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The global automated guided vehicle market size stood at USD 2.12 billion in 2022. The market value is slated to rise from USD 2.30 billion in 2023 to USD 4.43 billion by 2030 at a CAGR of 9.8% during 2023-2030. The expansion is propelled by the increasing usage of the product for various purposes such as towing complete sets and heavy loads, moving and loading pallets, and moving goods.
Fortune Business Insights™ presents this information in its report, titled “Automated Guided Vehicle Market Size, Share & COVID-19 Impact Analysis, By Type (Tow Vehicles, Automated Forklift Trucks, Underride/Tunneling Vehicles, Assembly Line Vehicles, and Others), By Navigation Technology (Laser Guided, Magnetic Guided, Vision Guided, and Others), By Application (Transportation & Distribution, Storage & Assembly, and Packaging), By Industry (Automotive, Food & Beverage, E-commerce, and Others), and Regional Forecast, 2023-2030”.
COVID-19 Pandemic Propelled Industry Expansion Considering the Increasing AGV Adoption
Automated Guided Vehicles (AGVs) exhibit the capability to work without physical contact. This led to an increase in product adoption across various industries during the pandemic period. Besides, the healthcare sector saw an increased product adoption in a bid to combat the pandemic situation.
KION Group Opens a New Facility in China to Establish a Strong Footing
In December 2021, KION Group established a new forklift truck unit in China. The facilities would help KION in the expansion of its product portfolio for material handling equipment.
According to the company, the Jinan-based plant marks a decisive step in its ‘Growing in China’ initiative. KION intends to harness the market’s potential, significantly expanding its position as a key intralogistics supplier in China.
Increasing Adoption of Industry 4.0 Technologies in Warehouses to Propel Industry Expansion
The automated guided vehicle market growth is being impelled by the growing deployment of Industry 4.0 technologies in warehouses. The adoption of these technologies has led to enhanced coordination among warehouse systems, active communication between warehouse operations, and the performance of high-speed, time-consuming activities at lower costs.
However, lack of flexibility and escalated vulnerability associated with virtual connectivity may restrain industry expansion to a considerable extent.
To get a detailed report summary and research scope of this market, click here:
https://www.fortunebusinessinsights.com/automated-guided-vehicle-agv-market-101966
Leading Companies Develop Various Strategies to Strengthen Industry Position
Major industry players formulate numerous strategies such as merger agreements, acquisitions, and the rollout of new solutions for strengthening their industry footings. Some of the other initiatives comprise partnership agreements, collaborations, and an increase in research & development activities.
Key Players Profiled:
Notable Industry Development
Further Report Findings
Table of Segmentation
ATTRIBUTE | DETAILS |
Study Period | 2019-2030 |
Base Year | 2022 |
Estimated Year | 2023 |
Forecast Period | 2023-2030 |
Historical Period | 2019-2021 |
Growth Rate | CAGR of 9.8% from 2023 to 2030 |
Unit | Value (USD Billion) |
By Type |
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By Navigation Technology |
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By Application |
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By Industry |
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By Region |
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