Report Id: SNS/AUTO/1081 | May 2022 | Region: Global | 125 Pages
Report Scope & Overview:
Automated Guided Vehicle (AGV) Market Size was valued at USD 3.05 billion in 2021 and is expected to reach USD 5.55 billion by 2028 and grow at a CAGR of 8.95% over the forecast period 2022-2028.
Self-guided material handling systems or load carriers are self-guided material handling systems or load carriers that can travel autonomously across distribution centers, warehouses, or industrial facilities with the help of sensors installed aboard. Automation has been seen in supply chain management in the form of automated guided vehicles such as forklifts, automated stackers, tiny rack-carrying robots, and pallet trucks in recent years. Furthermore, these vehicles are configured to accomplish certain duties using machine learning and deep learning, which are the safest options for personnel material handling.
AGVs are widely used due to various advantages, including lower labor costs, less product damage, more production, and scale to assist automation operations. These significant benefits are pushing transportation and logistics companies to use AGVs to improve the efficiency of their operations. It also aids in the transportation of commodities on supply trolleys, ensuring their safety.
Industry 4.0 adoption of automated guided vehicles is projected to improve warehouse safety.
Lower labor costs in organizations encourage market growth.
The automated guided vehicle market's growth is hampered by a lack of flexibility.
High upfront investment expenditures and installation costs.
Overall company adoption of Industry 4.0 is minimal.
Manufacturers of automated guided vehicles with a focus on incorporating industry 4.0.
The adoption of Industry 4.0 is expected to open up significant potential prospects for participants.
AGVs require routine maintenance and repair from time to time.
Increased reliance on AGVs can stymie regular operations during maintenance, resulting in losses if not handled properly.
IMPACT OF COVID-19:
The COVID - 19 outbreaks have wreaked havoc on practically every business around the world. As governments around the world imposed statewide lockdowns to stop the epidemic's spread, many businesses have suffered or are experiencing losses owing to a production gap. The manufacturing industry has seen a significant drop in profits and income as a result of the pandemic. Businesses have seen major personnel reductions, resulting in a loss in manufacturing operations overall. During such turbulence, industrial automation and the deployment of AGVs play a critical role in ensuring that enterprises reach their production targets.
KEY MARKET PLAYERS:
The major key players in the automated guided vehicle market are Swisslog Holding AG, Egemin Automation Inc., Inc., Daifuku Co., Ltd., TOYOTA INDUSTRIES CORPORATION, Dematic, JBT, Seegrid Corporation, Bastian Solutions, Hyster-Yale Materials Handling, Inc., BALYO, E&K Automation GmbH, Kollmorgen, KMH Fleet Solutions, ELETTRIC80 S.P.A., Fetch Robotics, Inc., Inc., Locus Robotics, inVia Robotics, Schaefer Systems International, Inc., System Logistics Spa and Transbotics.
Market, By Type:
Based on type, the market is divided into five categories: Tow Vehicles, Assembly Line Vehicles, Pallet Trucks, Unit Load Carriers, Forklift Vehicles, and Others. In 2021, the Automated Guided Vehicle (AGV) Market is likely to be dominated by tow trucks. Tow vehicles, sometimes known as tuggers, are used to pull non-powered carts with heavy loads. Because it can move greater loads with several trailers than a single fork truck, this is the most productive type of AGV utilized for towing and tugging.
Market, By Navigation Technology:
Based on navigation technology, the market is divided into five categories: Laser Guidance, Inductive Guidance, Magnetic Guidance, Vision Guidance, Optical Tape Guidance, and Others. The market for laser-guided AGVs is growing because to the laser guiding technology's versatility, scalability, and accuracy. It also boosts throughput, improves safety, and reduces downtime. Laser guidance is the most versatile and accurate vehicle navigation system available. It permits the trucks to run without the usage of obtrusive barriers in a warehouse.
Market, by Industry:
Based on the application, the market is divided into eight categories: Automotive, Food & Beverages, Metals & Heavy Machinery, Semiconductors & Electronics, E-commerce, Chemicals, Healthcare, 3PL, Aviation, and Others. Over the projected period, the wholesale and distribution industry is expected to grow at the fastest rate of 12.2 percent. E-commerce, grocery stores, retail chains/conveyance stores, and hotels & restaurants are all sub-segments of the wholesale & distribution business.
Assembly Line Vehicles
Unit Load Carriers
By Navigation Technology:
Optical Tape Guidance
Food & Beverages
Metals & Heavy Machinery
Semiconductors & Electronics
In 2021, the Europe region dominated the market, accounting for almost 31% of total sales. Furthermore, the European regional market is expected to stay dominant throughout the forecast period. The increasing demand for material handling equipment by manufacturing industry incumbents is driving the expansion of the regional market. Additionally, automation in every area has aided the market's expansion in this region.
Over the projected period, the Asia Pacific area is expected to grow at the fastest rate of 11.2 percent. In the Asia Pacific emerging economies such as China and India, the e-commerce business has been rapidly expanding. As the e-commerce business grows, various e-commerce companies are considering expanding into these regional markets.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
|Market Size in 2021||US$ 3.05 Billion|
|Market Size by 2028||US$ 5.55 Billion|
|CAGR||CAGR of 8.95% From 2022 to 2028|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• by Type (Fixed Mounted, Helmet Mounted)
• by Navigation Technology (Combiner, Video Generator, Projector Unit)
• by Industry (Automotive Industry, Military & Civil Aviation Sector)
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Company Profiles||Swisslog Holding AG, Egemin Automation Inc., Inc., Daifuku Co., Ltd., TOYOTA INDUSTRIES CORPORATION, Dematic, JBT, Seegrid Corporation, Bastian Solutions, Hyster-Yale Materials Handling, Inc., BALYO, E&K Automation GmbH, Kollmorgen, KMH Fleet Solutions, ELETTRIC80 S.P.A., Fetch Robotics, Inc., Inc., Locus Robotics, inVia Robotics, Schaefer Systems International, Inc., System Logistics Spa and Transbotics.|
|Key Drivers||• Industry 4.0 adoption of automated guided vehicles is projected to improve warehouse safety.
• Lower labor costs in organizations encourage market growth.
|RESTRAINTS||• Industry 4.0 adoption of automated guided vehicles is projected to improve warehouse safety.
• Lower labor costs in organizations encourage market growth.
Frequently Asked Questions (FAQ) :
Ans:- The market size is expected to reach USD 5.55 billion by 2028.
Ans:- Partnerships, product launches, product development, and other new competitive developments in AGVs are on the market.
Ans:- The laser guidance segment of the AGV market was the most lucrative and led the market in terms of revenue share, accounting for more than 35 percent.
Ans:- The European region is anticipated to be the primary driver of the market.
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of the Ukraine-Russia War
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Automated Guided Vehicle (AGV) Market Segmentation, by Type
8.1 Tow Vehicles
8.2 Assembly Line Vehicles
8.3 Pallet Trucks
8.4 Unit Load Carriers
8.5 Forklift Vehicles
9. Global Automated Guided Vehicle (AGV) Market Segmentation, by Navigation technology
9.1 Laser Guidance
9.2 Inductive Guidance
9.3 Magnetic Guidance
9.4 Vision Guidance
9.5 Optical Tape Guidance
10. Global Automated Guided Vehicle (AGV) Market Segmentation, by Industry
10.2 Food & Beverages
10.3 Metals & Heavy Machinery
10.4 Semiconductors & Electronics
11. Regional Analysis
11.2 North America
11.2.1 the USA
11.3.2 the UK
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4.2 South Korea
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.3 South Africa
11.6 Latin America
11.6.3 Rest of Latin America
12. Company Profiles
12.1 TOYOTA INDUSTRIES CORPORATION
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 Swisslog Holding AG
12.3 Egemin Automation Inc.
12.4 Daifuku Co., Ltd
12.7 Seegrid Corporation
12.8 Bastian Solutions
12.9 Hyster-Yale Materials Handling, Inc.
12.11 E&K Automation GmbH
12.13 KMH Fleet Solutions
12.14 ELETTRIC80 S.P.A.
12.15 Fetch Robotics, Inc.
12.16 Locus Robotics
12.17 inVia Robotics
12.18 Schaefer Systems International, Inc.
12.19 System Logistics Spa
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share analysis
13.3 Recent Developments
An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.
Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.
The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.
Step 2: Primary Research
When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data. This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.
We at SNS Insider have divided Primary Research into 2 parts.
Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.
This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.
Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.
Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.
Step 3: Data Bank Validation
Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.
Step 4: QA/QC Process
After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.
Step 5: Final QC/QA Process:
This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.