Analysts project global AGV industry to reach $3.6 billion by 2026
On March 10th, 2022, a report by BusinessWire indicates the global Automated Guided Vehicle (AGV) market is forecasted to reach $3.6 billion by 2026, growing at a CAGR of 9.4%. This revenue increase is expected to be driven by the rapid growth of E-commerce and mass production. Rising demand for AGV systems in maritime operations is also expected to drive revenue up. However, a high barrier to entry and lack of flexibility are anticipated to hamper revenue growth and innovation within the industry.
Balance Sheet|New Activity|Discontinued ActivityIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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