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Automated Guided Vehicle Market To Surpass US$ 54,135.9 Mn By End Of 2027, Says Coherent Market Insights

SEATTLE, Oct. 22, 2021 /PRNewswire/ -- An automated guided vehicle, also known as a robotic mobility vehicle, is simply a small robot that follows behind a human or powered vehicle on foot, using either infrared, radio waves, or laser navigation for...

SEATTLE, Oct. 22, 2021 /PRNewswire/ -- An automated guided vehicle, also known as a robotic mobility vehicle, is simply a small robot that follows behind a human or powered vehicle on foot, using either infrared, radio waves, or laser navigation for assistance. This type of vehicle is useful in warehouse settings, mining, landscaping, and demolition sites. The robots can be controlled using computers or other devices, and sometimes even by hands. Many robots are used for both commercial and residential applications and are often seen in shopping centers, airports, and hospitals. However, there is much controversy regarding the safety of these machines, and some people have suggested that they may cause an increase in traffic problems.

The global Automated Guided Vehiclemarket is estimated to account for 54,135.9Mn in terms of value by the end of 2027.

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Market Drivers

  1. Increasing demand for automation in material handling processes across industries is expected to drive growth of the global automated guided vehicle market during the forecast periodMany industries have started adopting automation in various applications, in order to enhance efficiency, productivity and reduce human errors and potential hazards. With key companies in the market launching novel products, the adoption of automated material handling machines is expected to increase. For instance, in June 2021, ePicker, a material handling equipment manufacturer, launched its fleet of stackers, pallet jacks, access vehicles, and Lithium-Ion powered forklifts to enhance the efficiency and productivity of material handling operations.
  2. Rising popularity of e-commerce during the COVID-19 is expected to propel the global automated guided vehicle market growth over the forecast periodDuring the COVID-19 pandemic, the e-commerce sector has witnessed massive growth. From medicines to groceries to medical equipment, different items were delivered on e-commerce platforms due to nationwide lockdown policies and stringent regulations on physical distancing. Consumers increasingly preferred e-commerce platforms to avoid going out in crowds.

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Market Opportunity

  1. Rapid integration of Industry 4.0 with robotics can present lucrative growth opportunities in the  global automated guided vehicle marketIndustry 4.0 refers to the connected industry where people and robots can work together in a safe environment and exchange knowledge to refine their operations. Many industries have started integrating Industry 4.0 technologies with robotics, in order to enhance operational efficiency and safety of workers. Such factors can present lucrative growth opportunities.
  2. Robust industrial growth in emerging economies can provide major business opportunities in the global automated guided vehicle marketMany emerging economies such as India, China, Japan, and Indonesia have witnessed robust industrial growth in the recent past. Key industries such as construction and infrastructure, automobile, e-commerce, pharmaceuticals, and more have gained significant traction over the years, which has further increased the demand for automation. Key companies are focused on enhancing their operations, by integrated automated vehicles.

Market Trends

  1. North America TrendAmong regions, North America is expected to witness significant growth in the global automated guided vehicle market during the forecast period. This is owing to rapid growth automotive industry across Canada, increasing the demand for automated guided vehicles. Furthermore, the presence of major market players such as Bastian Solutions, Inc., Fetch Robotics, Inc., and inVia Robotics, Inc. across the region is expected to accelerate the regional market growth in the near future.
  2. Asia Pacific Trend Asia Pacific is expected to witness lucrative growth due to the rapid growth e-commerce industry in India, China, etc. Deploying AGVs in warehouses is aiding e-commerce companies in automating the intralogistics tasks such as picking, sorting, and palletizing thereby boosting efficiency.

Competitive Section

Major companies involved in the global automated guided vehicle market are BALYO Toyota Material Handling, Bastian Solutions, Inc., E&K Automation GmbH, Fetch Robotics, Inc., Seegrid Corporation, and inVia Robotics, Inc.

Key companies are focused on product launches, in order to gain a competitive edge in the market. For instance, in December 2020, Continental launched autonomous AGV for parts handling automated guided vehicles (AGV) for the movement of heavy parts.

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SOURCE Coherent Market Insights