Automated Guided Vehicle Market: Countermeasures Of Economic Impact And Marketing Channels To 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.

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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.

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.

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