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(IT-NEWSWIRE.COM, August 09, 2023 ) The Automated Guided Vehicle Market is estimated to be valued at USD 2.4 billion in 2023 and is projected to reach USD 3.3 billion by 2028, at a CAGR of 6.9% from 2023 to 2028. AGVs are designed to handle various types of loads and materials. They can be equipped with different load handling mechanisms such as forks, clamps, conveyors, or customized attachments and it can be seamlessly integrated with the existing systems and coordination of multiple vehicles are expected to be significant factors fuelling the market’s growth in the near future.
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AGVs utilize advanced sensor technologies to perceive their surroundings accurately. This includes technologies like LiDAR (Light Detection and Ranging), 3D cameras, ultrasonic sensors, and radar systems. These sensors offer accurate and timely information about the surroundings, enabling AGVs to move around securely, avoid hazards, and make deft choices. Automated guided vehicle offers several advantages such as, enhanced safety, flexibility, and adaptability, increased efficiency, real-time tracking and cost saving. AGVs are adaptable in a wide range of industries, such as automotive, chemical, aviation, semiconductor and electronics, e-commerce, food & beverage, healthare, metals & heavy machinery, and 3PL.
Tow vehicle segment contributed to the larger market share for automated guided vehicle in 2022. They excel in efficiently moving multiple loads, reducing the need for multiple trips. Tow vehicles are adaptable, capable of handling various load types and integrating seamlessly with existing carts. They are compact, maneuverable, and prioritize operator comfort and safety. With customizable load capacity options, they often run on rechargeable batteries, promoting environmental friendliness. Integration with control systems enables coordinated material transport, while safety features and diagnostic capabilities optimize maintenance.
The Laser Guidance segment is projected to account for the largest market size for automated guided vehicle in 2023. Laser guidance technology provides high precision and accuracy in determining the position and orientation of AGVs. The real-time updates and obstacle detection provided by laser scanners ensure safe and efficient movement. Laser guidance's non-invasive nature simplifies system setup, while its scalability makes it suitable for complex operations involving multiple AGVs.
The automotive industry accounted for the largest share of the automated guided vehicle market in 2022. AGVs are widely employed in the automotive sector due to their efficiency, accuracy, and safety. They streamline material handling, guaranteeing timely delivery of components for just-in-time manufacturing. They operate continuously, optimizing output and integrating with Industry 4.0 technologies. AGVs improve ergonomics and worker safety, minimize damage to delicate automotive parts, and enable traceability and quality control. Key factors such as the growing after-sales spare parts market, increasing levels of customization in vehicles, and the need to ensure the availability of various parts required in the assembly of a vehicle are driving the implementation of AGVs in the automotive industry.
Key Market Players:
Key players in the market are Daifuku (Japan), JBT (US), KION (Germany), Toyota Industries (Japan), KUKA (Germany). These players have a comprehensive and diverse product portfolio and a strong geographic presence. They focus on developing innovative models of AGVs owing to the emergence of new application areas of these robots. These companies also focus on organic and inorganic growth strategies to extend their business reach and expand their product offerings in the highly competitive market. The market is dynamic, and several new players also keep emerging while existing players continue to evolve and expand their footprint.
News Also Covered @ https://www.prnewswire.com/news-releases/automated-guided-vehicle-market-worth-3-3-billion-by-2028---exclusive-report-by-marketsandmarkets-301889070.html
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Source: EmailWire.Com 
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