According to Fact.MR, Vision Guided Vehicle Market is expected to gain traction in 3Q of 2020. Manufacturers with heavy footprints in china will witness a lower impact than others, as china is slowly starting to recover already. On the other hand many companies are using the COVID-19 pandemic crisis to devise ingenuous solutions to enhance uptake of automated guided vehicles.
The Vision Guided Vehicle Market is projected to grow from USD 2.3 billion in 2020 to USD 3.6 billion by 2025; it is expected to grow at a CAGR of 9.3% from 2020 to 2025. The growth of the AGV market is driven by growing demand for vision guided vehicle in material handling across industries, shift in demand from mass production to mass customization, rising popularity of e-commerce owing to COVID-19, and improved safety standards at workplaces. Moreover, industrial growth in emerging economies, presence of intralogistics sector in Southeast Asia, and rising adoption of industrial automation by SMEs is likely to fuel the growth of the Vision Guided Vehicle Market.
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Global Vision Guided Vehicle Market: In-Depth Assessment on Key Segments
The global Vision Guided Vehicle Market is segmented on the basis of vehicle type, navigation technology, battery, application, end-use and region.
• Tow Vehicles
• Unit Load Carriers
• Pallet Trucks
• Assembly Line Vehicles
• Forklift Trucks
• Other Types
• Laser Guidance
• Magnetic Guidance
• Inductive Guidance
• Optical Tape Guidance
• Vision Guidance
• Lead Battery
• Lithium-Ion Battery
• Nickel-based Battery
• Waste Handling
• Food & Beverages
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Strategic Expansion – Key Growth Strategy
• In August 2019, Murata Machinery, Ltd., a material handling solutions provider, entered into a partnership with Alert innovation (U.S.). The partnership aims to transform grocery retail by developing innovative automated guided vehicle systems for commercializing material handling automation.
• In October 2019, Tompkins Robotics and PULSE Integration entered into a partnership to engineer advanced material handling, and system integration solutions.
• In November 2019, Teradyne Inc. acquired AutomGuide Mobile Robots, a global provider of mobile robotics solutions to enhance their production facilities by introducing autonomous mobile robots in Teradyne’s manufacturing, warehouse, and logistics operations.
• In October 2019, Shopify Inc., the Canadian eCommerce multinational, completed the acquisition of 6 River systems Inc., a global fulfillment solutions provider to enhance Shopify’s Fulfillment services.
COVID-19 Impact Analysis on Vision Guided Vehicle Market:
In the present COVID-19 pandemic scenario, unavailability of workforce, owing to lockdowns imposed by governments and halt of manufacturing operations at has significantly impacted the Vision Guided Vehicle Market.
The outbreak has affected various industries across the world. It has led to either closure or suspension of their production activities in most of the industrial units across the world. However, the Vision Guided Vehicle Market is anticipated to exhibit remarkable growth rate in the future, owing to increase in demand for contact less and effective logistics infrastructure.
The automotive sector is one of the key sectors incurring significant losses owing to the COVID-19 pandemic situation. The supply and demand for automated guided vehicle have been impacted globally owing to lockdowns implemented in different countries across the world and closed operations of automated guided vehicle manufacturing units.
Find More Valuable Insights on Vision Guided Vehicle Market
Fact.MR, in its new offering, brings to fore an unbiased analysis of the Vision Guided Vehicle Market, presenting historical demand automated guided vehicle data (2015-2019) and forecast statistics for the period, 2020-2030. The study divulges compelling insights on the Vision Guided Vehicle Market on the basis of vehicle type (tow vehicle, unit load carriers, pallet trucks, assembly line vehicles, forklift trucks, and other types), navigation technology (laser guidance, magnetic guidance, inductive guidance, optical tape guidance, vision guidance, and others), battery (load battery, lithium ion battery, nickel based battery, and others), application (transportation, storage, distribution, assembly, packaging, and waste handling), and across six major regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa).
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