Europe Automated Guided Vehicles Market is expected to reach US$ 2,371.00 million by 2028

Standard Segment to Dominate Europe Automated Guided Vehicles Market during 2021–2028    

According to The Insight Partners market research study on “Europe Automated Guided Vehicles Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Technology, Type, Vehicle Type, and End-User” is expected to reach US$ 2,371.00 million by 2028 from US$ 976.66 million in 2021. The market is estimated to grow at a CAGR of 13.5% from 2021 to 2028. The report provides trends prevailing in the Europe automated guided vehicles market along with the drivers and restraints pertaining to the market growth. Accelerating demand for automation in material handling across industries and rising demand for AGVs in E-commerce are the major factor driving the growth of the Europe automated guided vehicles market. However, expensive installation, maintenance, and switching hinders the growth of Europe automated guided vehicles market.         

 In Europe, the UK got severely affected due to the COVID-19 pandemic. Businesses in the region face severe financial difficulties as they either have to suspend their operations or reduce their activities substantially. Due to business lockdowns, travel bans, and supply chain disruptions, the region faced an economic slowdown in 2020 and 2021. The entire region got negatively impacted by the COVID-19 pandemic, which resulted in the closure of tech giants and many industrial sectors. The closure has obstructed the company’s investment decision on different software. The region is a major manufacturing and industrial hub for various machinery equipment, manufacturing, and logistics sectors. However, the region witnessed a decline in activities due to the restriction imposed by the government. Decline in activities of above-mentioned industries has resulted into lesser development of AGV technologies and systems.

The Europe automated guided vehicles market has been segmented based on technology, type, vehicle type, end-user, and country. Based on technology, the market has been segmented into wired navigation, guide tape navigation, laser target navigation, magnetic navigation, and others. The laser target navigation segment dominated the market in 2020 and same segment is expected to be fastest growing during forecast period. Based on type, the market has been segmented into standard, hybrid, compact, and others. The standard segment dominated the market in 2020 and hybrid segment is expected to be fastest growing during forecast period. Based on vehicle type, the market has been segmented into pallet trucks, unit load carriers, driverless trains, forklift trucks, and others. The pallet trucks segment dominated the market in 2020 and same segment is expected to be fastest growing during forecast period. Based on end-user, the market has been segmented into general manufacturing, food and beverage, aerospace, retail, healthcare, logistics, automotive, and others. The logistics segment dominated the market in 2020 and healthcare segment is expected to be fastest growing during forecast period. Based on country, the market has been segmented into the UK, Germany, France, Italy, Russia, and rest of Europe.

Balyo SA; Bastian Solutions, Inc.; Daifuku Co., Ltd.; Dematic Group (KION Group AG); Hyster-Yale Group, Inc.; JBT Corporation; Konecranes Oyj; Kuka AG; Lodamaster Group; and SSI SCHAEFER Group are among the leading companies in the Europe automated guided vehicles market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2018, SSI SCHAEFER GROUP had expanded its AGV’s product portfolio. In order to meet the increasing demand for AGVs with investment in the Austrian AGV specialist DS AUTOMOTION. 

Europe Automated Guided Vehicles Market, By Country, 2020 and 2028 (%)

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