The GMI Research's latest analysis reveals that the Automated Guided Vehicle Market is slated to register a significant CAGR over the coming years. This is attributed to the strong adoption of e-commerce, the rising demand for automation in material handling across various industries, the shift in the demand from mass production to mass customization, and improved safety standards at the workplace.

DUBLIN, DUBLIN -- (SBWire) -- 03/05/2021 --Automated Guided Vehicle Market Dynamics (including market size, share, trends, growth, forecast, and industry analysis)

Key Drivers

The strong adoption of e-commerce, the rising demand for automation in material handling across various sectors, the shift in the demand from mass production to mass customization, and improved safety standards at the workplace are the key drivers propelling the growth of the global automated guided vehicles market size. The automated guided vehicle aids in decreasing labor cost by replacing human workers, improved safety as it is equipped with lasers, cameras, and other sensors, and enhances productivity and accuracy. As per the automated guided vehicle market report, the introduction of industry 4.0 with robotics and the strong adoption of industrial automation among small and medium-sized companies is opening new doors for the growth of the automated guided vehicle market share in terms of revenue in the coming years. On the other edge, the factors hindering the growth of the market include the continuous maintenance need, the high cost of installation, and technical challenges regarding sensing elements.

Automated Guided Vehicle Market's leading Manufacturers:

- Daifuku Co., Ltd.
- JBT Corporation
- Kion Group AG
- KUKA AG
- Toyota Industries Corporation
- Hyster-Yale Materials Handling, Inc.
- Oceaneering International, Inc.
- E&K Automation GmbH
- Kollmorgen Corp.
- Seegrid Corporation
- SSI SCHÄFER FRITZ SCHÄFER GMBH

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Type Segment Drivers

Based on the type, the other types are projected to rise at a faster CAGR over the upcoming years due to the strong adoption of other types of AGVs, including hybrid and customized AGVs. Manufacturers of AVS are developing hybrid and customized AGVs to provide various types of material-handling needs across several sectors. Hybrid and customized AGVs facilitate moving and handling a large variety of industrial loads ranging from small to heavy pallets, which is broadly utilized in material automation all over the plant or warehouse.

Regional Drivers

Based on the region, Asia-pacific is anticipated to witness a higher CAGR during the forecast period due to the constant increase in numerous sectors, such as automotive, healthcare, food & beverage industries, particularly in the emerging countries including India, China, and Korea. In addition to this, the government is emphasizing enhancing the safety and security on the production floor, which will promote the adoption of AGVs during the forecast period. The AVGs are largely adopted by economies like China and Japan due to the growing investment of manufactures and suppliers to install AGVs in warehouses and distribution centers. These factors are expected to boost the growth of the automated guided vehicle market in the coming years.

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Automated Guided Vehicle Market Segmentation:

Segmentation by Type:

- Tow Vehicles
- Unit Load Carriers
- Pallet Trucks
- Assembly Line Vehicles
- Forklift Trucks
- Other Types

Segmentation by Navigation Technology:

- Laser Guidance
- Magnetic Guidance
- Inductive Guidance
- Optical Tape Guidance
- Vision Guidance
- Others

Segmentation by Application:

- Transportation
- Storage
- Distribution
- Assembly
- Packaging
- Waste Handling

Segmentation by Industry:

- Automotive
- Manufacturing
- Food & Beverages
- Aerospace
- Healthcare
- Logistics
- Retail
- Other

Segmentation by Region:

- North America

o United States of America
o Canada

- Asia Pacific

o China
o Japan
o India
o Rest of APAC

- Europe

o United Kingdom
o Germany
o France
o Spain
o Rest of Europe

- RoW

o Brazil
o South Africa
o Saudi Arabia
o UAE
o Rest of the world (remaining countries of the LAMEA region)

About GMI Research

GMI Research is one of the leading market research and consulting company that offers consulting services, syndicated research reports, and customized market research reports. We help our client to make informed business decisions and provide market intelligence studies related to the various industries such as automotive, energy, healthcare, chemicals, technology, and other sectors. Our research teams include seasoned analysts and researchers have hands-on experience in every regions, including Asia-pacific, Europe, North America, and the Rest of the World. Our market research report provides in-depth analysis, which contains refined forecasts, a bird's eye view of the competitive landscape, factors impacting the market growth, and several other market insights to aid companies in making strategic decisions. Featured in the 'Top 20 Most Promising Market Research Consultants' list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to help our clients to stay ahead of the curve.