Automated Guided Vehicle (AGV) Market Size and Growth Prospects Till 2024 “Automated guided vehicles (AGV) are used to transport loads to places where repetitive movements of material is required with little or no human intervention.�
Automated guided vehicles (AGV) are used to transport loads to places where repetitive movements of material is required with little or no human intervention. In 2015, the AGV market size was valued at USD 810.4 million and is predicted to expand at CAGR of 7.3% in next seven years. Industries are aiming to achieve high productivity by minimizing waste in manufacturing process. High labor cost is primary challenge in industry and consistent increasing labour cost in recent times has forced manufacturers to undertake decisive solutions in order to stay competitive in market. AGV are unmanned automated systems that transport all kind of products within warehouse, distribution and logistics environment that reduce cost and increase profitability and efficiency. Technological advancement in field of robotics has helped to increase productivity. The high initial set-up cost can act as barrier in industry growth hence, restricting AGV applications to medium-sized and large enterprise. Average cost of magnetic guided vehicle is around USD 100,000. Tow vehicles segment topped the total market in terms of revenue in 2015 In 2015, in terms of revenue the tow vehicle segment dominated among other segments and accounted for 36.7% of overall market share. The segment is expected to reach 37.4% in terms of revenue by 2024. Advancement in automation, workplace safety norms, increasing productivity and low operational cost is fueling demand for tow vehicles. The pallet truck segment is expected to grow at a CAGR of 6.8% from 2014 to 2024. The requirement of minimum change, in the existing infrastructure, is anticipated to drive the adoption of natural navigation technology-based AGV
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