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Sunday, 14 April 2024
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Automated Guided Vehicles (AGV) Market is expected to reach US$ 11.84 billion by 2030

The automated guided vehicle market size is projected to grow from USD 4.53 billion in 2022 to USD 11.84 billion by 2030.

By The Insight Partners

Huge Growth in E-Commerce Sector Drives Automated Guided Vehicles (AGV) Market Growth

According to our latest study on “Automated Guided Vehicles (AGV) Market Forecast to 2030– COVID-19 Impact and Global Analysis – by Technology, Vehicle Type, and End Users,” the automated guided vehicles (AGV) market size is expected to reach US$ 11.84 billion by 2030 from 4.53 billion in 2022, with an estimated CAGR of 12.7% from 2022 to 2030.

Automated Guided Vehicles (AGV) Market – by Region, 2022 and 2030

To get free sample copy of the report, along with the TOC, Statistics, and Tables please visit @ https://www.theinsightpartners.com/brochure/TIPAT00002059 Source: The Insight Partners Analysis

The growing e-commerce sector worldwide has surged the adoption of the automated material handling process. E-commerce companies such as Alibaba, Walmart, Amazon, and Flipkart are increasing their focus on automated material handling to reduce operational costs and increase inventory size. According to the E-commerce Europe report, in 2020, online sales in the region increased by 13%, accounting for US$ 735 billion. The market concentration is expected to be focused on Western Europe, as the region accounts for most B2C platform turnover (~66%). In 2020, the material handling division of ThyssenKrupp invested over US$ 83 million in its European warehousing and logistics network to build a new logistics center in Rotenburg/Wümme to hold up to 20,000 metric tons of materials. MonotaRO, an e-commerce company that supplies industrial products, uses Hitachi's Racrew—a compact, low-floor, automated guided vehicle to increase picking efficiency. In October 2021, Shenzhen Casun Intelligent Robot Co., Ltd launched a CASUN Intelligent Robot called “little giant.” The CASUN's self-organized intelligent control lets its AGV perform in and out of the warehouse to fulfill and achieve the loading and unloading in several industries. Thus, with the rising e-commerce sector, the automated guided vehicles (AGV) market is growing significantly.

The automated guided vehicles (AGV) market is segmented based on technology, vehicle type, and end users. Based on technology, the automated guided vehicles (AGV) market is segmented into wired navigation, guide tape navigation, laser target navigation, magnet navigation, and others. In terms of type, the automated guided vehicles (AGV) market is divided into standard, hybrid, compact, and others. Based on vehicle type, the automated guided vehicles (AGV) market is categorized into tow vehicle, tugger trains, forklift trucks, pallet trucks, and others. By end use, the automated guided vehicles (AGV) market is segmented into general manufacturing, food & beverages, aerospace, retail, healthcare, logistics, automotive, and others. By region, the automated guided vehicles (AGV) market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

Impact of COVID-19 Pandemic on Automated Guided Vehicles (AGV) Growth

The COVID-19 outbreak considerably impacted the global economy during its peak in Q1 and Q2 of 2020 and hampered business activities in various industries. Governments of various countries imposed stringent regulations on human movement and trade bans. According to the World Health Organization (WHO), the US, Spain, Italy, France, Germany, the UK, Russia, Turkey, Brazil, Iran, and China were among the most affected countries due to the COVID-19 outbreak. The crisis affected industries worldwide, and the global economy experienced a dip. Many sectors' production volume declined as a result of the lockdown. The fall in industrial operations stifled the development of AGV technology and systems. However, the pandemic also created various opportunities for the AGV sector worldwide by allowing enterprises to continue production. These AGVs could also be utilized to clean rooms, validate regulated materials, and control flows. Thus, companies with a strong digital transformation strategy and those catering to the growing e-commerce sector experienced growth during this period, while others facing economic challenges witnessed a decline in AGV adoption, thereby negatively impacting the automated guided vehicles (AGV) market growth.

Dematic Corp, Kion Group AG, Jungheinrich AG, Toyota Material Handling Inc, Konecranes Plc, John Bean Technologies Corp, Daifuku Co Ltd, Bastian Solutions LLC, Hyster-Yale Group Inc, and Murata Machinery Ltd. are among the key players operating in the automated guided vehicles (AGV) market.

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