The automated guided vehicle market size was US$ 3.4 billion in 2020. The automated guided vehicle market size is forecast to register revenue worth US$ 12.3 billion by 2030 by growing at a compound annual growth rate (CAGR) of 14.1% during the forecast period from 2021 to 2030.
Automated Guided Vehicle systems shift products in industrial plants by eliminating the necessity of a fixed conveying system or manual intervention. It performs operations as per the guidelines to optimize storage, picking, and transportation tasks in a premium space environment.
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The key factors driving the growth of the global automated guided vehicle market are increased workplace safety standards, growing demand for automation in material handling, and rapidly increasing production rate.
The global automated guided vehicle market is growing due to the growing era of the e-commerce business. The growing popularity of online purchasing is a key factor propelling the e-commerce business forward.
High switching, installation, and maintenance costs are the major factors that may be challenging for the growth of the automated guided vehicle market.
Geographically, Europe is leading the global automated guided vehicle market. High labor costs, rapid automation acceptance, mounting requirements and benefits offered by AGVs, and the prominent factors contributing to the European automated guided vehicle market’s explosive expansion. Furthermore, the quickly developing e-commerce industry in the Asia-Pacific region is foreseen to grow rapidly in the market. Several major AGV installations in India and China and the requirement to maintain workplace safety are the few other facts propelling the market growth.
On a global scale, the COVID-19 outbreak has wreaked havoc on various industries. As governments around the world imposed statewide lockdowns to stop the epidemic’s spread, many businesses have suffered losses owing to a production gap.
During such a difficult situation, industrial automation and the deployment of AGVs play a critical role in ensuring that enterprises reach their production targets. The pandemic has created various opportunities for the global AGV industry by allowing businesses to continue operating.
Following are some research findings on the AGV market’s potential in the face of the pandemic: In October 2020, a team of fresh graduates and technology students in India produced an Automated Guided Vehicle for the Karnataka Institute of Medical Sciences (KIMS).
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Middle East & Africa (MEA)
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