According to Market Research, the automated guided vehicle (AGV) market is expected to grow from USD 1.86 billion in 2018 to USD 2.74 billion by 2023, at a CAGR of 8.02% between 2018 and 2023. The major factors driving the growth of the AGV market include the rising demand for automation in material handling across industries, emerging e-commerce industry, increasing requirement for workplace safety standards, and growing productivity due to improved supply chain processes.
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Automated Guided Vehicle Market
The growth of this market is driven by the increasing demand for automation in material handling across industries, emerging e-commerce industry, rising requirement for workplace safety standards , and growing productivity due to improved supply chain processes, among others.
The market for AGVs based on vision guidance navigation technology is expected to grow at the highest rate during the forecast period due to their capability to reduce downtime and minimize infrastructure costs as users are not required to modify the existing infrastructure for installing these systems in an industrial facility. Additionally, vision-guided AGVs navigate their way through warehouses or industrial facilities, without relying on static barriers or infrastructure modifications such as magnets or reflectors.
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