The global automated guided vehicle market size is poised to grow by USD 1.19 billion during 2020-2024, progressing at a CAGR of almost 10% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
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Technavio has announced its latest market research report titled Global Automated Guided Vehicle (AGV) Market 2020-2024 (Graphic: Business Wire)
End-users across various industries are increasingly adopting AGVs to optimize their operational efficiencies. AGVs improve order picking accuracy and employee safety and make efficient use of available space. Also, AGVs offer help in the efficient management of inventory. For instance, with the adoption of AGVs in warehouses, unused space can be efficiently utilized by increasing racks up to the roof. This increases warehouse productivity, driving higher revenues. Because of such benefits, AGVs are gaining popularity among firms operating warehouses and distribution centers. The rising need for improving warehouse efficiency is expected to boost the growth of the global automated guided vehicle market during the forecast period.
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The major automated guided vehicle market growth came from the unit load carriers segment. These are mostly used in warehouses, wherein guided paths are relatively short, and high volumes of materials are involved. The popularity of unit load carriers is expected to increase during the forecast period as they can easily interface with conveyors and automated storage and retrieval systems. Therefore, the automated guided vehicle market share growth by the unit load carrier segment will also be faster than the growth of the market in other segments.
APAC will offer several growth opportunities to market vendors during the forecast period. Factors such as the growing demand for AGVs from the manufacturing, e-commerce, and automotive industries will significantly drive automated guided vehicle market growth in this region over the forecast period.
The global automated guided vehicle market is fragmented. Daifuku Co. Ltd., Hitachi Ltd., Hyster-Yale Materials Handling Inc., John Bean Technologies Corp., KION GROUP AG, KUKA AG, Murata Machinery Ltd., Seegrid Corp., SSI SCHAEFER Group, and Toyota Industries Corp. are some of the major market participants. To help clients improve their market position, this automated guided vehicle market forecast report provides a detailed analysis of the market leaders.
As the business impact of COVID-19 spreads, the global automated guided vehicle market 2020-2024 is expected to have Negative and Inferior growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
Read the full report here: https://www.technavio.com/report/report/automated-guided-vehicle-market-industry-analysis
Rising Application of AGVs in Refrigerated Warehousing and Semiconductor Industries will be a Key Market Trend
The rising application of AGVs in refrigerated warehousing and semiconductor industries is one of the key global automated guided vehicle market trends. The increasing sale of electronic devices such as laptops and flat-panel displays has necessitated the need for cleanroom operations among semiconductor and flat-panel manufacturers. The adoption of AGVs is facilitating effective cleanroom operations, which, in turn, is helping end-users achieve maximum quality control in their operations. The ability of AGVs to operate at lower temperatures has increased their adoption in refrigerated warehouses. The refrigerated warehousing market is expected to grow at a CAGR of more than 8% during the forecast period. This will have a positive influence on the growth of the global automated guided vehicle market size.
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Automated Guided Vehicle Market 2020-2024: Key Highlights
CAGR of the market during the forecast period 2020-2024
Detailed information on factors that will assist automated guided vehicle market growth during the next five years
Estimation of the automated guided vehicle market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behavior
The growth of the automated guided vehicle market
Analysis of the market’s competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of automated guided vehicle market vendors
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Value chain analysis
Market segment analysis
Market size 2019
Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
Five forces summary
Bargaining power of buyers
Bargaining power of suppliers
Threat of new entrants
Threat of substitutes
Threat of rivalry
Market Segmentation by Product
Comparison by Product
Unit load carrier - Market size and forecast 2019-2024
Tow vehicle - Market size and forecast 2019-2024
Pallet truck - Market size and forecast 2019-2024
Assembly line vehicle - Market size and forecast 2019-2024
Others - Market size and forecast 2019-2024
Market opportunity by Product
Market Segmentation by End-User (qualitative)
Distribution and logistics
Europe - Market size and forecast 2019-2024
APAC - Market size and forecast 2019-2024
North America - Market size and forecast 2019-2024
South America - Market size and forecast 2019-2024
MEA - Market size and forecast 2019-2024
Key leading countries
Market opportunity by geography
Market positioning of vendors
Daifuku Co. Ltd.
Hyster-Yale Materials Handling Inc.
John Bean Technologies Corp.
KION GROUP AG
Murata Machinery Ltd.
SSI SCHAEFER Group
Toyota Industries Corp.
Scope of the report
Currency conversion rates for US$
List of abbreviations
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View source version on businesswire.com: https://www.businesswire.com/news/home/20201007005647/en/