Automated Guided Vehicle Market: Overview Of Key Market Forces Propelling And Restraining Market Growth  2019–2027

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Automated Guided Vehicle Market: Introduction
According to the report, the global automated guided vehicle market is projected to reach ~US$ 4 Bn by 2027, expanding at a CAGR of ~14% during the forecast period, owing to an increase in the demand for automation in material handling and improved safety standards in manufacturing facilities and workplace. The automated guided vehicle market is highly technology driven, and original equipment manufacturers are strongly focused on enhancing the capabilities of their existing product portfolios
Expansion of Automated Guided Vehicle Market
Rising need for automation in material handling processes across various industries is a key factor that is propelling the automated guided vehicle market. Increasing demand for intelligent and customized AGVs and expansion of the manufacturing industry coupled with rapid expansion of e-commerce are offering significant opportunities to the market.
Penetration of AGVs is rising in the material handling and management industry. Furthermore, they are also being extensively utilized in several industries such as retail, manufacturing, healthcare, logistics, food & beverage, and aerospace. AGVs are employed in various areas across a facility including assemble, kitting, transportation, warehousing, staging, order picking and transferring load to support processing and handling. The use of AGVs helps eliminate risks arisen due to handling of materials manually. AGVs improve safety at the workplace, while optimizing the speed of the operation.
Tugger automated guided vehicles, or towing vehicles, were one of the first type of AGVs introduced, and they are still highly popular. These AGVs can pull a multitude of trailer types and non-driven carts, which are charged with loads either automatically or manually. Tugger AGVs are highly productive, since they are capable of carrying more load than other type of AGVs. Tugger AGVs are highly efficient and have high load carrying capacity, as compared to that of conventional forklift trucks.
Regional Analysis of Automated Guided Vehicle Market
In terms of region, the global automated guided vehicle market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Rise in the adoption of advanced technology coupled with a rise in purchasing power in developing countries is expected to boost the demand for automated guided vehicles in Asia Pacific and South America. These regions offer significant opportunities to the global market.

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