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The global automated guided vehicle (AGV) market size is expected to reach USD 3.39 billion till 2027. This is attributable to increasing adoption of automation technology in the manufacturing applications across the globe. Fortune Business Insights, publishes this information in its latest report, titled “Automated Guided Vehicle (AGV) Market Size, Share & COVID-19 Impact Analysis, By Type (Tow Vehicles, Automated Forklift Trucks, Underride/ Tunnelling Vehicles, Assembly Line Vehicles & Others), By Navigation Technology (Laser Guided, Magnetic Guided, Vision Guided and Others), By Application (Transportation & Distribution, Storage & Assembly, Packaging), By Industry (Automotive, Food & Beverage, E-Commerce and Others) and Regional Forecast, 2020-2027.” The report further mentions that the market was worth USD 1.68 billion in 2019 and is likely to exhibit a CAGR of 9.2% between 2020 and 2027.
Kivnon Announcing its AGV Exchange Program to Promote Growth
In June 2020, Kivnon, a leading automation industrial processes provider, announced its launch of a novel AGV exchange program. As per the program, customers can exchange their old AGV, while saving up to 40% on the latest warehouse robot by Kivnon. According to the company, the scheme is expected to aid in the growth of the industrial sector post-COVID-19 crisis and facilitate the transformation of other companies towards adoption Industry 4.0. The outbreak of the novel coronavirus has lead to a setback in the operations of several manufacturing industries. Therefore, the promotion of the scheme by Kivnon is leading to the adoption of automation technology by the manufacturing industry that is expected to drive the global automated guided vehicle market during the forecast period.
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Adoption of Automation Technology in Material Handling Process to Strengthen Demand
According to a report by the World Economic Forum, 30-50% of jobs in three sectors such as transportation, manufacturing, and storage are expected to a high potential for automation by 2035. Increasing adoption of automation in the material handling processes is ensuring enhanced labor management, improved quality control, and increased productivity, among others. Major e-commerce companies such as Amazon, and Alibaba, among others, are leveraging the demand for increasing online shopping by adopting automation technology to expand their inventory size and reduce operational costs. Increasing adoption of automation and growing e-commerce business is anticipated to contribute to the global automated guided vehicle market growth in the forthcoming years.
Increasing Focus on Development of Novel Solutions to Intensify Market Competition
The global automated guided vehicle market report mentions that the key players such as TOYOTA INDUSTRIES CORPORATION, Oceaneering International Inc, and Daifuku Co., Ltd. are developing novel automation solutions to cater to the increasing demand for accurate and fast industrial operations. The companies are further investing in the R&D activities to cement their position and gain an edge over their rivals in the fiercely competitive global marketplace.
List of the Companies Proliferating in the Market:
Further Report Findings:
Value (USD billion)
By Navigation Technology