Dublin, Dec. 29, 2021 (GLOBE NEWSWIRE) -- The "Global Automated Guided Vehicle (AGV) Market Trends & Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global AGV market is projected to grow from USD 2.2 billion in 2021 to USD 3.2 billion by 2026; it is expected to grow at a CAGR of 7.7% from 2021 to 2026.
The growth of the AGV market is driven by growing demand for automation in material handling across industries, improved safety standards at workplaces, the rising popularity of e-commerce, and a shift in demand from mass production to mass customization.
Tow vehicles are expected to hold the largest share of the AGV market in 2021. This is the most productive type of AGV used for towing and tugging as it can move the heavier load with multiple trailers than a single fork truck. The load is placed in the vehicle either manually or automatically. Tow vehicles are used in pallet operations requiring frequent long-distance deliveries carrying high volumes of load.
The automotive industry dominated the AGV market in 2020 and is expected to hold the largest share of the AGV market during the forecast period. Key factors such as the growing after-sales spare parts market, increasing levels of customization in vehicles, and the need to ensure the availability of various parts required in assembling of a vehicle are driving the implementation of AGVs in the automotive industry.
China and Japan are the countries driving the growth of the AGV market in APAC. The rapid growth of automotive, e-commerce, food & beverages, and healthcare industries in emerging economies, such as China, India, and South Korea, has contributed to the growth of the AGV market in APAC.
Moreover, governments in APAC countries are increasingly emphasizing safety and security on production floors, which can be best achieved by the implementation of AGVs. APAC is also home to Daifuku and Toyota Industries, which are two of the major manufacturers of AGV.
APAC to Provide Lucrative Opportunities for AGV Market in Coming Years
AGV Market, by Type -Tow Vehicles Segment to Account for Largest Size of Market in 2021
AGV Market, by Industry - Automotive Segment to Account for Largest Size of AGV Market in 2021
AGV Market, by Navigation Technology and Region -Laser Guidance Segment and Europe to Dominate AGV Market in 2021
AGV Market, by Region - AGV Market to Witness Highest CAGR in China and Mexico During Forecast Period
Increasing Demand for Automation Solutions in Material Handling Processes Across Industries
Growing Demand for AGVs from E-Commerce Post COVID-19 Outbreak
Rising Focus on Improving Workplace Safety
Marked Shift to Mass Customization from Mass Production
High Installation, Maintenance, and Switching Costs Associated with AGVs
Increasing Preference for Mobile Robots Over AGVs in Retail and E-Commerce Industries
Decreased Demand for Automated Guided Vehicles Owing to COVID-19
Lack of Flexibility and Obstacle Resistance in AGVs
Adoption of Industry 4.0 Technologies in Warehousing
Growing Adoption of Industrial Automation by SMEs
Substantial Growth of Industrial Sector in Emerging Economies
Presence of Huge Intralogistics Sector in Southeast Asia
Low Labor Costs Restricting Adoption of AGVs in Emerging Economies
Technical Challenges Related to Sensing Elements
For more information about this report visit https://www.researchandmarkets.com/r/c0q1vn
About ResearchAndMarkets.com ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Wood believes we're still in a strong bull market. Take advantage.
EV stocks are being dumped as a group today, even with these three names reporting good news recently.
Buffett is taking profits off the table. It might be time to do the opposite.
Losing money in the S&P 500 is never fun. But it stings all the more when everyone else is making tons on their stocks.
Yahoo Finance Live's Jared Blikre examines the latest market action, in addition to reporting on Biogen undergoing acquisition negotiations by Samsung
A cosmetics and skin care products company founded by married Taiwanese actors Zhang Ting and Lin Ruiyang has had assets worth 600 million yuan (US$94 million) frozen due to an investigation by China's market regulator over an alleged pyramid scheme. The market regulator in Shijiazhuang, the capital of northern China's Hebei province, said it had received several reports about a suspected pyramid scheme involving Shanghai Dowell Trading, according to a letter widely circulated on Chinese social
Get aboard the Tesla stock train, argues Dan Ives at Wedbush.
These stocks are trading near their 52-week lows but have tremendous long-term growth opportunities.
What happened Shares of Novavax (NASDAQ: NVAX) were slipping 2.6% lower as of 11:35 a.m. ET on Wednesday. The company didn't report any new developments since yesterday's announcement that India had granted Emergency Use Authorization (EUA) to COVID-19 vaccine NVX-CoV2373.
Biogen, which owns nearly half of a Samsung unit, shares surged Wednesday. A South Korean newspaper reported that Samsung wants to buy Biogen for as much as $42 billion.
The rally in Victoria's Secret may just be getting started, contends JP Morgan retail analyst Matt Boss.
The stock has already managed to settle below the $115 level and is moving towards yearly lows at $108.70.
If you want to leave some stocks to your heirs, then you'll want to find companies like these that are poised to thrive for decades to come.
(Bloomberg) -- SenseTime Group Inc. co-founder Tang Xiao’ou has become one of the world’s richest people, after the Chinese AI champion blew past concerns about American sanctions to surge as much as 23% on its Hong Kong debut.Most Read from BloombergGhislaine Maxwell Found Guilty in Win for Epstein VictimsMercedes Swept Up in China Internet Furor Over Models’ EyesApple Aims to Prevent Defections to Meta With Rare $180,000 Bonuses for Top TalentThe Senator Who Could Rescue Biden’s AgendaCovid Wi
What happened Shares of Ocugen (NASDAQ: OCGN) were falling 5.1% as of 12:03 p.m. ET on Wednesday. The company hasn't made any announcements this week. Its stock appears to simply be continuing a slide that began in early November.
Nio (NYSE: NIO) has managed to make a place for itself in the domestic Chinese market. Nio has grown significantly in the seven years since its founding in November 2014. Nio's year-to-date deliveries through Nov. 30 rose 120.4% year over year.
Despite their similar names, the Vanguard Total Stock Market Index and the Vanguard 500 Index funds have different objectives.
The chipmaker is facing a few headwinds going into the new year, but investors need to focus on the bigger picture.
Wednesday will go down in history for Codex DNA (NASDAQ: DNAY). The genetics-focused biotech saw its share price rocket 39% higher, thanks to a potentially very lucrative deal with a deep-pocketed pharmaceutical giant. Codex DNA disclosed in a regulatory filing that it has entered into a research collaboration and license agreement with U.S. pharmaceutical company Pfizer (NYSE: PFE), these days best known as the co-developer of the Comirnaty coronavirus vaccine.
Berkshire Hathaway is the ultimate Warren Buffett stock. But is it a good buy? Here's what the earnings and chart show for Berkshire stock.