Automated Guided Vehicle Market is expected to be worth US$2.3 bn by the end of 2024 as compared to US$838.3 mn in 2015

Albany, NY -- (SBWire) -- 11/20/2018 --Nowadays most of the manufacturing units and industries are using automated guided vehicles, as they are capable of transporting almost all types of materials and products without any interference of humans. An automated guided vehicle is widely used in warehousing, logistics, areas of production, and distribution. It increases the efficiency at different levels of operation and helps in reducing labor cost.

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Automated guided vehicles are equipped with load protection devices, lasers for navigation, smart sensors, and other similar technologies. These factors expected to improve the working in the industry and reduce product damages. Furthermore, these devices are programmed in using software tools, which can be used to follow a specific path and commence the recommended task to track the movement of goods in supply chain operations.

The increasing application of automated guided vehicles in various industries is likely to augment growth in the global automated guided vehicle market. According to a recent report published by Transparency Market Research, the global automated guided vehicle market is projected to expand at a staggering 12.4% CAGR over the forecast tenure from 2016 to 2024. In 2015, the valuation for this market was US$0.83 bn and during the forecast period, it is expected to reach US$2.3 bn by 2024.

The global automated guided vehicle market is categorized on the basis of end-use industry and type. Based on type, the market is segmented into load transfer AGVs, assembly line vehicles, forklift AGVs, light load transporters, pallet trucks, and tugger AGVs. Of these, tugger AGVs segment held prominent market share in 2015 and is likely to maintain its dominance in the near future. Tugger AGVs automated vehicles are designed to pull heavier load as compared to other AGVs and are used for towing purpose. Moreover, when compared with forklift tricks, the tugger AGVs are more efficient and can improve the capability of the vehicles.

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On the basis of the end-use industry, the global automated guided vehicles market is segmented into automotive, distribution and logistics, aerospace, retail, healthcare, food and beverages, and manufacturing. The demand for the automated guided vehicle could be high in the distribution and logistics segment during the forecast period.