May 17, 2022 09:30 ET | Source: Astute Analytica Astute Analytica
New Delhi, May 17, 2022 (GLOBE NEWSWIRE) -- Global Automatic Guided Vehicle (AGV) market was valued at US$ 3,064.70 Million in 2021 and is forecasted to reach US$ 5,519.10 Million by 2027. The market is expected to register a CAGR of 10.3% during the forecast period 2022-2027. In terms of volume, the market is expected to register a CAGR of 9.5% during the forecast period 2022-2027.
An Automatic Guided Vehicle (AGV) is a mobile robot that follows various navigation technology or uses radio waves, magnets, vision cameras, or lasers for navigation. AGVs offer several advantages to the manufacturing and distribution industry such as a reduction in operational cost, enhanced workforce safety, and decrement in production time. Moreover, the overall need for high efficiency in automotive, healthcare, e-commerce, and food & beverages industries is increasing the demand for automation.
Factor such as growing demand for automation in material handling processes across industries, advanced material technology, and growing demand for AGV from the retail sector drives the growth in the global automatic guided vehicle market over the forecast period. Moreover, the integration of industry 4.0 with robotics and the aggressive government investments encouraging the adoption of Industrial Internet of Things (IIoT) solutions create a lucrative growth opportunity in the market. However, high installation, maintenance, and switching costs inhibit the market growth as huge capital expenditure is required for the installation of AGVs.
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Automatic Guided Vehicle (AGV) Market Country Wise Insights
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Global Automatic Guided Vehicle (AGV) Market is highly competitive in order to increase their presence in the marketplace. Some of the key players operating in the global automatic guided vehicle market include Balyo, Bastian Solutions, Inc., Daifuku Co Ltd., Dematic, E&K Automation Gmbh, Fetch Robotics, Inc., Invia Robotics, Inc., KMH Fleet Solutions, Kollmorgen, Locus Robotics and Schaefer Systems International, Inc., among others.
Global Automatic Guided Vehicle (AGV) market is segmented based on product type, battery type, navigation technology, application, end user industry and region. The industry trends in the automatic guided vehicle market are sub-divided into different categories in order to get a holistic view of the global marketplace.
Following are the different segments of the Global Automatic Guided Vehicle (AGV) Market:
By Product Type segment of the Global Automatic Guided Vehicle (AGV) Market is sub-segmented into:
By Battery Type segment of the Global Automatic Guided Vehicle (AGV) Market is sub-segmented into:
By Navigation Technology segment of the Global Automatic Guided Vehicle (AGV) Market is sub-segmented into:
By Application segment of the Global Automatic Guided Vehicle (AGV) Market is sub-segmented into:
By End User Industry segment of the Global Automatic Guided Vehicle (AGV) Market is sub-segmented into:
By Region segment of the Global Automatic Guided Vehicle (AGV) Market is sub-segmented into:
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