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The global automated guided vehicle market size is expected to gain momentum by reaching USD 3.72 billion by 2028. This information is published by Fortune Business Insights 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, 2021-2028.” The report further observes that the market stood at USD 1.83 billion in 2020 and is likely to exhibit a CAGR of 9.3% between 2021 and 2028. This is attributable to the increasing adoption of automation solutions in industrial applications that will propel the demand for the product globally.
Mitsubishi Logisnext Americas Inc. Acquires Leading Material Handling Equipment Manufacturer
In April 2019, Mitsubishi Logisnext Americas Inc. (MLNA) announced that it has entered into an agreement to acquire Pon Material Handling NA, Inc., a leading provider of material handling equipment operating as Equipment Depot. The acquisition is expected to strengthen Mitsubishi’s position across nine states in the U.S. The company has authorized dealers across 730 locations located in South, North, and Central America.
Ken Barina, MLNA President, said, “We are delighted to have Equipment Depot on-board that has a proven history of superior customer service for our existing portfolio of products. Together, we aim to address our customers’ material handling challenges.” The increasing focus on improving the material handling processes is likely to boost the adoption of advanced automated guided vehicles worldwide.
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Increasing Adoption of Automation in Manufacturing to Augment Growth
The novel coronavirus has disrupted the supply chain and reduced the number of labor across several industrial units globally. To mitigate the economic risks, the companies are evolving and slowly transitioning towards adopting digital medium to cater to their consumers. According to a study conducted by Forrester Consulting, around 50% of businesses have implemented automation services in their operations amid the COVID-19 pandemic. Automation provides enhanced labor management, improved quality control, and flexible manufacturing processes. Therefore, owing to their myriad benefits, major companies are adopting automated manufacturing solutions in their operations that will favor the global automated guided vehicle market growth in the forthcoming years.
Contract Signing by Major Companies to Expand Their Product Portfolio and Boost Sales Revenue
The global market for automated guided vehicles comprises small, medium, and large companies striving to maintain their presence by signing lucrative contracts to expand their product portfolio and maintain stronghold. Moreover, other key players are adopting strategies such as merger and acquisition, partnership, and facility expansion that will favor the growth of the market in the forthcoming years.
List of the Companies Profiled in the Global Market:
Further Report Findings:
Table of Segmentation:
Value (USD Billion)
Type, Navigation Technology, Application, Industry, Region
By Navigation Technology