DUBLIN--(BUSINESS WIRE)--The "Automated Guided Vehicle - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Automated Guided Vehicles Market to Reach $2.9 Billion by 2027
Amid the COVID-19 crisis, the global market for Automated Guided Vehicles estimated at US$1.9 Billion in the year 2020, is projected to reach a revised size of US$2.9 Billion by 2027, growing at a CAGR of 6.1% over the analysis period 2020-2027.
Forklift Truck, one of the segments analyzed in the report, is projected to record a 5.6% CAGR and reach US$922.6 Million by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Tow Vehicle segment is readjusted to a revised 6.4% CAGR for the next 7-year period.
The U.S. Market is Estimated at $393.8 Million, While China is Forecast to Grow at 8.5% CAGR
The Automated Guided Vehicles market in the U.S. is estimated at US$393.8 Million in the year 2020. China, the world's second largest economy, is forecast to reach a projected market size of US$503.2 Million by the year 2027 trailing a CAGR of 8.5% over the analysis period 2020 to 2027.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.1% and 5% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 5.4% CAGR.
Pallet Truck Segment to Record 6% CAGR
In the global Pallet Truck segment, USA, Canada, Japan, China and Europe will drive the 5.7% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$227.9 Million in the year 2020 will reach a projected size of US$336 Million by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$333.4 Million by the year 2027, while Latin America will expand at a 6.7% CAGR through the analysis period.
MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Impact of Covid-19 and a Looming Global Recession
- Automated Guided Vehicle (AGV)
- Types of Automated Guided Vehicles
- Forklift Truck
- Tow Vehicle
- Pallet Truck
- Other Types of AGVs
- Navigation Technology in AGVs
- Applications of AGVs
- Advantages of AGVs
- Standards for AGVs
- Focus on Automation & Production Efficiency, the Foundation for Growing Investments in AGV
- Tow Vehicles: The Largest Vehicle Type Segment in the Global AGV Market
- Asia-Pacific to Spearhead Future Growth, while the US and Europe Dominate AGV Market
MARKET TRENDS & DRIVERS
- Focus on Implementing High Standards of Safety at Workplaces Favors AGV Market
- Forklifts-related Accidents Raise Need for AGVs: Percentage Breakdown of Number of Fatalities Attributed to Forklift by Type of Accident in the US
- AGVs: The Future of Manufacturing World
- AGVs Assist in Enhancing Operational Efficiency of Factories
- AGV Systems Promise to Transform the Logistics Marketplace
- AGVs Transforming Intralogistic Processes in Factory Automation Space
- Rapidly Growing Logistics Industry Presents Favorable Outlook for AGVs Market
- AGVs Offer Significant Benefits for Warehousing Operations
- With Global E-Commerce Sales Skyrocketing, Emergence of E-Commerce Warehouses and Need to Automate Supply Chain Spurs Investments into AGVs
- Robust Growth Anticipated for E-Commerce: An Opportunity to Tap for AGVs Market
- Rapid Adoption of Automation Technologies in Material Handling Processes Fuel AGVs Market Growth
- AGVs Emerge as Important Constituents of Industry 4.0 Revolution and Shift towards Smart Manufacturing Facilities
- As Industry 4.0 and Logistics 4.0 Come Together, AGVs to Play an Even Greater Role
- Advancements Lead to Expanded Opportunities for AGVs
- AGV System in Healthcare Settings: An Area of Growth
- AGVs Increase Productivity in Maritime Industry
- Automotive Industry: A Major End-Use Market for AGVs
- Enabling Flexible and Efficient Production Operations: A Significant Advantage of AGVs in Automotive Industry
- Navigation Technologies for AGVs in Automotive Assembly Lines
- Automotive Companies Take the Lead in Automation of Automated Guided Vehicles
- Increase in Automobile Production: An Opportunity for AGVs Market
- AGVs Adoption in Food & Beverage Manufacturing Bolstered by Flexibility, Scalability and Safety Advantages and Ability to Address Labor Shortage
- Top Reasons for Adoption of AGVs in Food & Beverage Manufacturing
- Charging of Battery-Operated AGVs Becomes a Challenge for Warehouses
- With Electrically-driven AGVs Becoming Integral to Logistics Applications, Need for Sophisticated Charging Systems Gains Prominence
- Growing Significance of AGVs in Process Automation Gives Rise to Safety Concerns
- Emergence of Advanced Navigation Systems to Result in Greater Scalability and Flexibility of AGVs
- Advances in Motion Control Technology to Play a Critical Role in Enhancing Efficiency and Reducing Footprint of AGVs
- New Technologies with Tremendous Potential for AGVs Market
- AGVs to Benefit from the Increasing Implementation of AI in Factories
- Smart Technologies such as AI, IoT and Machine Learning Foster Development of Faster and Smarter AGVs
- AGVs Address the Needs of SMEs
- Issues Related to the Use of AGVs for Material Handling Applications
- Autonomous Vehicles: The Ultimate Future of Material Handling Automation
- Innovations & Advancements
- Numerous Benefits Provided by AGVs to Drive their Adoption
- ILIAD Project Seeks to Integrate Artificial Intelligence into Autonomous Forklifts
- ASTI and 5TONIC Team Up to Research on Application of 5G Technology to AGVs
- Rocla Develops New AGV Solution, Rocla ART, for Warehousing Operations
- Mecfor Unveils AGV Prototype for Use in Aluminum Smelters
FOCUS ON SELECT PLAYERS (Total 73 Featured)
- ABB
- Amerden Inc.
- Balyo, Inc.
- Bastian Solutions, Inc.
- Daifuku Co., Ltd.
- Hyster-Yale Materials Handling, Inc.
- Jungheinrich AG
- John Bean Technologies Corporation
- KION Group AG
- Dematic Group
- Konecranes India Pvt. Ltd.
- KUKA AG
- Swisslog Holding AG
- Murata Machinery, Ltd.
- Seegrid Corporation
- SSI Schaefer - Fritz Schaefer GmbH
- Toyota Industries Corporation
- Vanderlande Industries
- Universal Robots A/S
For more information about this report visit https://www.researchandmarkets.com/r/adbw3q
