Over the past five years, the Automated Guided Vehicle (AGV) Manufacturing industry has rapidly expanded.
Industry operators design, manufacture and install AGVs, which are mobile robots used for material handling and tracking or repetitive tasks.
Persistent economic growth has been driven by strong gains in consumer spending.
As a result, more manufacturers, logistics companies and others purchased AGVs to move the rising amount of goods throughout their facilities while reducing manual labor costs.
In particular, operators in these sectors used AGVs to improve efficiency and reduce operating costs in the long term.
As a result, industry revenue is expected to climb at an annualized rate of 25.5% to $804.5 million over the five years to 2020, including a 10.7% increase in 2020 alone.