Europe 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

Europe 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 Europe automated guided vehicles market is expected to grow from US$ 976.66 million in 2021 to US$ 2,371.00 million by 2028; it is estimated to grow at a CAGR of 13.5% from 2021 to 2028. The increasing e-commerce business across the region is resulting in the adoption of the automated material handling process. E-commerce companies such as Walmart and Amazon are increasing their focus on automated material handling to reduce operational costs and increase inventory size. According to the E-commerce report, in 2019, online sales in the region was increased by 13%. The market concentration is expected to focus on the Western part, with the region accounting for the majority of B2C platform turnover, of around 66%. For instance, the material handling division of ThyssenKrupp is investing over US$ 83 million in its warehousing and logistics network. It plans to build a new logistics center that will span 36,000 square meters and hold up to 20,000 metric tons of materials. Several developments in the region are driving the demand for automated guided vehicles, which, in turn, propels the Europe market growth.

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.

Based on type, the standard segment led the Europe automated guided vehicles market in 2020. The standard automated guided vehicle is compared affordable to hybrid type—these standardized AGVs are used by various project requirements to transport materials for automated delivery and storage systems. The standard automated guided vehicle is attached with accessories such as standard forks, double forks, single fork, fork positioners, and transfer systems. This type of vehicle is used in the manufacturing and logistic industries for load transport between production and warehouse departments. The advantages of standard automated guided vehicles include reduced labor cost, high efficiency, and better safety. Thus, the factors mentioned above are driving the growth of the standard automated guided vehicles segment growth in the market.

The overall Europe 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 Europe automated guided vehicles market. The process also serves the purpose of obtaining overview and forecast for the Europe 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, as well as 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 Europe 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; Lodamaster Group; and SSI SCHAEFER Group are a few key players operating in the Europe automated guided vehicles market.

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