Automated Guided Vehicle Market is expected to reach a market value of ~US$ 4 Bn by the end of 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.
e-Commerce companies are adopting automated guided vehicles as a key component in their growth and expansion, as AGVs can reduce their processing time. Expansion of e-Commerce industries are likely to offer significant opportunity to AGV manufacturers. Moreover, when it comes to retail, e-Commerce is the fastest distribution channel, and it is no longer restricted to developed markets of the U.S. and Europe. It has become a global phenomenon with high market penetration in APAC. Therefore, expansion of e-commerce and use of AGVs by e-Commerce players are projected to further offer considerable opportunities to the global AGV market.
Automated Guided Vehicle: Market Segmentation
Based on end use, the automotive segment held a leading share, owing to increased use of automated guided vehicles by auto manufacturers and auto part manufacturers. Adoption of automated guided vehicles enables auto manufacturers to lower production cycle time and help optimize the manufacturing process. In terms of type, the tugger AGVs segment is expected to hold a leading share of the global market during the forecast period. 
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.
Key Players in Automated Guided Vehicle Market
Prominent companies operating in the automated guided vehicle market include Dematic GmbH & Co. KG, Toyota Industries Corporation, Swisslog Holding AG, Egemin Automation Inc., Oceaneering AGV Systems, Bastian Solutions LLC, Hyster-Yale Materials Handling Inc., JBT Corporation, E&K Automation GMBH, Seegrid Corporation, AGVE Group, Transbotics, Jungheinrich AG, Daifuku Co., Ltd., and AMERDEN Inc.

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