AUTOMATED GUIDED VEHICLE MARKET ANALYSIS

Automated Guided Vehicle Market, By Type (Tow Vehicles, Unit Load Carriers, Forklift Trucks, Assembly Line Vehicles, Pallet Trucks, and Others), By Navigation Technology (Laser Guidance, Magnetic Guidance, Inductive Guidance, Optical Tape Guidance, Vision Guidance, and Others), By End-use Industry (Automotive, Metals & Heavy Machinery, Food & Beverages, Chemicals, Healthcare, Semiconductors & Electronics, Aviation, E-commerce, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030

Published In : Jan 2023
Code : CMI4297
Pages :150
Formats :
Excel and PDF
Industry : Information and Communication Technology

Market Challenges And Opportunities

Restraints & Challenges:

High installation cost

Restraint:

The major factor restraining growth of the global automated guided vehicle market is high installation and maintenance cost. Huge capital is needed to install an automated guided vehicle. The high cost of AGV can discourage manufacturing companies to install high-end vehicles. The cost of maintaining automated guided vehicle vary from age, type, and location. For instance, automated guided vehicles are used in manufacturing, chemical, and construction industries that require high maintenance costs. Thus, it becomes difficult for companies to invest in AGVs due to high capital spending. This, in turn, is expected to hinder growth of the automated guided vehicle market over the forecast period.

Market Driver:

The increasing demand for automation and automated guided vehicles (AGV) is expected to drive the market growth significantly during the forecast period

An automated guided vehicle is considered as the most reliable solution for material handling, which in turn, increases the production capacity of many industries. This material handling equipment is used to minimize physical damages to the goods that are usually caused by human operators and also, increases the efficiency in the production. Automated guided vehicles are used in many industries such as logistics, automotive, food & beverages, and others. The increasing need for high efficiency, reducing production time, less human error, enhanced safety, and increasing accuracy are some of the factors that are expected to drive the market growth during the forecast period.