The Automated Guided Vehicles market size is worth around US$

Tokyo, Jan. 18, 2022 (GLOBE NEWSWIRE) — The world Automated Guided Vehicle Market Size was US$2.1 billion in 2020. The demand for automated guided vehicles is expected to increase due to increasing industrialization, especially in non-traditional industries in emerging Asia-Pacific economies. Due to their widespread applications, players in the automated guided vehicle market are expected to benefit from the growth in the manufacturing industry.

Get the sample copy from [email protected] https://www.precedenceresearch.com/sample/1463

Additionally, companies are expanding into new markets. As a result, the global automated guided vehicles market is expected to grow strongly over the forecast period. New product development, mergers and acquisitions, and partnerships between companies in the automated guided vehicle industry are some of the other key drivers.

Regional overview

North America is the largest segment of the automated guided vehicle market in terms of region. North America is expected to experience the strongest sales growth during the forecast period. Due to the presence of major market players in the United States, regional market growth is expected. Major market players are investing heavily in innovative and modern automated guided vehicles rather than traditional vehicles.

Asia-Pacific is the fastest growing region in the automated guided vehicle market. Countries like China, Japan, India, Australia and South Korea are showing the strongest growth in the region. Companies such as Transbotics, Locus Robotics, Fetch Robotics Inc., EK Automation, and JBT Corporation are some of the leading automated guided vehicle companies in the Asia-Pacific region.

Report scope

Report cover Details
Market size in 2020 $2.10 billion
CAGR from 2021 to 2030 11.5 %
Biggest earner North America
Fastest growing region Asia Pacific
base year 2021

Report Highlights

  • On the basis of type, the towing vehicle segment dominated the global automated guided vehicle market in 2020 with the highest market share. Towing vehicles are the most productive type of automated guided vehicle, which helps in loading and unloading equipment or luggage.
  • Based on navigation technology, the laser guidance segment is estimated to be the most opportunistic segment during the forecast period. Laser guidance is a flexible system integrated into an automated guided vehicle to increase the scalability, accuracy and flexibility of vehicles.

Request a personalization study [email protected] https://www.precedenceresearch.com/customization/1463

Drivers

Increase in demand for automation solutions in material handling processes

Automated handling systems increase productivity, automate processes and reduce workload. By eliminating the need for man, it allows efficient transport of materials in the manufacturing area or storage sites. It also facilitates faster, cheaper and higher quality production and delivery of goods to customers. In addition, small and medium-sized enterprises (SMEs) are increasingly deploying automated material handling equipment coupled with improvements in modern technologies such as artificial intelligence (AI) and the Internet of Things (IOT), as well as their integration with automated systems, are expected to drive the growth of the automated guided vehicles market over the forecast period.

Constraints

Low labor costs

Emerging economies such as India, Cuba, Bangladesh, Tanzania, and Venezuela have low labor compensation rates compared to developed countries. Thus, these countries do not easily adopt automated guided vehicles, due to the high price. Automation of industrial plants is less common in these emerging economies, due to a lower cost advantage in labor trade-offs with robots due to the availability of cheap labor . Countries like Tanzania, Cuba and Bangladesh have very low average daily incomes. As a result, developed economies are reluctant to invest in automated guided vehicles. Human labor is used in a variety of processes in manufacturing sectors in emerging economies. Thus, low labor costs are hampering the growth of the automated guided vehicles market over the forecast period.

Opportunities

Evolution of Industry 4.0 and smart factories

The automated guided vehicle market is expected to benefit from the growing trend of smart factories. Wireless remote control systems that enable better diagnostics and save configuration and installation time are also provided by the integration of such automated systems placed in facilities. The automated guided vehicle enables monitoring of every process in the plant. The rise of Industry 4.0 and the development of smart factories create a potential market for automated guided vehicles due to the above considerations.

Challenges

High implementation costs

The huge upfront investments are required for the automated guided vehicle, which limits the market growth. Installation, integration of software and robotics solutions, after-sales services and regular maintenance add to the overall investment costs, making it difficult for companies to invest in automated guided vehicles. Due to low production and return on investment, as well as the reorganization of existing warehouses and other factors, small and medium enterprises are finding it difficult to switch from traditional guided vehicles to automated guided vehicles. As a result, high implementation costs are a major challenge for the growth of the automated guided vehicles market.

Browse More Automotive Industry Reports @ https://www.precedenceresearch.com/industry/automotive

Segments covered in the report

By type

  • Unit load carriers
  • Towing vehicles
  • Pallet trucks
  • Forklifts
  • Assembly line vehicles

By navigation technology

  • Magnetic guide
  • Laser guidance
  • Inductive guidance
  • Visual guidance
  • Natural navigation
  • Others

By request

  • Logistics and Warehousing
    • Transport
    • Cold room
    • Big distribution
    • Cross docking
  • Assembly
  • Packaging
  • Loading and unloading the trailer
  • Handling of raw materials
  • Others

By industry

  • food and drinks
  • Automotive
  • Manufacturing
  • Retail
  • Logistics
  • Others

Per end user

  • Manufacturing sector
    • Automotive
    • Aerospace
    • Electronic
    • Chemical
    • Medications
    • Plastics
    • Defense
    • FMCG
    • Tissue
    • Others
  • Wholesale and distribution sector
    • E-commerce
    • Retail chains/carry shops
    • grocery stores
    • Hotels and restaurants

By component type

By battery type

  • lead acid battery
  • Lithium ion battery
  • Nickel base battery
  • Others

By geography

  • North America
  • Europe
  • Asia Pacific
  • AEM
  • Rest of the world

Click here to View full report table of contents

Buy this Premium Research Report @ https://www.precedenceresearch.com/checkout/1463

You can place an order or ask any questions, please feel free to contact at [email protected] | +1 9197 992 333

About Us

Precedence Research is a global market research and consulting organization. We provide an unparalleled nature of offering to our customers located all over the world across industry verticals. Precedence Research has expertise in providing in-depth market intelligence as well as market insights to our clients spread across various businesses. We are obligated to serve our diverse customer base in medical services, healthcare, innovation, next-generation technology, semiconductor, chemical, automotive, aerospace and defence, among the various companies present in the world.

For the latest update, follow us:

https://www.linkedin.com/company/precedence-research/

https://www.facebook.com/precedenceresearch/

https://twitter.com/Precedence_R

Comments are closed.