Slump in Orders and Production Capacity Hit Automated Guided Vehicle Market Hard in Short Term
Automated guided vehicle manufacturers are investing in the diversification of sourcing for specialized automotive components away from China to mitigate the effects of the pandemic.
The market has been projected to display an exponential 12.5% CAGR in the forecast period between 2020 and 2030, according to a new Fact.MR report.
"Advances in safety & security features for operations in real world will drive demand for automated guided vehicles. Superior safety will lead to reduced costs and operational downtime, which will bolster the productivity of multiple operations,"
Key Takeaways of Automated Guided Vehicle Market
• Unit load carrier vehicles are expected to display substantial growth, driven by the need for long-distance automated operations in hazardous industrial settings.
• Camera based vision guidance systems will witness healthy growth, propelled by the requirement of real-time environmental analysis in transportation.
• Assembly applications in manufacturing, industrial settings, driven by modernization drives of existing facilities are set to generate notable growth in revenue.
• Automated guided vehicle services, are estimated to display faster growth in comparison to hardware and software components.
• Europe will remain a dominant region, driven by high adoption of Industry 4.0 practices. However, Asia Pacific will display strong growth driven by intense e-commerce competition in the region.
Read Report- https://www.factmr.com/
Growth Factors in Automated Guided Vehicle Market
• Exponential growth of manufacturing, warehousing, and distribution facilities globally is the primary factor promoting the adoption of automated guided vehicles.
• Key benefits of reduced labor costs, higher productivity, and minimized product damage are set to increase adoption.
• Collaborations between tech development companies and retail and logistics businesses are key to market developments.
• Demand for customized material handling and transport, along with industrial automation will increase demand for automated guided vehicles.
Restraints in Automated Guided Vehicle Market
• Poor transportation infrastructure, particularly in developing economies is a key factor hindering market growth.
• Issues associated with accident liability are also having a negative impact on the market.
PR Source- https://www.factmr.com/