IMARC Group, a leading market research company, has recently releases report titled “Automated Guided Vehicles Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global automated guided vehicles market size, growth, share, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Industry Overview of Automated Guided Vehicles

Automated guided vehicles (AGV) are autonomous material handling systems or load carriers that autonomously transport and convey products within distribution centers, warehouses, or manufacturing facilities. These vehicles operate by adhering to adjustable guidelines through installed sensors, optimizing transportation efficiency during the process of item picking and storage. AGVs are primarily employed to move pallets, carts, and trays between various manufacturing and warehousing facilities, thereby boosting overall efficiency and increasing output. The utilization of AGVs offers numerous advantages, including reduced labor costs and product damage, enhanced productivity, and support for automated processes. As a result, transportation and logistics companies worldwide extensively utilize AGVs in their operations. 

How Big Is the Automated Guided Vehicles Market?

The global automated guided vehicles market size reached US$ 3.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 8.8 Billion by 2028, exhibiting a growth rate (CAGR) of 14.5% during 2023-2028. 

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What are the growth prospects and trends in the automated guided vehicles industry?

The thriving e-commerce platforms are fueling the market's growth primarily through the increasing demand for automated warehouse solutions. This demand is further strengthened by the growing need for highly efficient material handling processes across various industries, including automotive, healthcare, and food and beverages (F&B).

Additionally, the market is positively influenced by the growing awareness of worker safety and the widespread preference for laser-guided AGVs, which offer superior precision and flexibility. The market is also experiencing significant growth due to substantial investments in industrial automation projects. Moreover, AGVs are extensively utilized in numerous Industry 4.0 solutions, often in conjunction with RFID tags and 5G networks, which further facilitate their adoption.

Furthermore, factors such as rapid industrialization, continuous product innovations, the increasing demand for effective plant asset management, and extensive research and development (R&D) efforts contribute significantly to the market's expansion.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Type:

• Tow Vehicles

• Unit Load Carriers

• Pallet Trucks

• Assembly Line Vehicles

• Forklift Trucks

Breakup by Mode of Operation:

• Indoor

• Outdoor

Breakup by Navigation Technology:

• Laser Guidance

• Magnetic Guidance

• Inductive Guidance

• Optical Tape Guidance

• Vision Guidance

• Others

Breakup by Application:

• Transportation

• Distribution

• Storage

• Assembly

• Packaging

• Waste Handling

Breakup by Industry:

• Automotive

• Manufacturing

• Food and Beverages

• Aerospace

• Healthcare

• Logistics

• Retail

• Others

Breakup by Region:

• North America: (United States, Canada)

• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)

• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)

• Latin America: (Brazil, Mexico, Others)

• Middle East and Africa

Who are the key players operating in the industry?

The report covers the major market players including:

Bastian Solutions LLC (Toyota Industries Corporation), Daifuku Co. Ltd., Ek Robotics Gmbh, IKV Robot Nanchang Co. Ltd., John Bean Technologies Corporation, Jungheinrich AG, Kion Group AG, KUKA Aktiengesellschaft, Murata Machinery Ltd., Schaefer Systems International Pvt Ltd., Scott Systems International Inc. and Simplex Robotics Pvt. Ltd. 

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