December 29, 2021 05:48 ET | Source: Research and Markets Research and Markets

Dublin, Dec. 29, 2021 (GLOBE NEWSWIRE) -- The "Global Automated Guided Vehicle (AGV) Market Trends & Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The global AGV market is projected to grow from USD 2.2 billion in 2021 to USD 3.2 billion by 2026; it is expected to grow at a CAGR of 7.7% from 2021 to 2026.

The growth of the AGV market is driven by growing demand for automation in material handling across industries, improved safety standards at workplaces, the rising popularity of e-commerce, and a shift in demand from mass production to mass customization.

Tow vehicles are expected to hold the largest share of the AGV market in 2021. This is the most productive type of AGV used for towing and tugging as it can move the heavier load with multiple trailers than a single fork truck. The load is placed in the vehicle either manually or automatically. Tow vehicles are used in pallet operations requiring frequent long-distance deliveries carrying high volumes of load.

The automotive industry dominated the AGV market in 2020 and is expected to hold the largest share of the AGV market during the forecast period. Key factors such as the growing after-sales spare parts market, increasing levels of customization in vehicles, and the need to ensure the availability of various parts required in assembling of a vehicle are driving the implementation of AGVs in the automotive industry.

China and Japan are the countries driving the growth of the AGV market in APAC. The rapid growth of automotive, e-commerce, food & beverages, and healthcare industries in emerging economies, such as China, India, and South Korea, has contributed to the growth of the AGV market in APAC.

Moreover, governments in APAC countries are increasingly emphasizing safety and security on production floors, which can be best achieved by the implementation of AGVs. APAC is also home to Daifuku and Toyota Industries, which are two of the major manufacturers of AGV.

For more information about this report visit https://www.researchandmarkets.com/r/c0q1vn

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