Automated Guided Vehicle Market Size is expected to cross USD 3.39 billion, at a CAGR of 7.50% during the forecast period ending in 2030
The global automated guided vehicle market share to reach approximately USD 3.39 billion, registering at a CAGR of 7.50% from 2022 to 2030.
Automated guided vehicles are robotic material handlers programmed to transport pallets, carts, trays, and other items between various manufacturing and storage locations. These facilities put them in place to improve efficiency, which leads to more output and a rise in the company's profit margin. Nowadays, businesses tend to emphasize efficiency more than without the need for a permanent conveying system or user interaction; AGV systems assist in moving and carrying goods in industrial facilities, warehouses, and distribution centers. Due to several benefits, such as lower labor costs, less product damage, increased productivity, and the capacity to expand to accommodate automated operations, AGVs are frequently employed. Thus, all these factors are driving the automated guided vehicle market growth.
Nearly every business worldwide has experienced economic hardship as a result of the COVID - 19 outbreaks. Due to the global lockdown imposed by governments to stop the spread of the epidemic, many organizations have already incurred losses or are experiencing losses due to a production gap. The epidemic has significantly reduced the manufacturing sector's earnings and revenue. Small and medium-sized businesses, or SMEs, have been most hit by significant layoffs, financial difficulties, and attrition. Due to the pandemic's ability to keep industries operating, there are several global chances for the AGV industry.
As per the market report, the automated guided vehicles are used by many industries, creating new potential for business expansion. The market has various opportunities to grow due to the development of new technologies and procedures to reduce man-handling in many sectors. Installment challenges and complicated usage represent a formidable market obstacle. Therefore, during the automated guided vehicle market forecast period, these factors are anticipated to fuel the global market expansion.
Employee safety is of utmost importance in many industries, including manufacturing, metals & heavy machinery, automotive, and logistics & warehousing, because workers must perform potentially hazardous tasks and operate equipment in hazardous conditions. Most industries still rely on people to do dangerous physical operations, including loading, unloading, storing, and moving items. AGVs guarantee fewer accidents and increased worker safety. Businesses are putting more effort into enhancing workplace safety to decrease accidents and downtime & boost productivity.
The retail and e-commerce sectors rely heavily on the logistics industry for efficient operations. Businesses in the retail and e-commerce sectors are choosing automated material handling technology to increase their operational effectiveness. Mobile robots are used by businesses in the e-commerce sector to automate warehouse tasks. The e-commerce and retail sectors deploy mobile robots as self-driving logistics vehicles for indoor operations.
Depending on the incorporated battery type and maritime technology, AGV solutions have a high initial cost. Due to their high initial costs, small and medium-sized enterprises (SMEs) find it challenging to employ automation technologies for material handling; most large-scale firms can afford these technologies. The expansion and profitability of these SMEs are help them to adopt AGV technology with time. Because automation enables SMEs to compete globally with larger market players, they are shifting toward automated warehouse operations despite costly initial capital requirements.
The global automated guided vehicle market segmentation, based on vehicle type, is tow vehicles, unit load carriers, pallet trucks, forklift trucks, hybrid vehicles, and others. The global automated guided vehicle market growth was prominently high under the unit load carriers category in 2021. Unit load AGVs deliver pallets, huge containers, and rolls. Lessening aisle traffic and product damage also makes it possible to schedule the job effectively.
The global automated guided vehicle market segmentation, based on navigation technology is laser, magnetic, vision, inductive, natural navigation, and others. The vision segment had a prominent share in 2021. The ability of AGVs to better evaluate their surroundings in real-time, made possible by computer vision and related software developments, is increasing demand for AGVs for operations in difficult conditions, like navigating large components down small aisles.
Based on the application, the global automated guided vehicle market is divided into logistics and warehousing, transportation, cold storage, wholesale & distribution, cross-docking, packaging, assembly, trailer loading and unloading, raw material handling, and others. The logistics and warehousing segment had a prominent share in 2021. To maintain their competitiveness, logistics and warehousing companies choose taller racks, condensed designs, and small lanes for their distribution facilities.
Based on the end-use industry, the global automated guided vehicle market is divided into the manufacturing sector, automotive, aerospace, electronics, chemical, pharmaceuticals, plastics, defense, FMCG, tissue, and others. The manufacturing segment had a prominent share in 2021. AGVs have cameras, laser heads, and other sensors that enable safe operation around equipment, buildings, and people. In a manufacturing or distribution facility, operators may make mistakes that result in accidents and disasters; Still, AGVs can help by increasing workflow precision, reducing waste, and increasing productivity.
Based on the component, the global automated guided vehicle market is divided into hardware, software, and service. The hardware segment had a prominent share in 2021. The highest market share for hardware has been attributed to the availability of various hardware solutions in these vehicles, including cobots, material handling machinery, gearheads, and actuators, among others.
Based on the battery type, the global automated guided vehicle market is divided into lead, lithium-ion, nickel-based, and others. The lead battery segment had a prominent share in 2021. Comparing these batteries to other battery kinds, they are cheaper. In addition, it has a long service life, stable voltage, and good reversibility, making it appropriate for various applications.
By region, the global automated guided vehicle market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. Europe accounted for the most extensive market share. Asia-Pacific is projected to exhibit the highest CAGR during the review period.
Europe was the most extensive market share in 2021 due to the manufacturing sector's established players' rising demand for material handling equipment. The market expansion in this region has also been accelerated by automation across all industries. For instance, PUMA SE declared in January 2022 that it would deploy more automated robots equipped with grippers, cameras, and artificial intelligence. More robots would help with the distribution center's shoe and garment assembly, lower labor expenses, and boost production.
Asia-Pacific was anticipated to encounter the fastest growth rate in 2021. China and India are two examples of emerging economies in the Asia Pacific region where e-commerce has seen significant growth. For instance, Shenzhen Casun Intelligent Robot Co., Ltd., a manufacturer of automation machinery, introduced the CASUN Intelligent Robot "tiny giant" in October 2021. The self-deployed intelligent control of the CASUN enables the AGV to operate inside and outside the warehouse to accomplish and complete the loading and unloading tasks in various industries.
The market includes tier-1, tier-2, and local players. The tier-1 and tier-2 players have global reach with diverse product portfolios. Companies such as Swisslog Holding AG; Dematic; Bastian Solutions, Inc.; Daifuku Co., Ltd.; JBT and Seegrid Corporation dominate the global market due to product differentiation, financial stability, strategic developments, and diversified regional presence. The players are concentrating on supporting automated guided vehicle market research and development.
Prominent players in the global market include Swisslog Holding AG; Dematic; Bastian Solutions, Inc.; Daifuku Co., Ltd.; JBT; Seegrid Corporation; TOYOTA INDUSTRIES CORPORATION; Hyster-Yale Materials Handling, Inc.; BALYO; E&K Automation GmbH; Kollmorgen; KMH Fleet Solutions; ELETTRIC80 S.P.A.; Fetch Robotics, Inc.; inVia Robotics, Inc.; Locus Robotics; Schaefer Systems International, Inc.; System Logistics Spa; and Scott; among others.
By Vehicle Type
By Navigation Technology
By End-use Industry
By Battery Type
The objectives of the study are summarized in 5 stages. They are as mentioned below:
Global Automated Guided Vehicle Market Forecast & Size:
To identify and estimate the automated guided vehicle market size for the global automated guided vehicle segmented by vehicle type, navigation technology, application, end-use industry, component & battery type by value (in US dollars). Also, to understand the consumption/ demand created by consumers of automated guided vehicle market between 2022 and 2030
Market Landscape and Trends:
To identify and infer the drivers, restraints, opportunities, and challenges.
Market Influencing Factors:
To find out the factors which are affecting the sales of automated guided vehicle market among consumers
Impact of COVID-19:
To identify and understand the various factors involved in the market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
|Market Size||2030: USD 3.39 billion|
|CAGR||7.50% CAGR (2022-2030)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Vehicle Type, Navigation Technology, Application, End-Use Industry, Component & Battery Type|
|Geographies Covered||North America, Europe, Asia-Pacific, and the Rest of the World (RoW)|
|Key Vendors||Swisslog Holding AG; Dematic; Bastian Solutions, Inc.; Daifuku Co., Ltd.; JBT; Seegrid Corporation; and TOYOTA INDUSTRIES CORPORATION|
|Key Market Opportunities||Growing adoption of industrial automation by SMEs|
|Key Market Drivers||Rising focus on improving workplace safety|
The global automated guided vehicle market forecast period is 2022 - 2030
The market is expected to register a CAGR of ~7.50% over the next 10 years, according to the global automated guided vehicle market research.
Asia Pacific is expected to register the highest CAGR during 2022 - 2030
Europe held the largest share in 2021
The market size is expected to be USD 3.39 billion by 2030.
Swisslog Holding AG; Dematic; Bastian Solutions, Inc.; Daifuku Co., Ltd.; JBT; Seegrid Corporation and TOYOTA INDUSTRIES CORPORATION are the major companies operating in the global market.