Global Automated Guided Vehicle Market 2017 – 2027 to Witness Significant Growth Due to Increased Demand for Automation – ResearchAndMarkets.com -…

DUBLIN--(BUSINESS WIRE)--The "Global Automated Guided Vehicle Market, By Product Type (Tow Vehicles, Others), By Battery Type (Lead, Others), By Navigation Technology (Laser, Others), By Application (Assembly, Others), By End User Industry, Estimation & Forecast, 2017 - 2027" report has been added to ResearchAndMarkets.com's offering.

The global automated guided vehicle market held a market value of USD 2,931.8 Million in 2020 and is forecasted to reach USD 5,519.1 Million by the year 2027. The market is anticipated to witness a growth rate of 10.3% over the forecast period.

The market volume in 2020 was about 1,09,400 Units and this volume is expected to grow at a rate of 9.5% till 2027.

Automated guided vehicles are wheel-based and computer-controlled load carriers, which can travel on a facility's floor without an onboard driver or operator. A combination of sensor-based guidance systems and software directs their movement.

The market is anticipated to grow owing to the growing demand for automation in materials across the handling processes in various industries. Furthermore, the advanced material technology coupled with the growing demand for AGV from the retail sector is also expected to boost market growth.

The high installation, maintenance, and switching costs are expected to negatively impact the market growth. Due to these high costs, manufacturers are likely to not choose the automated guided vehicles, which restrain the market growth. During the COVID-19 pandemic, the automated guided vehicles market faced huge losses due to the closure of manufacturing facilities and low or negligible demand from the end-users in the industry.

Growth Influencers:

Growing demand for automated guided vehicles from the retail sector

The e-commerce industry globally is growing at a fast pace, especially in areas such as online retailing combined with high urban density and elevated customer expectations for shorter delivery times. Due to the increasing customer demands, retail companies and manufacturers are shifting to novel material handling and automated solutions. Automated guided vehicles ease the rising pressure faced by online retailers for shipping customer orders efficiently with reduced fulfillment costs. This is anticipated to fuel the growth in the market.

Increasing demand for automation in material across handling processes in various industries

The increasing need for high efficiency in healthcare, automotive, food & beverages, and e-commerce industries, among others is boosting the demand for automated guided vehicles. Industrial facilities benefit from the AGV-enabled automation, which can meet the requirements related to the reduction of production time and improving the material handling capacity. It also is likely to reduce the chances of human errors and enhance the safety of individuals, while ensuring production volumes and also increasing repeatability and accuracy. Using automated guided vehicles also allows for computerized control of receiving assembled parts, just in time delivery of raw materials, and also the accurate tracking of shipped goods. Therefore, this is increasing the demand for automation in materials across handling processes in various industries, hence fuelling the market growth.

The global Automated Guided Vehicle market report provides insights on the below pointers:

The global Automated Guided Vehicle market report answers questions such as:

Key Topics Covered:

Chapter 1. Research Framework

Chapter 2. Research Methodology

Chapter 3. Executive Summary: Global AGV Market

Chapter 4. Global AGV Market Overview

Chapter 5. AGV Market Analysis, By Product Type

Chapter 6. AGV Market Analysis, By Battery Type

Chapter 7. AGV Market Analysis, By Navigation Technology

Chapter 8. AGV Market Analysis, By Application

Chapter 9. AGV Market Analysis, By End-user Industry

Chapter 10. AGV Market Analysis, By Region/Country

Chapter 11. North America AGV Market Analysis

Chapter 12. Europe AGV Market Analysis

Chapter 13. Asia Pacific AGV Market Analysis

Chapter 14. Japan AGV Market Analysis

Chapter 15. Middle East & Africa AGV Market Analysis

Chapter 16. South America AGV Market Analysis

Chapter 18. Company Profile

Companies Mentioned

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Global Automated Guided Vehicle Market 2017 - 2027 to Witness Significant Growth Due to Increased Demand for Automation - ResearchAndMarkets.com -...