The global automated guided vehicle (AGV) market is fairly consolidated as a handful of leading players accounted for a combined global share of about 56.0% in 2015, notes Transparency Market Research (TMR).
The top players are increasingly tapping into emerging end-user demands of technologically-advanced products to stay ahead of their peers. To this end, they are making sizeable investments on research and development (R&D) activities and are focused on constantly making product innovations, observes TMR. A growing number of players are also likely to reap competitive gains by developing custom-built automated guided vehicles.
The global automated guided vehicle (AGV) market is projected to expand at a robust CAGR of 12.4% during 2016-2024. The market stood at US$838.3 million in 2015 and it is forecast to reach a worth of US$2.3 billion by the end of 2024.
Among the various types of automated guided vehicle, tugger AGVs held the major share in the global market in 2015. The segment is also anticipated to rise at the most attractive CAGR amounting to 11.9% during 2016-2024. The growth is attributed to their extensive demand in automating warehouse operations with substantial productivity.
Regionally, Asia Pacific is anticipated to hold the sway in the global automated guided vehicle market throughout the assessment period. The regional market is projected to rise at a robust CAGR of 13.7% during this period. The growth is primarily driven by the large strides being made by the automotive sector across the region.
The growing deployment of AGVs in the transportation of goods in warehouse operations. The substantial pace of industrialization, coupled with the rising popularity of industrial automation, is a key factor expected to open new, exciting avenues in the automated guide vehicles. Moreover, the rising demand for fully integrated material handling systems in warehouses is catalyzing the uptake of the automated guided vehicle market.
AGV international continues to follow all developments in our industry. We are proud of the growth that the AGV industry has experienced so far and strive for an even more successful future.
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Research Blog: https://transparencyjournal.com/
Source: PR Newswire