New York, US, June 12, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Automated Guided Vehicle Market Information by Vehicle Type, Navigation Technology, Application, End-Use Industry, Component & Battery Type, and Region - Forecast till 2030", The automated guided vehicle market will be valued at nearly USD 3.39 billion by 2030, expanding at a rate of 7.50% from 2022 to 2030
Automated Guided Vehicle Market Overview
In the absence of an established conveying system or manual assistance, automated guided vehicle (AGV) systems help move and transport things in industrial facilities, warehouses, and distribution centers. It uses programmable guide pathways to optimize storage, picking, and transport operations in a setting with premium square footage. AGVs are widely used because of their numerous advantages, including lower labor costs, less product damage, higher productivity, and scale to assist automated operations. These significant benefits drive logistics and transportation companies to use AGVs to increase the effectiveness of their operations.
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Automated Guided Vehicle Market Competitive Landscape:
The renowned companies in the market for automated guided vehicles include
- Swisslog Holding AG
- Dematic
- Bastian Solutions Inc
- Daifuku Co. Ltd.
- JBT
- Seegrid Corporation
- TOYOTA INDUSTRIES CORPORATION
- Among others.
Automated Guided Vehicle Market USP Covered:
Market Drivers:
The adoption of automated material handling operations with the aid of developments like Big Data, machine learning, and others has been made possible by the material handling process' enhanced technology. This has allowed industries to connect their factories. They are able to have more adaptable manufacturing procedures, greater quality assurance, and better labor management as a result. Automated material handling systems are becoming more prevalent as the e-commerce industry expands globally. Automation of the material handling process is a priority for companies like Amazon, Walmart, Alibaba, and others as a way to reduce operating expenses and increase inventory levels.
Given the overall demand for high efficiency, automation is also becoming increasingly more in demand in the food and beverage, healthcare, e-commerce, and automotive sectors. Additionally, AGV-enabled industrial facility automation may help meet material handling capacity needs while also reducing production time, lowering the possibility of human error, improving safety, ensuring high production volumes, and raising precision and repeatability. Thus, by lowering labor costs in a variety of ways, these systems help warehouses save money over the long term, which in turn increases the market share for autonomous guided vehicles worldwide.
Market Opportunities
By incorporating Industry 4.0 concepts, conventional industrial facilities are increasingly evolving into intelligent, networked, and highly automated facilities. Additionally, because Industry 4.0 is a single automated unit that combines computers, industrial automation systems, and robotics, it has the power to transform a production facility into a self-contained operation. A network of interconnected devices forms a smart architecture that is capable of making decentralised decisions. Additionally, the rise of Industry 4.0 is changing how warehouses run, and Industry 4.0 also aims to create a productive workplace where humans and robots can work together effectively.
Additionally, the combination of robots with Industry 4.0 would transform operations into an industrial setting with improved automation system coordination.
Market Restraints:
AGV adoption may be hampered among smaller industries because they are forced to use conventional/manual forklift trucks since they are unable to afford automated solutions.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 3.39 billion |
| CAGR during 2022-2030 | 7.50% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Vehicle Type, Navigation Technology, Application, End-Use Industry, Component & Battery Type |
| Key Market Opportunities | Growing adoption of industrial automation by SMEs |
| Key Market Dynamics | Rising focus on improving workplace safety |
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Automated Guided Vehicle Market COVID 19 Analysis
Due to a production gap brought on by lockdowns that have been implemented globally to block the virus' spread, several firms have suffered or are now facing losses. The COVID-19 epidemic caused a large decline in wages and income for the manufacturing sector. The workforce has been drastically reduced in business operations, which has led to a general decline in manufacturing activity. Small and medium-sized businesses (SMEs) were most negatively impacted by large layoffs, financial challenges, and attrition.
AGV deployment and industrial automation also played a crucial role in protecting businesses and enabling them to meet their production targets during this period of turmoil. Due of the epidemic, businesses in this sector have been given various opportunities to grow.
Nevertheless, as a result of widespread immunization in many countries, business operations are expanding. As the state of the world economy improved and the demand for industrial goods increased, this market was anticipated to expand quickly in 2021. The new normal has forced several industries to change how they operate, including healthcare, e-commerce, and food and beverage.
Automated Guided Vehicle Market Segmentation
Market by Vehicle Type
Two vehicles, unit load carriers, pallet trucks, forklift trucks, and hybrid vehicles are the key types of automated guided vehicles in the market. Under the category of unit load carriers, the autonomous guided vehicle market's growth was noticeably strong in 2021.
Market By Navigation Technology
Laser, magnetic, vision, inductive, natural navigation, and others are the navigation technologies that make up the segments of the worldwide autonomous guided vehicle market. In 2021, the vision market accounted for a sizeable portion.
Market By Application
The logistics and warehousing, transportation, cold storage, wholesale & distribution, cross-docking, packaging, assembly, trailer loading and unloading, raw material handling, and other segments of the worldwide automated guided vehicle market have been listed in the report, with respect to the application.
Automated Guided Vehicle Market By End-Use Industry
The end-users of automated guided vehicles are manufacturing industry, automotive, aerospace, electronics, chemical, pharmaceutical, plastics, defence, FMCG, tissue, and other end-use industries based on these industries' end-uses.
Automated Guided Vehicle Market By Component
Hardware, software, and services make up the three segments of the worldwide automated guided vehicle market according to the component. In 2021, the hardware market accounted for a sizeable portion. The fact that these vehicles have a variety of hardware options, including cobots, material handling equipment, gearheads, and actuators, among others, has been credited with the largest market share for hardware.
Automated Guided Vehicle Market By Battery Type
Lead, lithium-ion, nickel-based, and other battery types make up the majority of the global market for automated guided vehicles. In 2021, the lead battery market accounted for a sizeable portion. When compared to other battery types, these batteries are less expensive. Additionally, it is suitable for a wide range of applications thanks to its extended service life, consistent voltage, and good reversibility.
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Automated Guided Vehicle Market Regional Insights
In response to the mounting demand for material handling equipment among established businesses in the industrial sector, Europe held the largest market share in 2021. Additionally, automation in all industries has sped up market progress in this area. As an illustration, PUMA SE announced in January 2022 that it will use more automated robots outfitted with grippers, cameras, and artificial intelligence. The distribution centre’s assembly of shoes and clothing would be helped by more robots, which would increase output while reducing labor costs.
In 2021, the fastest growth rate of the market was predicted to be experienced in Asia-Pacific. In the Asia Pacific area, e-commerce has grown significantly in growing economies like China and India. For instance, Shenzhen Casun Intelligent Robot Co., Ltd., a producer of automation equipment, unveiled the "tiny giant" CASUN Intelligent Robot in October 2021. The AGV can operate both inside and outside the warehouse thanks to the self-deployed intelligent control of the CASUN, completing the loading and unloading chores for a variety of industries.
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