Dublin, Sept. 01, 2023 (GLOBE NEWSWIRE) -- The "Global Automated Guided Vehicle Market by Type (Tow Vehicles, Unit Load Carriers, Forklift Trucks, Assembly Line Vehicles, Pallet Trucks), Navigation Technology (Laser Guidance, Magnetic Guidance, Vision Guidance), Industry, Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The automated guided vehicle market is expected to reach USD 3.3 billion by 2028 from USD 2.4 billion in 2023, at a CAGR of 6.9% from 2023-2028.
The growth of this market is attributed to the rising demand for automation solutions in a variety of industries such as automotive, healthcare, e-commerce, food & beverages, logistics, and manufacturing industries, increases focus on enhancing workplace safety and a marked shift to mass customization to mass production.
Tow vehicle segment to dominate the automated guided vehicle market in 2023.
Tow vehicles, also known as tuggers, pull non-powered carts carrying huge loads. This is the most productive type of AGV used for towing and tugging as it can move heavier load with multiple trailers than a single fork truck. Tow vehicles are widely utilized in warehouses and distribution centers to transport goods, pallets, or containers. They assist in moving inventory within the facility, including loading and unloading trucks, replenishing picking areas, and transferring products between storage areas. The automotive industry extensively relies on tow vehicles for material handling tasks. They are used to transport car parts, assemblies, and sub-assemblies within automotive manufacturing facilities.
Laser Guidance segment contributed the largest share of the market during the forecast period.
Laser guided AGVs work through laser positioning systems. Laser guided AGVs are accurate (positioning accuracy of +/- 5mm) in their functioning. A laser guidance system does not have any device associated physically with the route, such as magnetic strips, wires, or paint strips on the floor, and the route can be easily modified by software. This assures a high level of flexibility in adopting the changes in the route of AGVs within the plant. Laser guided systems are best suited for rack warehousing applications, thus commonly used in automatic forklift trucks.
Asia Pacific is anticipated to grow at the highest CAGR during the forecast period.
Asia Pacific consists of some of the fastest-growing economies - such as China, Japan, and India. The market in Asia Pacific is propelled by factors such as rapid industrialization, the substantial growth of e-commerce, rising labor costs, technological advancements in warehouses, progressing logistics and warehousing sectors, and the extensive focus on Industry 4.0. Moreover, the strong economic growth in this region is attracting further investments from AGV suppliers for establishing sales and support facilities.
Premium Insights
- Rising Demand for Automation Solutions in Various Industries to Drive Market
- Tow Vehicles Segment to Account for Largest Market Size in 2023
- Laser Guidance Segment to Lead Market During Forecast Period
- Automotive Segment to Lead Market from 2023 to 2028
- Automated Guided Vehicle Market to Witness Highest CAGR in China During Forecast Period
Market Dynamics
Drivers
- Rising Demand for Automation Solutions in Various Industries
- Increased Focus on Enhancing Workplace Safety
- Marked Shift to Mass Customization from Mass Production
Restraints
- High Installation, Maintenance, and Switching Costs Associated with AGVs
- Increasing Preference for Mobile Robots Over AGVs in Retail and E-Commerce Industries
- Lack of Flexibility and Obstacle Resistance in Agvs
Opportunities
- Growing Implementation of Industry 4.0 Technologies in the Warehousing Sector
- Increasing Focus on Industrial Automation by SMEs
- Substantial Growth of the Industrial Sector in Emerging Economies
- Presence of Huge Intralogistics Sector in Southeast Asia
Challenges
- Low Labor Costs Restricting Adoption of Agvs in Emerging Economies
- Technical Challenges Related to Sensing Elements
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 240 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $2.4 Billion |
| Forecasted Market Value (USD) by 2028 | $3.3 Billion |
| Compound Annual Growth Rate | 6.9% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/z8xib6
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