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(I-SoftwareNews.Com, November 29, 2024 ) The Global Automated Guided Vehicle Market is anticipated to reach USD 2.56 billion by 2024 and is expected to reach USD 3.78 billion by 2029, at a CAGR of 8.1% during the forecast period.
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The AGV market refers the industry involved in the design, production, sale, and marketing of self-navigating vehicles for material handling and transportation in industrial, commercial, and logistical environments. These vehicles do not have a need for a human operator; they travel predetermined routes using laser, camera, and sensor technologies. There are different kinds of AGVs like tow vehicles, unit load carriers, pallet trucks, assembly line vehicles, and forklift AGVs. Hence, AGVs can be used in many applications. Key technologies in AGVs include laser guidance, magnetic guidance, inductive guidance, optical tape guidance and vision guidance. This market is expected to grow as a result of emphasis on automation of material handling processes, reduction in human error, and improvement in supply chain integration. The introduction of artificial intelligence and real-time analytics into AGVs has escalated their adoption in industries. Industries, such as manufacture, logistics, retail, but pharmaceutical, make use of AGVs nearly in all sectors. Real optimization of workflows can be a clue toward minimizing bottlenecks in their operational activities and support sustainable business operations.
By Type, tow vehicles are anticipated to hold the largest market share in the Automated Guided Vehicle market during the forecast period due to its versatile applications across various industries. Tow vehicles designed for efficiently transporting heavy lots in material handling operations provide significant benefits including productivity increases, labour cost reduction, and lower error rates. These AGVs are widely used for movements of bulks over large distances in manufacturing, warehouses, and distribution centers. Improvements in navigation technologies integration with automation systems into its management have made tow vehicles more efficient and versatile than others. In line with the increasing trend of automation in various industries for optimum operational efficiency and rising output, tow vehicles are expected to solidify their dominance in the AGV market.
Based on Navigation Technology, the laser guidance segment is anticipated to hold a significant market share during the forecast period, mainly because of its superior accuracy and efficiency in navigation. Laser-guided AGVs use reflective markers or targets to achieve highly accurate routes and, therefore, precise movement even in complex environments. This capability makes them perfect for industries dealing with very meticulous handling, such as automotive and electronics and pharmaceuticals. Laser guidance reduces the risk of collision and increases the safety of the operation, which is extremely important in high-density workplaces. With automation rapidly becoming an essential component of the industry, the need for laser-guided AGVs will increase because they can fit perfectly in the advanced warehouse management systems and result in a boost for total productivity. Their suitability to dynamic environments cements their position as a popular choice of navigation technology in the market.
Based on Industry, the 3PL (Third-Party Logistics) segment is expected to witness a substantially high CAGR in the automated guided vehicle (AGV) market over the forecast period due to the increasing requirement for efficient as well as cost-effective material handling solutions. Advances in e-commerce and global trade compel the 3PL provider to be increasingly in awe of the advanced AGVs, advancing warehouses management, inventory management, and supply chain processes. The use of AGVs enables 3PL companies to streamline the efficiency of operations by automating repetitive tasks such as picking, sorting, and transporting goods. While smart technologies, like IoT and Al, are integrated into AGVs, actual time tracking and predictive maintenance features have constantly increased the adoption rate of the technology. As businesses increasingly prioritize speed, accuracy, and scalability in logistics, the demand for advanced AGV solutions in the 3PL industry is set to rise significantly.
Based on Region, Europe is projected to hold a significant share in the Automated Guided Vehicle (AGV) market during the forecast period, driven by advanced industrial automation, a strong manufacturing base, and the adoption of Industry 4.0 principles in the region, which focuses on operational efficiency and cost reduction. Operational efficiency and cost reduction for AGV has made its adoption widespread among various industries like automotive, e-commerce, and food & beverages. Strict workplace safety regulations, as well as the accelerated labor cost, have also forced companies to invest in AGV. Germany, France, and the UK are going to be the hub for this investment. They have a healthy presence of AGV producers, while logistics infrastructures are adequately developed in these countries. Rapidly evolving smart intralogistics solution demand, especially the advancement in navigation and sensor systems in AGVs, further expands the market. The integration with IoT and Al has been improving operational flexibility and efficiency as well and has thus made Europe a key player in shaping the global landscape of the AGV market.
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Key Market Players
Major companies operating in the automated guided vehicle market include Daifuku Co., Ltd. (Japan), JBT (US), KION Group AG (Germany), Toyota Industries Corporation (Japan), and KUKA AG (Germany).
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Source: EmailWire.Com 
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