Automated Guided Vehicle Market Size To Hit USD 3.39 Billion at a 7.50% CAGR by 2030 – Report by Market Research Future (MRFR)

Automated Guided Vehicle Industry Growth Boost by Increasing Demand for AGVs for Operations in Difficult Conditions

New York, US, Jan. 09, 2023 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Automated Guided Vehicle Market Information by Vehicle Type Outlook, Region, Navigation Technology Outlook, End-use Industry Outlook, and Application Outlook- Till Forecast 2030”, the global market for Automated guided vehicle market is likely to flourish significantly during the review era from 2022 to 2030 at a healthy growth rate of approximately 7.50%. The reports further anticipate the market to attain a significantly larger valuation of around USD 3.39 billion by the end of 2030.

Automated Guided Vehicle Market Overview:

Automated guided vehicles refer to robotic material handlers designed and trained to transport pallets, trays, carts, and other items among several manufacturing and storage locations. These facilities put them in place to boost efficiency, causing more output and an increase in the company’s profit margin. These days, businesses focus on accelerating efficiency more than without the requirement for a permanent conveying system or user interaction; AGV systems help in moving and carrying goods in industrial facilities, distribution centers, and warehouses. Because of various advantages, such as increased productivity, less product damage, lower labor costs, and the capacity to boost to accommodate automated operations, AGVs are usually deployed.

Competitive Analysis

The catalog for the leading participants across the global market for Automated guided vehicle market includes players such as:

  • Swisslog Holding AG
  • TOYOTA INDUSTRIES CORPORATION
  • Dematic
  • BALYO
  • Bastian Solutions, Inc.
  • Kollmorgen
  • Daifuku Co., Ltd.
  • Hyster-Yale Materials Handling, Inc.
  • JBT
  • E&K Automation GmbH
  • Seegrid Corporation
  • Scott
  • KMH Fleet Solutions
  • Locus Robotics
  • ELETTRIC80 S.P.A.
  • Schaefer Systems International, Inc.
  • Fetch Robotics, Inc.
  • System Logistics Spa
  • inVia Robotics, Inc.

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Automated Guided Vehicle Market USP Covered

Market Drivers

The global automated guided vehicle market has demonstrated tremendous development in recent years. The prime aspect causing a surge in the performance of the market is the increasing focus on improving workplace safety.

Market Restraints

On the other hand, the growing preference for mobile robots over AGVs in retail and e-commerce industries may limit the market’s growth.

COVID-19 Impact

The global automated guided vehicle market has experienced a tremendous impact due to the advent of the global health disaster of COVID-19. Considering the travel restrictions and social distancing norms implemented across the majority parts of the world, the market faced a major fall in demand. On the other hand, with the fast vaccination across the majority of the world, global activities are getting back on track, which in turn is predicted to have a major impact on the growth of the global market for industrial waste management over the evaluation era.

Report Scope:

Report Metrics Details
  Market Size by 2030 USD 3.39 billion
  CAGR during 2022-2030 7.50%
  Base Year 2021
  Forecast 2022-2030
 Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
 Key Market Opportunities Growing adoption of industrial automation by SMEs
  Key Market Drivers Rising focus on improving workplace safety

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Automated Guided Vehicle Market Segment Analysis

Among all the vehicle types, the tow vehicle segment is anticipated to ensure the top spot across the global automated guided vehicle market over the assessment period. On the other hand, the unit load carrier segment is predicted to record the maximum growth rate over the coming years. Unit load AGVs are utilized for offering roll handling, large containers, and pallets. Also, it offers the capability to plan the operation effectively by lowering product damage and aisle traffic. For example, Addverb Technologies Private Limited, in September 2021, disclosed its business expansion across Singapore, Europe, and Australia markets.

Among all the navigation technologies, the laser guidance segment is anticipated to hold the top position across the global automated guided vehicle market over the assessment period. On the other hand, the natural navigation segment is anticipated to record the highest growth rate over the coming years. The vision guidance segment will also grow substantially during the assessment era. The requirement for intelligent and efficient routing is attributed to the growing implementation of automated vehicles.

Among all the application areas, the logistics and warehousing segment is anticipated to ensure the top spot across the global automated guided vehicle market over the coming years. On the other hand, the assembly segment is likely to record the highest growth rate over the coming years. The logistics & warehousing segment is anticipated to show considerable development over the coming years. Enterprises upgrading their current facilities and developing new facilities are determined to implement modern retrieval, automated storage systems, and other material handling equipment. For example, SAFELOG GmbH, in February 2021, announced the launch of warehouse robots, SafeLogAGV L1 lifts, having a capacity of up to 15000 kg.

Among all the end-users, the manufacturing segment is predicted to ensure the leading position across the global automated guided vehicle market over the review era. On the contrary, the Wholesale and distribution sector segment is anticipated to record the maximum growth rate over the forecasted period. The rising adoption of AGVs across several industry sectors can be credited to the advantages of AGVs in terms of accuracy, safety, and productivity.

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Among all the components, the hardware segment will likely hold the top spot across the global automated guided vehicle market during the assessment era. The growth of the segment is credited to the increasingly deployed collaborative robots.

Among all the battery types, the lead battery segment is anticipated to dominate the global automated guided vehicle market over eth coming years.

Automated Guided Vehicle Market Regional Analysis

The global market for automated guiding vehicles is studied across five major geographies: Europe, Asia-Pacific, North America, Latin America, and the Middle East & Africa.

The MRFR analysis reports suggest that the European region is predicted to ensure the top spot across the global market for automated guiding vehicles over the review era. The primary parameter boosting the development of the regional market is the manufacturing sector’s well-found players’ increasing demand for material handling equipment. The market growth across the region has also been boosted by automation across all industry areas. For example, PUMA SE announced in January 2022 that it would implement more automated robots outfitted with cameras, artificial intelligence, and grippers. More robots would assist with the distribution center’s shoe and garment assembly, boost production, and lower labor expenses, which will also likely boost the regional market’s development over the review era.

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The Asia-Pacific regional market for automated guiding vehicles is anticipated to record the highest growth rate over the coming years. India and China are two prime examples of developing economies across the region where e-commerce has seen substantial development. For example, a manufacturer of automation machinery, Shenzhen Casun Intelligent Robot Co., Ltd., launched the CASUN Intelligent Robot “tiny giant” in October 2021. The self-employed intelligent control of the CASUN allows the AGV to function outside and inside the warehouse to achieve and do the unloading and loading operations in several industry areas.

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