Report Scope & Overview:
Automated Guided Vehicle (AGV) Market Size was valued at USD 3.32 billion in 2022 and is expected to reach USD 6.59 billion by 2030 and grow at a CAGR of 8.95% over the forecast period 2023-2030.
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.
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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.
MARKET DYNAMICS:
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:
The automated guided vehicle market's growth is hampered by a lack of flexibility.
High upfront investment expenditures and installation costs.
OPPORTUNITIES:
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.
CHALLENGES:
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 ESTIMATION:
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.
MARKET SEGMENTATION:
By Type:
Tow Vehicles
Assembly Line Vehicles
Pallet Trucks
Unit Load Carriers
Forklift Vehicles
Others
By Navigation Technology:
Laser Guidance
Inductive Guidance
Magnetic Guidance
Vision Guidance
Optical Tape Guidance
Others
By Industry:
Automotive
Food & Beverages
Metals & Heavy Machinery
Semiconductors & Electronics
E-commerce
Chemicals
Healthcare
3PL
Aviation
Others
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REGIONAL ANALYSIS:
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.
REGIONAL COVERAGE:
North America
The USA
Canada
Mexico
Europe
Germany
The UK
France
Italy
Spain
The 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
| Report Attributes | Details |
|---|---|
| Market Size in 2022 | US$ 3.32 Billion |
| Market Size by 2030 | US$ 6.59 Billion |
| CAGR | CAGR of 8.95% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| 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. |
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:- Yes.
Ans:- The European region is anticipated to be the primary driver of the market.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
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
8.6 Others
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
9.6 Others
10. Global Automated Guided Vehicle (AGV) Market Segmentation, by Industry
10.1 Automotive
10.2 Food & Beverages
10.3 Metals & Heavy Machinery
10.4 Semiconductors & Electronics
10.5 E-commerce
10.6 Chemicals
10.7 Healthcare
10.8 3PL
10.9 Aviation
10.10 Others
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 the USA
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 the UK
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4 Asia-Pacific
11.4.1 Japan
11.4.2 South Korea
11.4.3 China
11.4.4 India
11.4.5 Australia
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.1 Israel
11.5.2 UAE
11.5.3 South Africa
11.5.4 Rest
11.6 Latin America
11.6.1 Brazil
11.6.2 Argentina
11.6.3 Rest of Latin America
12. Company Profiles
12.1 TOYOTA INDUSTRIES CORPORATION
12.1.1 Financial
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
12.5 Dematic
12.6 JBT
12.7 Seegrid Corporation
12.8 Bastian Solutions
12.9 Hyster-Yale Materials Handling, Inc.
12.10 BALYO
12.11 E&K Automation GmbH
12.12 Kollmorgen
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
12.20 Transbotics.
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share analysis
13.3 Recent Developments
14. Conclusion
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