According to a new report Global Automated Guided Vehicle Market, published by KBV Research, The Global Automated Guided Vehicle Market size is expected to reach $5.4 billion by 2025, rising at a market growth of 13.6% CAGR during the forecast period. The increased adoption of AGVs across different industries can be related to the benefits of AGVs in terms of productivity, safety, and accuracy. AGVs are equipped with cameras, laser heads and other sensors that help them operate safely around machines, structures and employees. While workers can make mistakes that lead to accidents and mishaps in manufacturing or distribution facilities, AGVs can help improve the accuracy of workflows, thus reducing waste and increasing productivity.
The Tow Vehicle market dominated the Global Automated Guided Vehicle (AGV) Market by Type in 2018. The unit load carrier segment is expected to show significant growth over the forecast period. Unit load AGVs are used to deliver pallets, large containers, and roll handling. They also provide the ability to manage the task effectively by reducing traffic on the aisle and reducing product damage. The Pallet Truck market is expected to witness a CAGR of 13.1% during (2019 - 2025).
The vision guidance segment is projected to see healthy growth over the forecast period. The need for intelligent and effective routing leads to the growing adoption of automated vehicles. Additionally, The Magnetic Guidance market is projected to grow at a CAGR of 14.5% during (2019 - 2025).
The Hardware market dominated the Global Automated Guided Vehicle (AGV) Market by Component in 2018. The service segment is expected to see significant growth over the forecast period. The exponential growth of the segment can be associated with the increased demand among end-users for various services, including preventive and corrective maintenance, vehicle and software health checks, and training of employees directly or indirectly involved in the operation of AGVs.
The European regional market dominated the market in 2019 and is expected to remain the dominant region in the forecast period. The growth of the regional market is driven mainly by the increasing demand of the manufacturers for material handling equipment. The Asia Pacific market is anticipated to grow at a CAGR of 14.4% during the forecast period. Additionally, The North America market is expected to witness a CAGR of 13.2% during (2019 - 2025).
Structural Insights: https://www.kbvresearch.com/automated-guided-vehicle-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of ABB Group, Kion Group (Dematic), Toyota Industries Corporation (Bastian Solutions LLC), Daifuku Co., Limited, John Bean Technologies Corporation, Oceaneering International, Inc., Kuka AG (Swisslog Holding), Hyster-Yale Materials Handling, Inc., E&K Automation GmbH, and The Krones Group.
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