Automated Guided Vehicle Market Observes Greatest growth with 12.1% CAGR during the Forecast period 2020-2027, Coherent Market Insights

 

Automated Guided Vehicle Market

A material handling system called an automated guided vehicle (AGV) or autonomous guided vehicle (AGV) navigates a warehouse, manufacturing facility, or distribution centre without the assistance of a person. Various materials, including rubber, plastic, paper, metal, and others, are transported using it. For instance, goods are transported from the warehouse to the production site using autonomous guided trucks. To make the procedure faster, more precise, and cost-effective, manufacturers are adopting an automated guided vehicle.

During the forecast period (2020–2027), the market is anticipated to develop considerably due to the rising need for automation and automated guided vehicles (AGV). The most dependable option for material handling is an automated guided vehicle, which boosts the production capacity of numerous sectors. By reducing physical damage to the commodities that is typically brought on by human operators, this material handling machinery also improves production efficiency. Many industries, including logistics, the automotive, the food and beverage, and others, employ automated guided vehicles. During the projected period, the market expansion is anticipated to be fueled by factors such as the rising need for high efficiency, decreasing production times, fewer human errors, improved safety, and rising accuracy.

AGV is utilised to save money on labour, boost production, and decrease product damage. Food and beverage, pharmaceutical, chemical, semiconductor and electronics, retail, healthcare, and other industries heavily utilise automated guided vehicles. Automated guided vehicles are also utilised to help manufacturing and production units in the application for work-in-progress and with finished items. Many manufacturing sectors are embracing autonomous guided vehicles that improve the efficiency of large-scale operations as a result of increased industry competitiveness.

According to Coherent Market Insights, The global Automated Guided Vehicle Market was valued at US$ 5.1 Bn in 2019 and is expected to reach US$ 21.3 Bn by 2027 at a CAGR of 12.1% between 2020 and 2027.

Additionally, to increase productivity and lower labour costs, e-commerce businesses in established and developing nations are implementing autonomous guided vehicles. Automation is being prioritised by companies like Amazon.com Inc., Walmart, Alibaba, and Flipkart in order to cut operating costs and improve productivity. For instance, the first autonomous guided car was introduced in Bengaluru in March 2019 by Indian e-commerce business Flipkart. AGV assisted Flipkart in meeting increased consumer demand, providing speedier delivery and improving the online experience of users. The autonomous guided truck aids personnel in accurately processing or finishing 4,500 packages every hour.

To change the material handling sector, internet titans are engaging with retailers and other logistics-related businesses. For instance, in November 2021, Swisslog Healthcare and OTSAW Digital Pte Ltd, an autonomous mobile robot solution, teamed to create automated guided vehicles for the healthcare industry. These vehicles would enable better patient care. This agreement would also help them develop their company by deploying AGV across Asia Pacific, Europe, and the Middle East and North Africa. Additionally, in February 2022, the German industrial firm Siemens joined forces with Parmley Graham Ltd. and AR Controls to develop and produce autonomous guided vehicles. Numerous benefits, including lower labour expenses, a lower chance of workplace accidents, improved logistics, and quicker delivery, would result from the agreement and the use of the AGV.

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