Global Automated Guided Vehicle Market 2019-2023 | 10% CAGR Projection Over the Next Four Years | Technavio

Technavio analysts forecast the global automated guided vehicle market to grow at a CAGR of over 10% during the forecast period, according to their latest market research report.

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The advent of integrated Industry 4.0 with loT is one of the major trends being witnessed in the global automated guided vehicle (AGV) market 2019-2023. The global economy is currently witnessing the adoption of industrial automation across various end-user industries, which is termed as the 4.0 Industrial Revolution. This current trend of automation for data exchange in manufacturing and other labor-intensive processes includes IoT, cyber-physical systems, and cloud computing. Robotics systems controlled by remote computers that are equipped with machine learning are used to process a wide range of materials with minimal human intervention.

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According to Technavio analysts, one of the key factors contributing to the growth of the global automated guided vehicle market is the growing e-commerce industry:

Global automated guided vehicle market: Growing e-commerce industry

Globally, one of the major drivers for the widespread adoption of AGVs is the growing e-commerce industry. Vendors need to increase their order processing capacity in warehouses and distribution centers owing to the increasing number of users looking to buy products online. Over the last few years, the number of warehouses and distribution centers has rapidly increased.

According to a senior analyst at Technavio for research on automotive manufacturing, “The global e-commerce industry is witnessing an annual growth rate of more than 10%. Countries such as China, India, the US, the UK, Germany, France, and Japan are the largest markets for e-commerce and are witnessing rapid growth. For example, the e-commerce industry in India is expected to grow at a CAGR of more than 20% during the forecast period. In the US, when compared with the retail industry, the e-commerce industry is growing at a higher rate.”

Global automated guided vehicle market: Segmentation analysis

The global automated guided vehicle market research report provides market segmentation by product (unit load carrier, tow vehicle, pallet truck, and assembly line vehicle) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.

The unit load carrier segment held the largest market share in 2018, accounting for over 37% of the market. This product segment is expected to dominate the global market throughout the forecast period.

EMEA led the market in 2018 with a market share of nearly 40%. This region is expected to dominate the market through 2023, however, there will be a decrease in its market share by over 2%.

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Some of the key topics covered in the report include:

Market Landscape

• Market ecosystem
• Market characteristics
• Market segmentation analysis

Market Sizing

• Market definition
• Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

• Regional comparison
• Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

• Vendors covered
• Vendor classification
• Market positioning of vendors
• Competitive scenario

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