New York City, 30 January 2020: The worldwide automated
guided vehicle market is anticipated to reach USD 3,977.8
million by 2026 according to a new study published by Polaris Market Research.
In 2017, the automotive sector dominated the global market, in terms of
revenue. Europe is expected to be the leading contributor to the global market
revenue during the forecast period.
Growing need for
automation and increasing labor costs fuel the market for adoption of AGV. Use
of these automated vehicles increases productivity, and efficiency, while
saving time and costs. The increasing demand from industries including
healthcare, defense, aerospace, agriculture, and food and beverage is expected
to provide growth opportunities in the coming years. Emerging and untapped
markets of developing economies further provide growing opportunities to key
players in the market. Increasing investments, research and development further
boosts the growth of the market.
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There has been a high
demand for automation in the global market. Companies are automating processes
to reduce cost, save time and deliver better quality products. With stiff
competition existing in the global market, companies are automating their
processes for better quality and increased productivity. These vehicles
automate internal processes and reduce the workload of employees, by working in
collaboration with workers for better efficiency. Due to stringent safety
regulations, companies are forced to employ Automated Guided Vehicles for
dangerous and hazardous environment conditions. Automation of manufacturing
processes was earlier restricted to only automotive sector. Now, industries
such as healthcare, aerospace, food and beverage are also adopting the
automated vehicles solutions. Increasing need of automation in various
industries is a key factor driving the growth of the market.
With ever-increasing labor costs existing in most of the
countries, companies are turning towards AGVs to save costs and time. Their
usage increases efficiency while reducing wastage. They also eliminate chances
of faults occurring due to human errors. These vehicles can be operated with
the help of software, thereby saving the expense spent in training and
management of labor. Unavailability of skilled labor to manage the processes
along with high labor costs pushes companies towards automation and supplements
the growth of this market.
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Europe generated the
highest revenue in the market in 2017, and is expected to lead the global
market throughout the forecast period. Asia-Pacific is expected to grow at the
highest CAGR during the forecast period. Rapid industrialization and increasing
automation in the region drives the market growth. Introduction of new advanced
technologies and increasing applications in automotive, aerospace, electronics
and healthcare sectors is expected to support market growth. Growing demand
from automotive industry for high quality products, along with increasing labor
costs encourages companies to invest in automation, thereby augmenting growth.
The various end-users
of AGVs include automotive, aerospace, healthcare, food and beverage, and
others. In 2017, automotive accounted for the largest share in the global
market, and is estimated to grow at a substantial rate during the forecast
period. Companies use these vehicles in the automotive sector to save cost and
increase their production. The key factors driving this market include
increasing labor costs, new safety regulations, and need for increased
efficiency. Use of AGVs in the automotive industry enables manufacturers to
achieve high quality, reliability, economic efficiency and less product life
cycle cost.
The well-known
companies profiled in the report include Toyota Industries Corporation, KUKA
AG, Daifuku Co. Ltd., Bastian Solutions, Inc., JBT Corporation, Swisslog
Holding AG, Seegrid Corporation, Baylo, Inc., EK Automation GmbH, Kion Group AG
among others. These companies launch new products and collaborate with other
market leaders to meet the increasing needs and requirements of consumers.
About Polaris Market Research
Polaris Market Research is a global market
research and consulting company. The company specializes in providing
exceptional market intelligence and in-depth business research services for our
clientele spread across different enterprises.
Contact Us:
Polaris Market Research
Phone: 1–646–568–9980
Email: sales@polarismarketresearch.com
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