Portland, OR, March 24, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global automated guided vehicle market was pegged at $5.21 billion in 2019, and is expected to hit $13.52 billion by 2027, growing at a CAGR of 16.6% from 2020 to 2027.
Increase in demand for automation and automated guided vehicles (AGVs) and reduction in labor costs in various organizations, and surge in accuracy, safety, and productivity have boosted the growth of the global automated guided vehicle market. However, high cost of initial investments and dearth of flexibility of automated guided vehicles hinder the market growth. On the contrary, integration of the Industry 4.0 is expected to open lucrative opportunities for the market players in the future.
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Covid-19 Scenario:
- The Covid-19 pandemic resulted in lack of workforce. Moreover, several governments imposed lockdown across the country which led to disruptions in the manufacturing operations and supply chain. This negatively affected the demand for AGVs.
- However, the emergence of contactless and effective logistic infrastructure is expected to favor the sale of AGVs.
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The global automated guided vehicle market is segmented on the basis of type, navigation technology, application, industry, mode of operation, and region. Based on type, the assembly line vehicles segment is anticipated to register the highest CAGR of 19.5% during the forecast period. However, the two wheels segment held the largest share in 2019, contributing to around one-fourth of the market.
On the basis of navigation technology, the inductive guidance segment is anticipated to showcase the highest CAGR of 19.2% during the forecast period. However, the laser guidance segment dominated the market in 2019, accounting for around one-third of the market.
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The global automated guided vehicle market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across LAMEA is projected to manifest the highest CAGR of 26.1% during the forecast period. However, the market across Asia-Pacific held the lion’s share in 2019, contributing to more than two-thirds of the market.
The global automated guided vehicle market report includes an in-depth analysis of the major market players such as JBT, KUKA AG, Oceaneering International, Inc., Seegrid Corporation, SSI Schaefer, Toyota Material Handling, BALYO, Daifuku Co., Ltd., E&K Automation GmbH, and inVia Robotics, Inc.
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