Automated Guided Vehicle (AGV) Market Is Anticipated To Witness Highest Market Share Over The Forecast Period 2018-2023: Radiant Insights, Inc.

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The report covers the present scenario and the growth prospects of the global automated guided vehicle (AGV) market for 2018-2023.

The global automated guided vehicle (AGV) market is anticipated to grow at stable CAGR over the forecast period (2013 to 2023), according to a report available on Radiant Insights, Inc. Growing need for advanced material handling equipment in manufacturing facilities is projected to influence demand for automated guided vehicles (AGVs). They can enhance efficiency of logistics management processes and warehousing operations. Deployment of AGVs to perform material handling tasks can allow enterprises to reduce labor expenses.

Rising concerns towards workforce safety attributed to increasing on-site mishaps can augment demand for AGVs. Increasing use of lithium batteries in devices over conventional batteries can also influence market expansion. Supportive initiatives taken by private and public entities to provide better working environment for human resources can stimulate market growth during the forecast period (2013 to 2023).

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Lack of sufficient space among smaller manufacturing companies can restrict market expansion in the forthcoming years. In addition, lengthy deployment cycles in manufacturing of AGVs can also obstruct market growth over the forecast period. However, increasing R&D investment by manufacturing companies to develop innovative AGVs can create lucrative opportunities for market growth in near future.

To cater to rising demand for AGVs, manufacturing companies are expected to produce innovative products matching consumer demand. For instance, SICK recently designed its new Safe AGV forklift. Its advanced safety solution can enable driverless forklift to work flawlessly even when it is carrying load. Basically, this advanced AGV is likely to eliminate stop-start problem during operational activities. In addition, it can prevent wear and tear of parts owing to protective field switching. Thereby, it can increase work efficiency at manufacturing facilities with lowered lifting fork.

The automated guided vehicle market can be segregated on the basis of technology, product type, end-user, battery type, and region. Based on technology, the market can be categorized into magnetic guidance, laser guidance, vision, guidance, optical tape guidance, inductive guidance, and others. Laser guidance segment is anticipated to witness highest market share over the forecast period.

In terms of product type, the automated guided vehicle (AGV) market can be classified into load transfer AGVs, forklift AGVs, pallet trucks, light road transporters, assembly line vehicles, tugger AGVs, and others. Tugger AGVs segment dominated the market and accounted for largest market share in past few years. They can be used for towing purposes owing to their ability to pull heavy material in comparison to other AGVs. In addition, they are expected to offer high work efficiency attributed to their unique design.

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Based on battery type, the automated guided vehicle (AGV) market can be divided into lithium-ion, nickel –based, lead, and others. In terms of end-user, the market can be segmented into automotive, retail, healthcare, manufacturing, food & beverage, distribution & logistics, and others.

Regional segmentation includes Europe, North America, Asia Pacific, and Rest of the World (ROW). Europe dominated the market and held largest market share in past few years. It is expected to account for largest market share during the forecast period. Rising concerns regarding productivity and efficiency coupled with rise of manufacturing activities can impel regional growth.

In Asia Pacific, the automated guided vehicle (AGV) market is estimated to grow fast over the forecast period. Rising e-commerce sector in India and China can propel regional growth. Growing competition among e-commerce companies and their efforts to reduce delivery time can augment demand for AGVs. Increasing use of autonomous machines in warehouses to pick and sort products to be delivered can enhance work efficiency. This, in turn can stimulate regional expansion in near future.

Some of the leading companies operating in the automated guided vehicle market are Swisslog Holding AG, Oceaneering AGV Systems, Bastian Solutions LLC, Toyota Industries Corporation, and E&K Automation GMBH.

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