According to a new market research report "Automated Guided Vehicle Market by Type (Unit Load Carrier, Tow Vehicle, Pallet Truck, Assembly Line Vehicle), Navigation Technology (Laser, Magnetic, Inductive, Optical Tape), Battery Type, Industry, Application, & Region - Global Forecast to 2022", the total market is expected to reach USD 2.81 Billion by 2022, at a CAGR of 10.2% during the forecast period.

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The growth of this market is propelled by advances in automation, emphasis on workplace safety, and the growing need to cut down operational cost and increase productivity. The base year considered is 2015, and the forecast period for the market has been considered between 2016 and 2022.

The growing need of automation in the material handling processes across sectors, such as automotive, manufacturing, food & beverage, aerospace, healthcare, logistics, and retail, is the prime reason for the growth of the automated guided vehicle market. The growth in flexible manufacturing system and increasing demand for customized & intelligent AGVs are creating opportunities for this market.

This research report covers major segments of the market, which are by type, navigation technology, battery type, industry, application, and region. The market size estimations for these segments are provided in this report, with key trends and market dynamics related to these segments also covered under separate chapters.

This research study also involves the extensive use of secondary sources, directories, and databases (such as Hoovers, Bloomberg Business, Factiva, and OneSource) to identify and collect information useful for this study.

the total market has been split into several segments and subsegments and confirmed with the key industry experts. The figure below shows the breakdown of primaries on the basis of company type, designation, and region conducted during the research study.

Key highlights:

The automotive industry segment dominates the automated guided vehicle market

The lithium-ion battery type segment expected to dominate the automated guided vehicle market during the forecast period

APAC expected to grow at the highest CAGR during the forecast period

Top companies in this market:

Daifuku Co., Ltd. (Japan), JBT Corp. (U.S.), Bastian Solutions (U.S.), Swisslog Holding AG (Switzerland), Seegrid Corp. (U.S.), Egemin International NV (U.S.), and Dematic GmbH & Co. Ltd. (Germany), among others. The report also analyzes the market trends for each of the market segments and their respective growth rates.

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