Automated guided vehicles (AGVs) are also recognized as self-guided vehicles, which are fully automated transport systems that function with the unmanned vehicles. These vehicles offer a multitude of advantages for instance a reduction in operational cost, decrement in production time and enhanced workforce safety. Growing implementation of mobile robots across the globe and measures to increase workplace safety & productivity are some other factors leading to the adoption of AGV.
Referring to study “Global Automated Guided Vehicle (AGV) Market 2020-2026 by Offering, Vehicle Type, Navigation Technology, Battery Type, Application, Industry Vertical, and Region: Trend Forecast and Growth Opportunity” some of the key companies operating in the global Automated Guided Vehicle (AGV) market are Egemin Automation Inc., Bastian Solutions, Inc., AGVE Group, Fetch Robotics, Inc., Elettric80 SpA, Balyo Inc., Daifuku Co., Ltd., EK Automation, Dematic Corp., inVia Robotics, Inc., Hyster-Yale Group, Inc., Kollmorgen, JBT Corporation, Locus Robotics, Seegrid Corporation, KMH Systems, Inc., Schaefer Systems International, Inc., System Logistics Spa, Swisslog Holding Ltd., Transbotics, Toyota Industries Corporation.
On the basis of offering type, automated guided vehicle market is segregated as software, hardware and services & support. On the basis of vehicle type, market is segregated as unit load carriers, two vehicles, pallet trucks, forklift vehicles, hybrid vehicles, assembly line vehicles and others. On the basis of navigation technology, market is segregated as laser guidance, vision guidance, natural features guidance, optical tape guidance, inductive guidance, magnetic guidance and others. On the basis of battery type, market is segregated as lithium-ion battery, lead battery, nickel-based battery and others. On the basis of application, market is segregated as storage, transportation, assembly, storage, trailer loading & unloading, packaging, and other applications. In addition, on the basis of industry vertical, market is segregated as commercial venues (retail stores, e-commerce, hotels & restaurants, grocery stores and others), manufacturing industries (electrical & electronics, plastics & polymers, chemical & pharmaceuticals, automotive, aerospace, food & beverage and others), military & defense and other verticals.
The automated guided vehicle market is driven by rise in need for high efficiency, followed by reducing production time & less human error, increase in accuracy & enhanced safety, growth in popularity of e-commerce owing to COVID-19, rise in demand for automation in material handling processes across industries and growth in improvement in safety standards at workplaces. However, increase in use of mobile robots in retail & e-commerce industries and high installation, maintenance, & switching costs may impact the market. Moreover, integration of industry 4.0 with robotics, presence of huge intra-logistics sector, and rise in adoption of industrial automation by small & medium enterprises are key opportunities for market.
Based on geography, the European and North-American regions hold major share in global automated guided vehicle market owing to increase in use of industrial & domestic space coupled with rapid technological developments in robotics & automation in the region. The Asian-Pacific region is anticipated to witness higher growth rate due to rapid growth of e-commerce, food & beverages, automotive, and healthcare industries in emerging economies over the forecast period. It is predicted that the global automated guided vehicle market will be reached at US $5,183.2 million by 2026, at a CAGR of 10.48%.
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