategy in the global automated guided vehicle market. Some of the major players involved in the manufacture and supply of automated guided vehicle type include Kollmorgen, E&K Automation GmbH, Daifuku Co., Ltd., JBT Corporation, KION Group, KUKA AG, Toyota Industrial Corporation, Hyster-Yale Materials Handling, Inc., Seegrid Corporation, and SSI Schaefer AG, Egemin International NV, and Dematic GmbH & Co. Ltd. among others.
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