Owing to benefits such as advanced technology with dynamic navigation capabilities, warehouse efficiency, lesser damage to goods and pallets, reduced labor costs, workplace safety, Automated Guided Vehicle are experiencing rapid adoption as opposed to conventional alternatives used in warehouses such as manual cart transports, thus fostering growth in global Automated Guided Vehicle (AGV) market.
Covid-19 Impact & Market Status
The global automated guided vehicle market size decreased due to halt of transportation and other industrial operations. And now, due to new Covid variant Omricon identified by scientists in South Africa market is experiencing the negative impact. This has led to variations in raw material prices, fluctuations in profit margin, mobility bans by governments, and market panic. However, at the same time, increasing rate of vaccinations and relaxations in restrictions is giving momentum to the market. Due to increasing demand for AGVs from automotive, food & beverage, aerospace manufacturing and other industries market is witnessing revenue upsurge.
The global Automated Guided Vehicle (AGV) market worth $ 4.31 Billion by 2030, growing at a CAGR of 9.85%
.jpg "The Global Automated Guided Vehicle Agv Market 2020-2030 (USD Billion)")
This global report on the automated guided vehicle market is a comprehensive study of the market dynamics, potential segments, and other market attributes that are necessary for market players to understand. Near term and future investment opportunities according to industry segments are detailed in the market along with brief analysis of competitive landscape.
Automated Guided Carts Type to Emerge as the Most Lucrative Segment
The global automated guided vehicle market is classified into Automated Guided Carts, Forklift AGVs, Towing AGVs, Unit Load Handlers, Heavy Burden Carriers, and Autonomous Mobile Robots based on type. Among these, the Automated Guided Carts held the largest share of the market. Automated Guided Carts can transport a variety of materials from small parts to heavy materials used in sorting, storage, and other industries. It can efficiently transport compact loads. It is also known as automated hospital cart transporter for efficient transportation of meals, empty food trays, biohazards, and other materials. Most importantly it can reduce labor costs thus its demand is increasing in the healthcare industry being the most lucrative segment in global automated guided vehicle market.
Laser Target Navigation to Remain Atop
The global automated guided vehicle market is classified into wired navigation, laser target navigation, inertial navigation, geoguidance, LiDAR, magnetic guided tape, and vision guided based on navigation technology. Among these, the laser target navigation technology accounted for highest market revenue owing to key factors such as it has superlative speed, accuracy, and can work on more than one destination or track as it has advanced system.
Transportation to Ensure Revenue Maximization
The global automated guided vehicle market is classified into transportation, storage, distribution, and other based on application. Among these, the transportation application segment may grow substantially and with highest CAGR in the forecast span. It has eliminated the physical labor of transporting materials, offer increased efficiency and productivity, less cost fluctuation, and has flexibility of easily changing routes. These factors collectively encourage further adoption of automated guided vehicle in transportation segment.
North American Region to Render Ample Investment Avenues
North America accounted for largest market share of global automated guided vehicle in 2020 and is expected to gather maximum share in forecast years. The rapid growth of manufacturing, food & beverage, healthcare, and e-commerce industry are the industries driving the demand of automated guided vehicles. Moreover, governments in North America are focused on using automated transportation system for utilization of man power in other critical tasks, increase workplace safety on production floors.
The need for flexibility of manufacturing through integration of automated systems and devices to excel in the marketplace has accentuated the reliance on automated guided vehicle. Furthermore, automation in logistics to meet the fundamental requirements of the industry that are speed and variety for transporting different types of materials including rolls, racks, carts, and containers, has increased the demand of automated guided vehicle.
Rapid end-use applications across industries such as transportation, storage, distribution, and other areas requiring logistical operations are fostering remarkable progress in global Automated Guided Vehicle (AGV) market.
Advantages such as autonomous navigation of environment, cost-saving, increased safety, accuracy and productivity, modularity encourage further adoption.
Automated guided vehicles (AGV) also known as self-guided vehicles are load carrier systems that handle materials throughout the warehouse, distribution facility, or manufacturing plant without an onboard operator. Automated guided vehicles are used especially to move large volumes of material in a repetitive manner. Automated vehicles are therefore used across many transportation applications.
Factors such as superlative self-operating capabilities, rapid progress of Industry 4.0, demand for customised vehicles capable of operating in challenging industrial environments, opening of domestic market for imported products, privatization promoted by the government have made automated guided vehicles a superlative option.
However, potentially high initial investments, maintenance costs, decreased flexibility of operations, alternative options to AGVs coming up in the market such as conveyer systems, overhead trolley conveyer, or autonomous mobile robots has sifted customer preferences thereby hampering the market. Furthermore, shift in demand from mass production to mass customization, increased efficiency and profitability in many order fulfillment operations, popularity of e-commerce are major factors anticipated to be growth opportunities for the global automated guided vehicle market.
The major players in global Automated Guided Vehicle (AGV) Market are Daifuku, Scott Technology, SSI Schaefer, EK Robotics, Oceaneering, Hyster-Yale, KUKA, Toyota Industries, KION, and JBT among all the well-established and emerging players across the world. These companies are with several years of expertise are building AGVs for complex operations indoors and outdoors. The AGVs developed by these firms can tackle different loads and environments and are capable of operating in most demanding environments like aerospace factories and
Latest Innovations in the Global Automated Guided Vehicle (AGV) Market: a Snapshot
- Resgreen Group International, initiated an assembly process vital for building PullBuddy units. PullBuddy is the flagship Automated Guided Vehicle (AGV) of Resgreen Group International.
Automated Guided Vehicle (AGV) Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2030 |
| Study Period | 2018-2030 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2030 | $ 4.31 Billion |
| Growth Rate | CAGR of 9.85% during 2020-2030 |
| Segment Covered | By Vehicle Type, By Technology, By Application, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | Seegrid Corporation (US),KUKA AG (Germany),Hyster-Yale Materials Handling Inc. (the US),Jungheinrich AG (Germany),Daifuku Co. Ltd (Japan),Toyota Industries Corporation (Japan),SSI SCHÄFER (US),E&K Automation GmbH (Germany),Crown Equipment Corporation (US),JBT Corporation (US),KION GROUP AG (Germany),SCOTT (New Zealand),Meidensha Corporation (Japa |
Key Segments of the Global Automated Guided Vehicle (AGV) Market
Type Overview, (USD Billion)
- Automated Guided Carts
- Forklift AGVs
- Towing AGVs
- Unit Load Handlers
- Heavy Burden Carriers
- Autonomous Mobile Robots
Application Overview, (USD Billion)
- Transportation
- Storage
- Distribution
- Other
Navigation Technology Type Overview, (USD Billion)
- Wired navigation
- Laser target navigation
- Inertial navigation
- Geoguidance
- LiDAR
- Magnetic guided tape
- Vision guided
Regional Overview, (USD Billion)
North America
- U.S
- Canada
Europe
- Germany
- France
- UK
- Rest of Europe
Asia Pacific
- China
- India
- Japan
- Rest of Asia Pacific
South America
- Mexico
- Brazil
- Rest of South America
Middle East and South Africa
Frequently Asked Questions (FAQ) :
Seegrid Corporation (US),KUKA AG (Germany),Hyster-Yale Materials Handling Inc. (the US),Jungheinrich AG (Germany),Daifuku Co. Ltd (Japan),Toyota Industries Corporation (Japan),SSI SCHÄFER (US),E&K Automation GmbH (Germany),Crown Equipment Corporation (US),JBT Corporation (US),KION GROUP AG (Germany),SCOTT (New Zealand),Meidensha Corporation (Japan)
The global automated guided vehicle market is projected to reach $ 4.31 Billion by 2030, registering a CAGR of 9.85% from 2022 to 2030.
Automated Guided Carts held the largest share of the market.
Yes, the report includes the impact of COVID-19 on the automated guided vehicle market. It illustrates the post- COVID-19 market scenario.