Automated Guided Vehicle ( AGV ) Market to Grow Substantially at USD 1.5 billion by 2024 : Radiant Insights , Inc
The automated guided vehicle ( AGV ) market is expected to reach USD 1.5 billion by 2024 , according to a new study conducted by Grand View Research , Inc . The growing focus on industrial automation , worldwide , is expected to contribute to the revenue growth .
The manifold advantages offered by AGVs , such as reduction in the operational cost , decrement in the production time , and enhanced workforce safety , are substantially energizing the industry growth prospects . These vehicles offer dynamic design solutions that pertinently replace the conventional conveyor systems and their associated high costs . Innovative technologies , such as laser , vision , and natural guidance , are instrumental in creating a high potential for the automated guided vehicle market growth . AGVs with such advanced wireless navigation technologies help in eliminating the need for expensive retrofitting , which is one of the primary factors behind their adoption .
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This escalating demand for material handling equipment is projected to drive the market growth over the forecast period . Firms , operating in the warehouse businesses , are focusing on increasing spending on these vehicles to meet the growing demand for their services and to improve the efficiency of their operations .
Further Key Findings From the Study Suggest :
The tow vehicles segment was valued at USD 297.3 million in 2015 and is expected to grow at a CAGR of 7.6 % over the forecast period . Such vehicles have considerable demand due to their ability to move more loads with multiple trailers than a single fork truck . This segment is expected to be driven by its advantages such as planned computerized operations and increased employee safety .
The AGV market is technology-driven and the OEMs are focusing on enhancing the capabilities of their existing products . The natural navigation technology segment is anticipated to show a high potential , owing to its benefits , such as reduced infrastructure costs , as the natural navigation eliminates the need of reflectors and markers . The natural navigation technology segment was valued at over USD 18.4 million in 2015 and is expected to be the key navigation technology segment in the near future .
Based on application , the market is segmented into logistics , assembly and packaging . The assembly and packaging application segment is estimated to be a key segment over the next 8 years and is estimated to grow at a CAGR of 6.6 % from 2016 to 2024 .
The retail end-use industry is undergoing a rapid growth phase and is presumed to offer remarkable growth opportunities for the AGV market growth . The retail end-use industry is expected to reach USD 353.6 million by 2024 .