The global automated guided vehicle market size is expected to reach USD 7.28 billion by 2025, according to a new report by Grand View Research, Inc. The market is expected to register a CAGR of 15.8% over the forecast period. Automated guided vehicles are transforming the way materials can be moved within manufacturing and distribution facilities. In a production environment where several operations are carried out simultaneously, these vehicles can ensure predictable and reliable transfer of raw materials as well as manufactured products from one point to another within the facility, thereby eliminating any potential disruption in production.
These vehicles can operate safely around structures, machinery, and employees, as they are equipped with accessories, such as camera vision and LiDAR sensors. These can help in detecting junctions, identifying floor signs, and avoiding collisions with obstacles. Manufacturing plants and warehouses are increasingly deploying material handling equipment for various activities, such as locating stock, picking orders, and moving products and raw materials. Transportation and logistics firms are particularly under pressure to boost the efficiency of their operations in line with growing demand for their services. They are hence heavily investing in such equipment.
Increasing demand for material handling equipment is expected to boost the industry growth over the forecast period. The AGV market is witnessing a progressive switch from lead-acid batteries to lithium-ion batteries. Lithium-ion batteries offer several advantages over lead-acid variants. They tend to be lighter and compact. Moreover, they can charge faster, offer longer runtimes, and support more charge cycles. Hence, they are considered to be ideal for AGVs, as they need not be charged frequently during operating shifts or in 24x7 operating environments. Automated guided vehicles running on lithium-ion batteries can also offer higher round-trip efficiencies.
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Further key findings from the study suggest:
Adoption of material handling equipment and automation solutions is growing significantly across several industries
Rising adoption of AGVs by the automotive as well as automotive supply industry to move intermediate products within facilities is expected to drive the AGVs market
Manufacturing industry is increasingly adopting AGVs to save on labor costs. While AGVs can operate on a 24x7 basis, costs associated with their procurement and maintenance tend to be lesser than costs incurred on salaries and employee benefits
Logistics and warehousing was the largest application segment and is expected to retain its dominance over the forecast period
Europe regional market led the global AGV market in 2018. However, the Asia Pacific regional market is projected to expand at the highest CAGR of 17.0% from 2019 to 2025
Key players in the market include Swisslog Holding Ltd.; Egemin Automation, Inc.; Bastian Solutions, Inc.; Daifuku Co., Ltd.; Dematic Corp.; JBT Corporation; Seegrid Corporation; Toyota Industries Corp.; Hyster-Yale Group, Inc.; Balyo Inc.; EK Automation; Kollmorgen; KMH Systems, Inc.; Elettric80 SpA; Fetch Robotics, Inc.; inVia Robotics, Inc.; Locus Robotics; Schaefer Systems International, Inc.; System Logistics Spa; and Transbotics Corporation
Grand View Research has segmented the global Automated Guided Vehicle market on the basis of type, navigation technology, application, end-use industry, component, battery type, and region:
AGV Vehicle Type Outlook (Revenue, USD Million, 2014 - 2025)
Unit Load Carrier
AGV Navigation Technology Outlook (Revenue, USD Million, 2014 - 2025)
Heat Map for Choosing Navigation
AGV Application Outlook (Revenue, USD Million, 2014 - 2025)
Logistics and Warehousing
Wholesale & Distribution
Trailer Loading and Unloading
Raw Material Handling
AGV End-Use Industry Outlook (Revenue, USD Million, 2014 - 2025)
Wholesale and Distribution Sector
Retail Chains/Conveyance Stores
Hotels and Restaurants
AGV Component Outlook (Revenue, USD Million, 2014 - 2025)
AGV Battery Type Outlook (Revenue, USD Million, 2014 - 2025)
AGV Regional Outlook (Revenue, USD Million, 2014 - 2025)
Middle East and Africa (MEA)
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