“Automated guided vehicle (AGV) market is estimated to grow at a CAGR of 8.02% from 2018 to 2023”
The AGV market is expected to grow from USD 1.86 billion in 2018 to USD 2.74 billion by 2023, at a CAGR of 8.02% from 2018 to 2023. The overall market growth is driven by the factors such as rising demand for automation in material handling across industries, emerging e-commerce industry, growing requirement for workplace safety standards, increasing productivity owing to improved supply chain processes. However, high installation, maintenance, and switching costs and the initial price complexity of AGVs might restrain the growth of the AGV market.
“Laser guidance navigation technology accounted for the largest market size in 2017”
AGVs based on laser guidance navigation technology accounted for the largest market size in 2017. Laser guidance is the most flexible system for vehicle movement and offers accurate navigation. It has reflectors mounted on walls, along with the vehicle’s route. A rotating laser scanner mounted on the vehicle sends laser beams and detects its reflections, gathering information on distance and angle, which gets stored in the vehicle memory. The AGV can analyze its position based on this information.
“AGV market in APAC to grow at the highest CAGR during the forecast period”
The AGV market in APAC is expected to grow at the highest CAGR during the forecast period. APAC registered the highest CAGR owing to the fast-growing e-commerce industry, booming manufacturing sector, and increasing installations of AGVs by emerging economies such as China and India. Moreover, governments in APAC countries are increasingly emphasizing on establishing safety and security standards on production floors, which can be best achieved by the implementation of AGVs. In countries such as China and Japan, the AGV market is witnessing rapid growth owing to increasing investments by manufacturers and suppliers in AGVstowward the deployment of AGVs at warehouses and distribution centers.
In the process of determining and verifying the market size for several segments and subsegments obtained through secondary research, extensive primary interviews have been conducted with officials from the key players. The breakup of the profile of primaries has been given below:
Companies that provide a range of customized solutions are expected to emerge as the game changers in this market.
The key players in the AGV market profiled in the report are as follows:
In this report, segments such as type, navigation technology, application, battery type, industry, and geography have been covered. The report also discusses drivers, restraints, opportunities, and challenges pertaining to the market. The report gives a detailed view of the market across 4 main regions: North America, Europe, APAC, and RoW. The value chain analysis has also been included in the report.
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