Global Automated Guided Vehicle Market Dynamics 2021-2026: Adoption of Industry 4.0 Technologies in Warehousing and Presence of Huge Intralogistics…

Dublin, Dec. 29, 2021 (GLOBE NEWSWIRE) -- The "Global Automated Guided Vehicle (AGV) Market Trends & Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The global AGV market is projected to grow from USD 2.2 billion in 2021 to USD 3.2 billion by 2026; it is expected to grow at a CAGR of 7.7% from 2021 to 2026.

The growth of the AGV market is driven by growing demand for automation in material handling across industries, improved safety standards at workplaces, the rising popularity of e-commerce, and a shift in demand from mass production to mass customization.

Tow vehicles are expected to hold the largest share of the AGV market in 2021. This is the most productive type of AGV used for towing and tugging as it can move the heavier load with multiple trailers than a single fork truck. The load is placed in the vehicle either manually or automatically. Tow vehicles are used in pallet operations requiring frequent long-distance deliveries carrying high volumes of load.

The automotive industry dominated the AGV market in 2020 and is expected to hold the largest share of the AGV market during the forecast period. Key factors such as the growing after-sales spare parts market, increasing levels of customization in vehicles, and the need to ensure the availability of various parts required in assembling of a vehicle are driving the implementation of AGVs in the automotive industry.

China and Japan are the countries driving the growth of the AGV market in APAC. The rapid growth of automotive, e-commerce, food & beverages, and healthcare industries in emerging economies, such as China, India, and South Korea, has contributed to the growth of the AGV market in APAC.

Moreover, governments in APAC countries are increasingly emphasizing safety and security on production floors, which can be best achieved by the implementation of AGVs. APAC is also home to Daifuku and Toyota Industries, which are two of the major manufacturers of AGV.

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Key Topics Covered:

Premium Insights

APAC to Provide Lucrative Opportunities for AGV Market in Coming Years

AGV Market, by Type -Tow Vehicles Segment to Account for Largest Size of Market in 2021

AGV Market, by Industry - Automotive Segment to Account for Largest Size of AGV Market in 2021

AGV Market, by Navigation Technology and Region -Laser Guidance Segment and Europe to Dominate AGV Market in 2021

AGV Market, by Region - AGV Market to Witness Highest CAGR in China and Mexico During Forecast Period

Market Dynamics

Drivers

Increasing Demand for Automation Solutions in Material Handling Processes Across Industries

Growing Demand for AGVs from E-Commerce Post COVID-19 Outbreak

Rising Focus on Improving Workplace Safety

Marked Shift to Mass Customization from Mass Production

Restraints

High Installation, Maintenance, and Switching Costs Associated with AGVs

Increasing Preference for Mobile Robots Over AGVs in Retail and E-Commerce Industries

Decreased Demand for Automated Guided Vehicles Owing to COVID-19

Lack of Flexibility and Obstacle Resistance in AGVs

Opportunities

Adoption of Industry 4.0 Technologies in Warehousing

Growing Adoption of Industrial Automation by SMEs

Substantial Growth of Industrial Sector in Emerging Economies

Presence of Huge Intralogistics Sector in Southeast Asia

Challenges

Company Profiles:

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Global Automated Guided Vehicle Market Dynamics 2021-2026: Adoption of Industry 4.0 Technologies in Warehousing and Presence of Huge Intralogistics...