Chicago, Feb. 20, 2023 (GLOBE NEWSWIRE) -- The Automated Guided Vehicle Market for Automated Guided Vehicles (AGV) is expected to grow from USD 2.2 billion in 2021 to USD 3.2 billion by 2026. The increasing popularity of e-commerce and the rising demand for automation in material handling across industries have been driving the growth of this market. AGVs are used to transport materials in warehouses and manufacturing facilities, and their popularity is growing due to their ability to reduce accidents and improve workplace safety.
The growing emphasis on improving workplace safety is one driver of the AGV market. AGVs are less prone to errors and can assist businesses in reducing accidents.
Based on their application, AGVs are classified into several categories, including forklift AGVs, tow vehicles, pallet trucks, and unit load carriers. Tow vehicles are used to pull non-powered carts carrying heavy loads, whereas forklift AGVs are designed to move and lift heavy loads. Pallet trucks transport pallets, whereas unit load carriers transport larger loads.
The AGV industry faces several challenges, including technical challenges related to sensing elements and control software, as well as the high initial cost of implementing AGV solutions. Furthermore, the growing preference for mobile robots over AGVs in the retail and e-commerce industries may limit AGV adoption in these industries.
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Scope of the Report
| Report Metric | Details |
| Market Size Value in 2021 | USD 2.2 Billion |
| Revenue Forecast in 2026 | USD 3.2 Billion |
| Growth Rate | 7.7% |
| Years considered | 2017–2026 |
| Base year considered | 2020 |
| Forecast period | 2021–2026 |
| CAGR | 7.7% |
| Segments covered |
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| Regions covered |
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| Companies covered |
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In this report, the overall AGV market has been segmented based on type, navigation technology, industry, and region.
The growing preference for mobile robots over AGVs in the retail and e-commerce industries is one market restraint for AGVs. When compared to AGVs, mobile robots are easier to install and have lower commissioning costs.
The technical challenges associated with sensing elements are a challenge for the AGV market, as any fault in the control software can lead to improper AGV operation, causing a delay in the entire production process. AGVs require routine maintenance to function properly.
Tow vehicles had the largest market share in 2020, owing to their ability to move heavier loads with multiple trailers than a single fork truck. As companies offer AGVs that use vision guidance for operation, the vision guidance segment of the AGV market is expected to grow at the fastest CAGR during the forecast period.
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The Automated Guided Vehicle (AGV) industry is a rapidly expanding market that offers innovative material handling and transportation solutions in a variety of industries. AGVs are self-driving vehicles designed to transport materials and products between locations without requiring human intervention. They work in a variety of settings, such as manufacturing plants, warehouses, and distribution centres. The AGV industry is expected to grow in the coming years due to the increasing adoption of automation and the growing demand for efficient and safe material handling.
Several factors are driving the AGV industry, including the growing popularity of e-commerce and the increasing demand for automation in material handling across industries. The rise of e-commerce has increased the number of packages that must be handled and transported, necessitating the development of more efficient and effective material handling solutions. Furthermore, the rise of Industry 4.0 has resulted in the incorporation of advanced technologies such as artificial intelligence, machine learning, and the Internet of Things (IoT), allowing AGVs to become smarter and more efficient.
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