Global Automated Guided Vehicle Market to Likely to Reach Revenues of $5 Billion During 2018−2023 - Market Research by Arizton

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Feb 06, 2019, 10:00 ET

CHICAGO, Feb. 6, 2019 /PRNewswire/ --According to Arizton's recent research report, the global automated guided vehicle market is expected to reach revenues of approximately $5 billion by 2023, growing at a CAGR of around 18% during 2017−2023.

Key Highlights Offered in the Report:

AI integration in AGVs will emerge as the game-changer by 2023. Demand for AGVs to grow 2.5x in the next five years.
Steep decline in AGV prices (up to $10,000) will boost penetration across emerging economies.
Europe and North America leads the AGV market, however, the next growth spurt to come from the APAC region.
Investments in automation by service providers such as UPS ($20 bn) and Target ($7 bn) for streamlining warehouse activities to gain prominence by 2025.
Increasing occupational accidents, a key driver for the adoption of AGVs – Globally more than 2.3 million people die due to work-related accidents.

Key Offerings:

Market Size & Forecast by Revenue | 2017-2023
Market Size & Forecast by Unit Volume | 2017-2023
Market Growth Enablers – List of drivers, trends, restraints, and investment opportunities
Market Segmentation - Complete analysis of navigation, vehicle, end-users, and geography in 9 leading countries.
Competitive Landscape – Profiled 17 prominent players in the report.

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AGV Market - Dynamics

The launch of new generation robot workforce, which assists human labors to achieve new levels of productivity is gaining immense traction across industries. Manufacturers are leveraging these guided vehicles to respond quickly to a variety of product specifications and customization requests contributing to the AGV market revenues.

The key drivers and trends fueling the growth of the global market are:

Rising automation in material handling
Industry 4.0 promoting automation in the industry
Increasing demand for AI in factories

AGV Market – Segmentation

This market research report includes a detailed segmentation of the global AGV market by navigation, vehicle, end-users, and geography.

The tow vehicles segment dominated the market share in 2017.
The retail industry is the fastest growing segment in the market, growing at a CAGR of over 18% by 2023.

- Market Segmentation by Navigation

Laser Guidance
Magnetic Guidance
Vision Guidance
Inductive Guidance
Natural Guidance
Others

- Market Segmentation by Vehicle

Tow Vehicles
Unit Load Vehicles
Pallet Trucks
Forklift Trucks
Others

- Market Segmentation by End-users

Automotive
Retail
Food & Beverage
Healthcare
Aerospace

AGV Market - Geography

In terms of geography, the global AGV market is divided into APAC, Europe, North America, Latin America, and MEA. Europe is the largest automated guided vehicle market globally. The industrial development in the APAC region will contribute to the revenues in the market.

Market Size & Forecast | 2017−2023

Revenues
Unit Volumes
Navigation
Vehicles
End-users
Top Countries

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- Market Segmentation by Geography

Europe
North America
APAC
Latin America
MEA

- Key Countries Profiled in the Report are:

UK
Germany
France
US
Canada
China
Japan
India
Brazil

Major Vendors in the Global Market:

KION Group
Daifuku
JBT Corp.
Toyota Industries

Other prominent vendors include KUKA, Hyster-Yale Group, E&K Automation, Seegrid Corp., Kollmorgen, Quirepace, Fori Automation, AGVE, SSI SCHAEFER, Transbotics, Savant Systems, Jungheinrich, and Fetch Robotics.

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About Arizton:

Arizton – Advisory and Intelligence is a premium and innovation-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.

We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.

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SOURCE Arizton Advisory & Intelligence