According to Transparency Market Research’s report, titled “Automated Guided Vehicle Market (Type - Forklift AGVs, Load Transfer AGVs, Pallet Trucks, Assembly Line Vehicles, Light Load Transporters, and Tugger AGVs; End-use Industry - Distribution & Logistics, Automotive, Aerospace, Healthcare, Retail, Manufacturing, and Food & Beverage) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016–2024”, the global automated guided vehicle market took in $0.83 billion in 2015. Cruising at a prophesized CAGR of 12.4% from 2016 to 2024, revenues are expected to zone in on $2.3 billion by 2024. Growth of the market is attributed to an increase in distribution and logistics applications.
Transparency Market Research sees numerous prominent companies pouring millions of dollars in research and development of cutting-edge robotics technologies for automated guided vehicles that can help businesses take the automation of warehouses to next level. Most manufacturers are focusing on flexibility and safety aspects of robots to get better foothold in the automated guided vehicle market. Players in the global automated guided vehicle market include Hyster-Yale Materials Handling, JBT Corporation, Oceaneering AGV Systems, Toyota Industries Corporation, and Bastian Solutions LLC.
- Automated guided vehicle is witnessing vast uptake in distribution and logistics applications.
- Asia Pacific is expected to hold the sway by the end of the assessment period in the automated guided vehicle market.
- Advances in sensor-based guidance systems boost reliability and safety in operations.
- Growth of the automated guided vehicle market rides on the back of industrial deployment of these robots for movement and handling of goods on factory floor.
- Incorporation of sensor-based guidance systems has consistently expanded the applications areas of automated guided vehicle.
- Rapid pace of industrial automation to help overcome commercialization challenges.
- Increasing focus of safety of workers and the drive for better productivity and accuracy have stimulated end-use industries to integrate automated guided vehicles with warehouse control systems.
- High cost of deploying these technologies in warehouses and logistics has been a key dampener to the demand in the automated guided vehicles market.
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Transparency Market Research