Asia Pacific Automated Guided Vehicles Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Technology (Wired Navigation, Guide Tape Navigation, Laser Target Navigation, Magnetic Navigation, and Others), Type (Standard, Hybrid, Compact, and

Asia Pacific Automated Guided Vehicles Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Technology (Wired Navigation, Guide Tape Navigation, Laser Target Navigation, Magnetic Navigation, and Others), Type (Standard, Hybrid, Compact, and Others), Vehicle Type (Pallet Trucks, Unit Load Carriers, Driverless Trains, Forklift Trucks, and Others), and End-User (General Manufacturing, Food and Beverage, Aerospace, Retail, Healthcare, Logistics, Automotive, and Others)

The Asia Pacific automated guided vehicles market is expected to grow from US$ 1,278.51 million in 2021 to US$ 3,470.27 million by 2028; it is estimated to grow at a CAGR of 15.3% from 2021 to 2028. Retailers and other logistics-related companies are collaborating and partnering with tech giants to modify the material handling industry. For instance, in August 2019, Murata Machinery, Ltd., a global provider of material handling solutions, announced a collaboration with Alert Innovation, specializing in providing automated solutions, such as automated retrieval and storage systems. Under this partnership, Murata Machinery, Ltd. has adapted the latter company’s Alphabot technology to transform grocery retail by advancing and commercializing the materials handling technology. Moreover, retailers, commerce-based companies, and businesses are deploying collaborative robots in their warehouses and expanding their businesses by acquiring large-scale robot providers. For instance, in November 2019, Teradyne, Inc., a global provider of autonomous and collaborative robots, acquired AutoGuide Mobile Robots, which provides mobile robotic solutions with reduced costs, increased flexibility, and improved workflow. This partnership was undertaken to bring autonomous mobile robots for Teradyne’s manufacturing, warehouse, and logistics. In October 2019, Shopify Inc., a multinational e-commerce company, acquired 6 River Systems, Inc., a global provider of fulfillment solutions using collaborative robots. The former company took this strategic initiative to enable the Shopify Fulfillment Network by using 6 River Systems’ fleet of collaborative mobile robots and cloud-based software. The increasing partnerships, collaboration, and mergers & acquisitions are driving the growth of the Asia Pacific automated guided vehicles market.

In Asia Pacific, India got severely impacted due to the COVID-19 pandemic. Asia Pacific countries witnessed a huge challenge due to the growing COVID-19 pandemic. Due to the outbreak of disease, healthcare industries got severely affected, considering the economic conditions in the current situation. After the first case of COVID-19 pandemic in December 2019 in Wuhan, China, the COVID-19 virus has spread to at least 180 countries and other regions. The high growth rate of industrialization in developing countries of the Asia Pacific is anticipated to offer ample growth opportunities to the market players operating in the global automated guided vehicles market. Further, logistics is amongst the prominent industries in the Asian economy due to rising e-commerce, however COVID-19 has impacted the supply chain of many industries. However, due to the government’s measures to reduce the effects of the COVID-19 outbreak by announcing lockdowns, travel and trade bans disturbed the supply chain's performance to some extent. The disturbed logistics industry witnessed minimal adoption of advanced technologies in the lockdown. All these measures are expected to have a negative impact on the demand of AGV in this region, especially in 2020.

Based on vehicle type, the pallet trucks segment led the Asia Pacific automated guided vehicles market in 2020. The automated guided vehicle pallet truck is generally used to distribute storage material. Standard pallet trucks are used for transportation of pallets from inter-department of industries. These pallet transport by truck are relatively affordable, easy to handle, flexible for internal transport, and have a load capacity of up to 3 tons. Recently, automated guided vehicles manufacturers have implemented natural navigation systems rather than laser systems due to their easy installation and ease of track modification. These pallet trucks are also identified as autonomous mobile robots. The abovementioned advantages of pallet trucks are increasing its demand, thereby driving the Asia Pacific automated guided vehicles market.

The overall Asia Pacific automated guided vehicles market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the APAC automated guided vehicles market. The process also serves the purpose of obtaining an overview and forecast for the APAC automated guided vehicles market with respects to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, and to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the APAC automated guided vehicles market. Balyo SA; Bastian Solutions, Inc.; Daifuku Co., Ltd.; Dematic Group (KION Group AG); Hyster-Yale Group, Inc.; JBT Corporation; Konecranes Oyj; Kuka AG; and SSI SCHAEFER Group are a few key players operating in the Asia Pacific automated guided vehicles market.

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