Automated Guided Vehicle Market to Hit USD 3.39 billion till 2027; Increasing Adoption of Advanced Technology for Industrial Application to Bolster Growth: Fortune Business Insights™
August 18, 2020 at 02:58 AM EDT
Pune, Aug. 18, 2020 (GLOBE NEWSWIRE) -- The global automated guided vehicle market is expected to gain momentum by exhibiting a CAGR of 9.2% between 2020 and 2027. This is attributable to increasing adoption of advanced technologies such as laser guided navigation, artificial intelligence (AI), and machine learning in the industrial applications and a rising e-commerce business across the globe. Fortune Business Insights, in its latest report, titled “Automated Guided Vehicle (AGV) Market Size, Share & COVID-19 Impact Analysis, By Type (Tow Vehicles, Automated Forklift Trucks, Underride/ Tunnelling Vehicles, Assembly Line Vehicles & Others), By Navigation Technology (Laser Guided, Magnetic Guided, Vision Guided and Others), By Application (Transportation & Distribution, Storage & Assembly, Packaging), By Industry (Automotive, Food & Beverage, E-Commerce and Others) and Regional Forecast, 2020-2027.”, observes that the market was worth USD 1.68 billion in 2019 and is projected to reach USD 3.39 billion till 2027.
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What does the Report Include?
The market report includes quantitative and qualitative analysis of several factors such as the key drivers and restraints that will affect market growth. The report provides insights into the regional analysis that covers the different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves leading companies and adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will contribute to the growth of the market between 2019 and 2026. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.
Adoption of Modern Technology to Augment Growth
Rapid urbanization and the advent of emerging technologies is positively affecting the demand for industrial applications. The growing need to transform traditional warehousing operations with the help of emerging technologies to increase productivity and efficiency is expected to boost the global automated guided vehicle market growth in the forthcoming years. To ensure an optimum level of efficiency and reliability, the companies are adopting technology to expedite manufacturing operations. For instance, the laser navigation technology in the AVGs for stocking and warehousing applications ensures accuracy and speed, while providing the best solution for rack warehousing operations.
Rising E-commerce Business in Asia-Pacific to Augur Growth
Among all regions, the market in Asia-Pacific is expected to witness considerable growth and hold the highest global automated guided vehicles market share during the forecast period. This is attributable to rising e-commerce business in countries such as India, China, and Japan. The rising e-commerce business is leading to the burgeoning of the amounts of goods that are being transported through the warehouses that are driving the demand for AVGs across the globe. The market North America is expected to gain momentum during the projected horizon. This is ascribable to factors such as increasing adoption of automation by the warehouse companies and a growing number of export and import activities in the region between 2020 and 2027.
Eaton Vehicle Group Leverages its Automated Technology Amid COVID19
In July 2020, Eaton, a leading power management company, announced that its Vehicle Group is leveraging advanced automated technology to propel its global operation in spite of the ongoing COVID19 pandemic. According to the company, the adoption of its AVGs has improved the flow of materials through its manufacturing facilities. In addition to this, they are helping in eliminating the need of forklifts and improving accuracy and consistency during the overall manufacturing processes.
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