Global Automated Guided Vehicle Market is valued approximately at USD 0.697 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 14.14% over the forecast period 2021-2027. AGV systems help move and carry products in industrial plants, warehouses, and distribution centres without the need for a fixed conveying system or human involvement. It follows adjustable guidelines to optimize storage, picking, and transportation tasks in a premium space environment. AGVs are widely used because of various advantages, including lower labour costs, less product damage, higher productivity, and the ability to grow to support automated operations. AGV market is being driven by globalization of supply chain networks and increasing adoption of on-cloud warehouse Management System (WMS) Solutions in the upcoming years. The warehousing and supply chain business is being transformed by cloud computing, which allows warehouse owners to better manage their distribution hubs. A cloud-based warehouse management system (WMS) provides a consolidated view of transportation and allows all elements of a warehouse’s operations to be seamlessly integrated, making it easier for warehouse operators to track inventory and ensure that necessary stock is available to fulfil customer orders. Furthermore, rise in private players initiatives propel the market growth further. For instance, Teradyne, Inc., a global producer of collaborative and autonomous robots, acquired AutoGuide Mobile Robots, a global provider of mobile robotic solutions for enhanced flexibility, lower costs, and enhanced workflow, in November 2019. Teradyne’s manufacturing, warehousing, and logistics markets will benefit from this partnership, which will deliver autonomous mobile robots to the market However, high cost of implementing and upgrading AGV systems may impede market growth over the forecast period of 2021-2027.
Geographically, the European market’s dominant position is owing to the region’s unusually high labour costs, which forces companies to implement automated industrial solutions in order to lower total operating costs. AGVs and accompanying software are projected to be in high demand in the region due to the region’s booming industrial and automotive industries.
Major market player included in this report are:
Transbotics, A Scott Company
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
In-built Vehicle Software
Food & Beverages
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2018, 2019
Base year – 2020
Forecast period – 2021 to 2027.
Target Audience of the Global Automated Guided Vehicle Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers