![]() The move is aimed at expanding the AGV portfolio in China. VisioNav Robotics has a product line of nearly nine series of self-driven autonomous automotive and robotic control tools that also included BrightEye, a smart AGV system. The funding round was led by China-based e-commerce tool Meituan and Chinese venture capital firm 5Y Capital. Reportedly, it is the highest funding for a firm in the automotive guided vehicle market. The strategic move is intended to expand across the AGV industry across the globe.Ĭontinuing the trends of strategic funding and investments, VisionNav Robotics, a China-based manufacturer of industrial logistics robots, raised nearly $80 million in its Series C funding round. Syrius Robotics, a Chinese firm manufacturing autonomous robots for warehouses, meanwhile secured nearly $7.4 million in its Series B funding round. The move is aimed at creating nearly 38,000 new jobs for skilled professionals.įurthermore, Annotell, a key firm developing software for assessing the performance of autonomous systems, raised nearly $24 million for technology that will test self-driven vehicles for enhancing their functioning. ![]() The UK Government allocated funds worth £40 million for projects that will enable services of AGVs, including automated delivery vehicles. Strategic funding and investments are projected to assist in the massive growth of the global AGV market. Moreover, the initiative will also assist the firm in gaining a competitive edge over its business rivals. The strategic move will help Toyota expand across the global self-driving vehicle industry as well as the global AGV business. The new operating system is predicted to help in monitoring safety systems in automotive as well as traffic information.įurthermore, it can also control key car components such as brakes and steering wheels. Toyota Motor Corporation, a Japanese automotive manufacturer, launched a new operating system referred to as Arene operating system that will effectively handle autonomous driving. New product launches have lucratively influenced the growth of the market. Let us discuss the strategies adopted by market players to enlarge the scope of their business and ongoing and upcoming trends observed in the global AGV market. The strategy of acquisition has assisted them in manufacturing AGVs with newly embedded features. Players in the global AGV industry are also acquiring new firms to strengthen their product and technology portfolio. The investment strategy will not only help industry players in finding new revenue streams, but will also help in reducing customer churn and customer acquisition. This will help in increasing sales of their AGVs and garner huge revenues. They are also trying to invest huge funds for expanding the manufacturing capacities of their production units along with the launching of new vehicles with additional features. Moreover, industry players are entering into collaborations and partnerships for increasing their regional base, product line, and business space. The escalating need for key resources, robust infrastructure facilities, and the requirement of funding new ventures for developing new AGV tools have compelled players in the automotive sector to enter strategic partnerships with other players from the same industry or another business vertical. According to the report published by Allied Market Research, the global AGV market is set to accumulate earnings of nearly $13.52 billion by 2027.Īllocation of massive funds to innovative self-driven technologies, electrification, and connectivity has benefitted manufacturers and suppliers of AGVs. The growing penetration of AGVs in malls, hotels, software companies, pharmaceutical firms, biotech organisations, and hospitals will drive the global market trends. In addition, the rise in preference for fully electric and hybrid vehicles with growing green energy trends across the globe has boosted the acceptance of AGVs in various sectors. The lack of manpower in developed countries has led to a huge need for AGVs in myriad industries.Īpart from this, the Industry 4.0 revolution is predicted to create a paradigm shift in the global automated guided vehicle industry. High labour costs and the growing trend of automation and robotics in the vehicle industry have driven demand for automated guided vehicles (AGVs) across the globe.
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