The Automated Guided Vehicles Market is projected to grow from USD 2.17 billion in 2022 to USD 4.11 billion by 2030, exhibiting a CAGR of 9.6% during the forecast period.| Data By Contrive Datum Insights Pvt Ltd.

Farmington, May 11, 2023 (GLOBE NEWSWIRE) -- The Global Automated Guided Vehicles Market is projected to grow from USD 2.17 billion in 2022 to USD 4.11 billion by 2030, exhibiting a CAGR of 9.6% during the forecast period. These notable benefits are encouraging transportation and logistics companies to deploy AGVs to increase operational efficiencies. For example, in May 2021 AUDI AG stated that it uses AGVs in its manufacturing centers. This helps indirectly plan the production process to know which components are out of stock and should be available. It also helps to carry the goods supply trolley which helps keep you safe.

Request Sample Copy of Report “Automated Guided Vehicles Market Size, Share & Trends Estimation Reports By Type Outlook (Tow Vehicles, Automated Forklift Trucks, Underride/Tunnelling Vehicles, Assembly Line Vehicles, Others (Unit Load Carriers)), By Application Outlook (Transportation & Distribution, Storage & Assembly, Packaging), By Navigation Technology Outlook (Laser Guided, Magnetic Guided, Vision Guided, Others (Wire Guided)), By Region and Forecasts, 2022-2030.”, published by Contrive Datum Insights.

Segmentation Overview:

Deployment Outlook:

By type, the market is segmented into automated forklift trucks, tow vehicles, assembly line vehicles, underride/tunneling vehicles, and others (unit load carriers). Automated forklift trucks are predicted to account for a significant amount of the market share. This is due to the machine's design and use, which gives forklift trucks improved stability, control, and storage capacity. 

The others segment, which includes unit load carriers, is predicted to hold the largest market share over 2022-2030. Additionally, due to their specialized use cases in several sectors, underride/tunneling vehicles, tow vehicles, and assembly line vehicles are expected to grow at a modest rate during the forecast period.
Tow vehicles are predicted to show major growth in this market. These vehicles are used to pull non-powered carts with heavy loads. As they can carry greater loads with several trailers than a single fork truck, they are the most productive form of AGV utilized for towing and pulling.

Organization Size Outlook:

By application, the market is segmented into transportation & distribution, storage & assembly, and packaging. The transportation and distribution segment is anticipated to grow at a rapid speed due to its adoption across a variety of sectors. AGVs are used in a range of industries and facilities to transport items and products from one location to another. Various industries employ the transportation and distribution process to transfer goods and commodities such as paper, plastic, metal, rubber, and steel.
For operations, such as the movement of empty bottles, containers, pallets, and carrying items from the end of the manufacturing line to storage, among others, storage & assembly as well as packaging applications are required.

Regional Analysis:

Asia Pacific is expected to expand at the fastest CAGR of 11.2% during the forecast period. The e-commerce industry is growing significantly in emerging economies in the Asia Pacific region, such as China and India. For example, in October 2021, automation machinery manufacturing company Shenzhen Casun Intelligent Robot Co., Ltd. launched the CASUN intelligent robot "Little Giant". With CASUN's self-placement intelligent control, AGVs can perform loading and unloading in and out of warehouses and in various industries. This upsurge in the e-commerce industry is encouraging several e-commerce companies to consider entering these regional markets.

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Scope of Report:

Market Dynamics:

Drivers and Restraints:

The e-commerce and retail industries rely heavily on the logistics sector to run smoothly. Companies in the e-commerce and retail industries are opting for automated material handling equipment to improve operational efficiencies. In the e-commerce industry, companies are using mobile robots to automate warehouse operations. Mobile robots are used as autonomous logistics vehicles for indoor operations in the e-commerce and retail industries. Features such as mobile shelving, robotic drives, sophisticated control software and workstations that automate picking, packing and shipping processes offer a new approach to warehouse automation.

Opportunity: 

Depending on the integrated battery type and navigation technology, the initial cost of an AGV solution is high. It is difficult for SMEs to introduce logistics automation technology due to high initial cost, and most of these technologies can be used in large-scale industries. Factors such as rising labor costs (in developed countries like the US), quality issues, and a limited skilled labor force hinder the growth and profitability of these SMEs.

Challenge: 

Real-time technical problems with sensing elements in material handling equipment can bring the entire process to a halt. For example, if the AGV's sensing elements are not installed correctly, the AGV will not respond effectively to a given command. If a sensor fails in this system, the entire process is interrupted. Because sensors are the most important element of AGV systems for navigation and other tasks. Also, glitches in the control software can prevent the AGV from working properly.

Key Segments Covered:

Top Market Players:

• Oceaneering International Inc. (U.S.)
• Toyota Advanced Logistics (Japan)
• Daifuku Co. Ltd. (Japan)
• KION GROUP AG (Germany)
• Hyster-Yale Materials Handling Inc. (U.S.)
• JBT (U.S.)
• Mitsubishi Caterpillar Forklift America Inc. (U.S.)
• Crown Equipment Corporation (U.S.)
• Seegrid Corporation (U.S.)
• E&K Automation GmbH (Germany)
• HIT Robot Group (China)
• Swisslog Holding AG (Switzerland)
• Bastian Solutions Inc. (U.S.)
• Dematic (U.S.)
• BALYO (France)
• KMH Fleet Solutions (U.S.)

By Type

• Tow Vehicles
• Automated Forklift Trucks
• Underride/Tunneling Vehicles
• Assembly Line Vehicles
• Others (Unit Load Carriers)

By Navigation Technology

• Laser Guided
• Magnetic Guided
• Vision Guided
• Others (Wire Guided)

By Organization Size

• Transportation & Distribution
• Storage & Assembly
• Packaging

 By Industries

• Automotive
• Food & Beverage
• E-commerce
• Others (Healthcare)

Regions and Countries Covered

• North America: (US, Canada, Mexico, Rest of North America)
• Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
• Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
• The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
• Latin America: (Brazil, Argentina, Rest of Latin America)
• Rest Of the World

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