Automated Guided Vehicle Market Overview:-
Automated Guided Vehicle Market predicted to reach USD 3.7 billion by 2025 from USD 1.79 billion in 2017 is anticipated to grow with a healthy growth rate of more than 8.56% over the forecast period 2018-2025.The basic application of AGV is to carry finished goods and to move them from manufacturing unit to storage unit with less labor cost and flexible time period.
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Growth Drivers and Challenges of Automated Guided Vehicle Market:
The Automated Guided vehicle market has a rapid growth due to increasing demand for automation in material handling across industries, emerging e-commerce industry. The market boosts its growth by rising requirement for workplace safety standards, and growing productivity due to improved supply chain processes, among others. Vision guidance navigation technology is expected to grow at the highest rate during the forecast period due to their capability to reduce downtime and minimize infrastructure costs. It increases its demand due to the tremendous improvement in development and technology. However, the AGV market faces a challenge like requiring a skilled operator and technology improvement.
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Geographic Insights of Automated Guided Vehicle Market:
Geographically, Europe is the dominant market with major growth rate due to the exceptionally high labor cost in the region. Manufacturers in European countries have been adopting automated solutions to reduce the overall operational cost. Asia Pacific is the second largest market for the AGV market due to the rapid growth in industrialization and urbanization and expected to continue in the forecast period. North America witnesses a major growth due to the tremendous technological development in there industrial sector.
Some of the leading players in Automated Guided Vehicle Market:
JBT Corporation, Toyota Industries, Hyster- Yale Materials Handling, Seegrid Corporation, SSI Schafer, Daifuku, Kion Group, Kuka, EK Automation, Kollomorgen.
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