Wilmington, Delaware, United States, March 14, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The Global Automated Guided Vehicle (AGV) Market was valued at US$ 4.7 Bn in 2021 and is projected to expand at a CAGR of 12.2% between 2022 and 2031, as per market forecast presented in a study by Transparency Market Research (TMR).
According to TMR's automated guided vehicle (AGV) market outlook, Asia Pacific is likely to lead the global industry during the forecast period. The region held the major share of the market in 2021. This is ascribed to access to custom-made and entry-level AGVs and rapid growth of the manufacturing & e-commerce sectors in India and China. Moreover, an increase in R&D activities in Japan and India is expected to drive industry growth in the Asia Pacific.
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Key Findings
- Automated guided vehicles, or AGVs, utilize magnetic guidance in order to travel through predefined paths. The usage of magnetic guidance technology has increased in the past few years owing to their ability to guide through more precise locations than other available tools. As per TMR study, the magnetic guidance technology segment is likely to account for major market share during the forecast period.
- Enterprises operating in the logistics and retail sectors are inclined toward automation of various material handling processes. Companies are increasing R&D activities in order to develop solutions for issues such as hazards and risks in manual materials handling. Adoption of AGVs is rising across factories owing to the ability to assist in minimizing fuel and labor costs. Furthermore, AGVs are gaining popularity, as these enable companies to maintain a balance between performance and efficiency, which in turn could lower operational costs.
- The manufacturing industry is focusing on complete automation of factories. Hence, usage of different types of AGVs has increased in the industry in order to achieve efficient transport and traffic management. Thus, technological advancements in the manufacturing industry are expected to create significant opportunities in the near future, according to a TMR research report that provides insights on current and historical market trends.
- Navigation technologies have witnessed significant advancements in the past few years. This has led to development and adoption of automated forklifts in warehouse management and goods & material transport at terminals and ports. These factors are anticipated to present lucrative opportunities in the market in the next few years.
- Usage of AGCs is rising owing to their key role in effective automation of various assembly line processes and transportation activities. AGCs utilize various navigational techniques and offer cost-effective assembly solutions across various sectors. Analysts at TMR note that the automated guided cart (AGC) segment is expected to lead the market from 2022 to 2031.
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Growth Drivers
- An increase in the adoption of Industry 4.0 is likely to drive automated guided vehicle (AGV) business growth
- Expansion of the e-commerce industry is anticipated to create market development opportunities in the next few years
Competition Landscape
Players are focusing on the incorporation of next-generation technologies in their products. Hence, they are likely to increase investment in R&D activities.
Companies are adopting organic and inorganic strategies in order to expand the business to newer regions
Automated Guided Vehicle (AGV) Market: Key Players
- Aichi Machine Industry Co., Ltd.
- Addverb Technologies Limited
- Daifuku Co., Ltd.
- GreyOrange
- China SME Group Co., Ltd.
- Egemin Automation Inc.
- JBT
- Gridbots
- Konecranes
- KOLEC (Nakanishi Metal Works Co., Ltd.)
- Murata Machinery, Ltd.
- KUKA AG
- Shenzhen Mircolomay Technology Co., Ltd.
- Oceaneering International, Inc.
- Toyota Industries Corporation
- System Logistics S.p.A.
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Automated Guided Vehicle (AGV) Market Segmentation
Type
- Forklift Vehicle
- Assembly Line Vehicle
- Automatic Guided Cart (AGC)
- Towing Vehicle
- Unit Load Carrier
- Pallet Truck
- Autonomous Mobile Robot
- Others
Technology
- Laser Guidance
- Vision Guidance
- Magnetic Guidance
- Inductive Guidance
- Optical Tape Guidance
- Others
End-use Industry
- Retail/Wholesale
- Food/Pharma
- Transport/Logistics
- Manufacturing
- Automotive
- Ports/Terminals
- Mining & Construction
- Chemical/Energy
- Forestry/Wood
- Others
Regions Covered
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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About Transparency Market Research
Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 9 years.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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