New York, Nov. 16, 2022 (GLOBE NEWSWIRE) -- According to The Insight Partners' latest study on “Automated Guided Vehicle (AGV) Market Size, Share, Growth, Trends and Forecast to 2028 – COVID-19 Impact and Global Analysis – by Application, Offering, and End User” Industry 4.0 is a new phase of the industrial revolution, which highly focuses on automation, interconnectivity, real-time data, and machine learning. By combining industry 4.0 with automation systems, traditional industrial facilities are gradually evolving into smart, connected, and highly efficient automated facilities. Industry 4.0 is also known as intelligent manufacturing and operations, which combines smart digital technology with manufacturing and supply chain management to create a better-connected ecosystem.
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Automated Guided Vehicles (AGV) Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | US$ 3.31 Billion in 2020 |
| Market Size Value by | US$ 9.08 Billion by 2028 |
| Growth rate | CAGR of 14.59% from 2021 to 2028. |
| Forecast Period | 2021- 2028 |
| Base Year | 2021 |
| No. of Pages | 211 |
| No. Tables | 108 |
| Historical data available | Yes |
| No. of chart and figures | 102 |
| Segments covered | Technology, Type, Vehicle Type and End User |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Key Research Capabilities | Global Market Assessment, Business Development Strategies, Competitive Landscape, Opportunity Analysis, Regional and Country Level Market Analysis, Market Entry Strategies, Market Dynamics, Risk and Return Assessments, Pricing Analysis, Market Size and Forecasting, Company Profiling, Value Chain Analysis, Expansion Strategies, SWOT Analysis, New Product Development |
| Purchase Options | Request customized purchase options to meet your research needs. |
Automated Guided Vehicle (AGV) Market: Competitive Landscape and Key Developments
Kuka AG, Daifuku Co. Ltd, Dematic Group, Bastian Solutions and EGEMIN AUTOMATION INC. (KION GROUP AG) are the top five key players profiled in the automated guided vehicle (AGV) market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which help the key players strategize their growth. A few developments in the automated guided vehicle (AGV) market are mentioned below:
- In August 2020, Dematic had launched its new table-top (TT) series of automated guided vehicles (AGV), which offers high-accuracy and agile navigation for improved flexibility within the warehouse. TT series AGVs are available as a standard with a table-top lift, optional conveyor, or custom model, and run on high performance 24 V lithium batteries with automatic opportunity charging.
- In November 2020,Bastian Solutions, Inc. had showcased its complete, scalable industrial robotic systems at the new Pack Expo connects virtual event held on November 9-13, 2020. Bastian Solutions robotics offers complete, scalable industrial robotic systems that automate processes within manufacturing and distribution facilities. These systems are automated, programmable, and feature robots capable of movement on three or more axis.
It forms a single automated unit that combines computers and industrial automation solutions with the help of robotics. A network of connected devices creates a smart architecture capable of making decentralized decisions. The adoption of automated guided vehicles among Industry 4.0 companies is expected to improve warehouse safety and allow companies to achieve higher levels of lean manufacturing. Thus, manufacturing of automated guided vehicles with the incorporation of industry 4.0 is anticipated to provide remarkable growth opportunities for players operating in the automated guided vehicle (AGV) market.
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The automated guided vehicle (AGV) market growth in North America is growing rapidly. the established market players, increase in productivity, significant cost saving in overall operation. is anticipated to fuel growth of the market during the forecast period.
The automated guided vehicle (AGV) market has been segmented on the basis of technology, type, vehicle type, end-user and geography. Based on technology, the automated guided vehicle (AGV) market is segmented wired navigation, guide tape navigation, laser target navigation, magnetic navigation and others. Based on the type, the automated guided vehicle (AGV) market is segmented into standard, hybrid, compact and others.
Based on the vehicle type, the automated guided vehicle (AGV) market is segmented into pallet trucks, unit load carriers, driverless trains, forklift trucks and others. Based on the end-user, the automated guided vehicle (AGV) market is segmented into general manufacturing, food and beverage, aerospace, retail, healthcare, logistics, automotive and others. Based on geography, the automated guided vehicle (AGV) market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).
The automated guided vehicle (AGV) market in Asia Pacific is projected to witness impressive growth during 2022–2028. Asia Pacific includes countries such as China, Japan, India, Australia, South Korea and Rest of Asia Pacific. Rapid developments, digitalization of the economy, adequate government support, increasing education awareness, and rising incomes of the middle class are some of the attributable factors that have ensured smooth transition of these economies from the developing stage towards a developed stage. Japan, China, India, Singapore, and Vietnam are automotive manufacturing hubs in the Asia Pacific region. FDI in the automotive manufacturing has further propelled the industry sectors to prosper at unprecedented rates.
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The automated guided vehicles (AGV) market is segmented on the basis of technology, type, vehicle type, and end user. Based on technology, the market is segmented into wired navigation, guide tape navigation, laser target navigation, magnetic navigation, and others. In 2020, the laser target navigation segment held the largest market share. The automated guided vehicles (AGV) market, by type, is segmented into standard, hybrid, compact, and others. In 2020, the standard segment held the largest share of the market. Based on vehicle type, the market is segmented into pallet trucks, unit load carriers, driverless trains, forklift trucks, and others. In 2020, the pallet trucks segment held the largest share of the market. By end user, the automated guided vehicles (AGV) market is segmented into general manufacturing, food & beverage, aerospace, retail, healthcare, logistics, automotive, and others. In 2020, the logistics segment held the largest market share.
Based on geography, the automated guided vehicles (AGV) market is broadly segmented into five major regions—namely North America, Europe, APAC, MEA, and SAM. Presently, APAC holds the largest share of the market.
According to latest report from the World Health Organization (WHO), the US, Spain, Italy, France, Germany, the UK, Russia, Turkey, Brazil, Iran, and China are among the worst affected countries due to COVID-19 outbreak. The crisis is hindering the industries worldwide and the global economy is also witnessing a downturn. Due to lockdown, the production volume is decreasing for many sectors. Thus, decline in the operations of industries is restraining the development of AGV technologies and systems.
Significant strategic initiatives by several market players are observed in the automated guided vehicles (AGV) market. For instance, in 2021, Hyster-Yale Group, Inc. launched a new Hyster N30-45ZR/ZDR reach truck, designed to answer a call for high-density and high-throughput warehouse environments. Moreover, in 2019, Dematic launched its new table-top (TT) series of AGVs, which offers high-accuracy and agile navigation for improved flexibility within the warehouse. TT series AGVs are available as a standard with a table-top lift, optional conveyor, or custom model, and run on high performance 24 V lithium batteries with automatic opportunity charging.
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The automated guided vehicles market is led by laser target navigation segment with highest share and is expected to dominate in the forecast period. Laser target systems are more accurate, speedy, and reliable technology that navigates vehicles with a laser positioning system. This technology traditionally uses in supply chain management, where it increases warehouse efficiency. Laser target navigation is used in a wide range of verticals, and it is used in Automatic Forklift trucks, warehouse management, stocking applications, Tow Tractors AGVs, etc.
The overall adoption of industry 4.0 by companies is significantly low and holds a potential opportunity for the AGV market players. Industry 4.0 also aims to create an operational environment wherein humans and robots can work together efficiently in warehouse.
Key Benefits of the Report Over Competitors
- The report provides qualitative and quantitative analysis to determine Automated Guided Vehicles Market size, share, forecast, market trends and new opportunities.
- Porter's Five Forces analysis highlights the power of suppliers and buyers to enable stakeholders to make or run strategic business decisions and operation and determine the level of competition in the Automated Guided Vehicles Market.
- The research highlights the most impactful factors and key investment pockets in Automated Guided Vehicles Market.
- The major countries in each region are analyzed and their consumer, manufacturing and revenue contribution is mentioned.
- The market player positioning segment provides an understanding of the current position of the market players active in the Automated Guided Vehicles Market.
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