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The automated guided vehicle (AGV) market

Release date: 2016-10-12 14:54    Clicks:     Author: admin
The automated guided vehicle (AGV) market is expected to reach USD 1.5 billion by 2024, according to a new study conducted by Grand View Research, Inc. The growing focus on industrial automation, worldwide, is expected to contribute to the revenue growth.


The manifold advantages offered by AGVs, such as reduction in the operational cost, decrement in the production time, and enhanced workforce safety, are substantially energizing the industry growth prospects. These vehicles offer dynamic design solutions that pertinently replace the conventional conveyor systems and their associated high costs. Innovative technologies, such as laser, vision, and natural guidance, are instrumental in creating a high potential for the automated guided vehicle market growth. AGVs with such advanced wireless navigation technologies help in eliminating the need for expensive retrofitting, which is one of the primary factors behind their adoption.

This escalating demand for material handling equipment is projected to drive the market growth over the forecast period. Firms, operating in the warehouse businesses, are focusing on increasing spending on these vehicles to meet the growing demand for their services and to improve the efficiency of their operations.

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