Automated Guided Vehicle Market is forecast to witness a tremendous growth over the forecast period. The growing adoption of automated guided vehicles across several industries owing to the remarkable advantages which include improved productivity, reduced labor cost and product damage, will expand the market growth.

To have the edge over the competition by knowing the market dynamics and current trends of “Automated Guided Vehicle Market,” request for Sample Report here

Key Drivers

The key factors contributing to the growth of the Global Automated Guided Vehicle market include the strong demand for automation in material handling across numerous industries such as food and beverage, manufacturing, and healthcare, the expansion of e-commerce, enhanced safety standards at workplaces, and significant shift in the demand from mass production to mass customization. For example, according to the Statista’s Report, in 2020, over 2 billion people purchased goods and services online, and the e-retail sales was more than USD 4.2 trillion worldwide, which will increase the Global Automated Guided Vehicle Market. The advent of advanced technologies, such as automated guided vehicles, and increasing implementation in smart factories has significantly encouraged the adoption of industry 4.0 business model in recent times. For instance, in 2020, Continental established an AGV technology to expand its efficiency, primarily in the brake system manufacturing.

The automated guided vehicle helps to reduce labor cost by replacing human workers, enhances safety as it equipped with cameras, lasers, and other sensors, and improves accuracy and productivity, which has augmented their adoption across the logistics and transportation sector, boosting the market growth. Growing demand for AGVs is attributed to the increasing automation in industries, rapid industrialization and customized material handling and transport solutions for better efficiency. For instance, in November 2021, JBT, a leading technology solution provider in the food and beverage industry, acquired Urtasun Technologia Alimentaria, intending to expand JBT’s business globally by introducing automations in the food industry and helping Urtasun Technologia Alimentaria expand its product offerings. Increasing investments in industrial automation projects will further add to the market growth. Moreover, the integration of industry 4.0 with robotics, growing adoption of industrial automation among small and medium-sized enterprises is creating new growth opportunities in the market during the forecast period. On the other hand, the high cost of installation, the regular maintenance requirement, and technical challenges associated with sensing elements are restraining the growth of the market.

Do you want to know more about the Research process and detailed Methodology, Request Research Methodology of this report

Type – Segment Analysis

Based on the type, the other type segment is expected to grow at a higher CAGR during the forecast period owing to the increasing adoption of other types of AGVs such as hybrid and customized AGVs. Manufacturers of AVS are developing hybrid and customized AGVs to serve the variety of material-handling requirements across various industries. Hybrid and customized AGVs help to move and handle a wide variety of industrial loads ranging from small to heavy pallets, which is widely used in material automation all over the plant or warehouse.
However, the unit load carrier segment is estimated to expand at the fastest CAGR over the forecast period, due to their ability to manage the task effectively by minimizing aisle traffic and product damage. For example, in September 2021, Addverb Technologies Private Limited, a robotics and automation firm, declared the expansion across Australia, Europe, and Singapore markets, with an intent to fulfil the surging need for unit load AGVs, robotics, and automation solutions in the global market.

Navigation Technology – Segment Analysis

Based on the navigation technology, the laser-guided segment is projected to lead the market during the forecast period. The increasing adoption of laser-guided AGVs across industries to provide accurate navigation and flexible system for vehicle movement are the major factors driving the growth of the market. In addition to this, it offers flexibility, scalability, high accuracy related to operations, enhances productivity, provides safety, and reduces downtime. All these factors will attract a large number of end-users to opt for laser-guided technology based vehicles. Emerging need for smart and efficient routing has encouraged the adoption of automated vehicles, driving the segment’s growth. The innovations in computer vision and related software solutions help AGVs to interpret the environment in real-time, thereby bolstering the demand for AGVs for operations in dynamic environments, which will expand the market growth.

Application – Segment Analysis

Based on the application, the distribution segment is expected to grow at a higher CAGR during the forecast period. The continuous expansion in the e-commerce industry is increasing the number of warehouses, which in turn, is boosting the demand for AGVs in distribution centers. The distribution center plays a significant role in order processing as various operations, such as order fulfilment, cross-dock facility, and package handling, take place in the distribution centers. The growing number of challenges in the distribution centers, including the need for a large number of workforce to handle inventory, minimal accuracy & throughput operations, and other issues, are promoting the usage of AGVs in the distribution centers.

Industry – Segment Analysis

Based on industry, the retail segment is anticipated to lead the market during the forecast period owing to the growing retail sector driven by the rapid growth in the e-commerce industry. For example, as per the e-commerce Europe report, the region’s online sales augmented by 13% in 2019, and total sales were estimated at EUR 621 billion. The increasingly emphasis on bringing automation in material handling and to reduce operational cost is surging the growth of the AGVs market during the forecast period. Moreover, the growing globalization and development of online retailing and bulk retailing are escalating the requirement for automated material handling equipment in the retail industry. The global giants are mainly focusing on operating efficiently due to the growing pressure on retail companies to meet the changing demand of its customers, which directly boosts the growth of the market. The growing prominence of automated guided vehicles, to carry out complex logistics and distribution functions for retail, such as order picking, sortation and goods-to-person order fulfillment, which is propel the market growth.

In case, any of your paint points areas are not covered in the current scope of this report, Request for Customization here

Regional – Segment Analysis

Based on the region, Asia-pacific is projected to grow at a higher CAGR in the global Automated Guided Vehicle market over the forecast period owing to the rapid growth in various industries including healthcare, automotive, food & beverage industries, especially in the developing economies such as China, India, and Korea. Moreover, the government of this region is focusing on improving the safety and security on the production floor, which will encourage the adoption of AGVs in the coming years. The AGVs are widely adopting by countries such as Japan and China, driven by the increasing investment of manufacturers and suppliers to install AGVs in warehouses and distribution centers. All these factors are responsible for accelerating the growth of the market during the forecast period.

European region is estimated to witness a promising growth over the upcoming years, owing to the growing demand for material handling equipment in several end-use industries. For instance, in January 2022, PUMA SE declared the installation of more automated robots with the incorporation of artificial intelligence, cameras, and grippers. The incorporation of robots helps in decreasing labor costs, raising productivity, and assemble the order of shoes and clothing in the distribution center.

The major key players in the market include Daifuku Co., Ltd., JBT Corporation, Kion Group AG, KUKA AG, Toyota Industries Corporation, Hyster-Yale Materials Handling, Inc., Oceaneering International, Inc., E&K Automation GmbH, Kollmorgen Corp., Seegrid Corporation, SSI SCHÄFER FRITZ SCHÄFER GMBH among others.

Key Developments:

• • In Apr 2019, Daifuku acquired India-based, Vega Conveyor & Automation. Vega is involved in consulting, design, manufacture, installation, and after-sales service of conveyors and other material handling equipment in the Indian market.
  • In Mar 2019, JBT Corporation entered into a partnership with Crown Equipment to provide its clients with increased access to their shared portfolio of automation capabilities and helping the customers to achieve a tangible return on investment (RoI).

The Global Automated Guided Vehicle market has been segmented based on the type, navigation technology, application, industry, and region. Based on type, the market is segmented into Tow vehicles, unit load carriers, pallet trucks, assembly line vehicles, forklift trucks, and others. Based on navigation technology, the market is segmented into laser guidance, magnetic guidance, inductive guidance, optical tape guidance, vision guidance, and others. Based on the application, the market is segmented into transportation, distribution, storage, assembly, packaging, and waste handling. Based on the industry, the market is segmented into automotive, manufacturing, food & beverages¸ aerospace, healthcare¸ logistics, retail, and other.

For detailed scope of the “Automated Guided Vehicle Market” report request a Sample Copy of the report

Key questions answered in this research report:

• • At what pace is the global Automated Guided Vehicle market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the global Automated Guided Vehicle market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenue and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Automated Guided Vehicle market?
  • Which Type generated maximum revenues in 2019 and identify the most promising Type during the forecast period?
  • What are the various application area of the global Automated Guided Vehicle market, and how are they poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Revenues (2019)	USD Million
Market Base Year	2019
Market Forecast Period	2020-2027
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Type, By Navigation Technology, By Application, By Industry, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Daifuku Co., Ltd., JBT Corporation, Kion Group AG, KUKA AG, Toyota Industries Corporation, among others, a total of 11 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Automated Guided Vehicle Market by Type  

• • Tow Vehicles
  • Unit Load Carriers
  • Pallet Trucks
  • Assembly Line Vehicles
  • Forklift Trucks
  • Other Types

Global Automated Guided Vehicle Market by Navigation Technology 

• • Laser Guidance
  • Magnetic Guidance
  • Inductive Guidance
  • Optical Tape Guidance
  • Vision Guidance
  • Others

Global Automated Guided Vehicle Market by Application     

• • Transportation
  • Storage
  • Distribution
  • Assembly
  • Packaging
  • Waste Handling

Global Automated Guided Vehicle Market by Industry          

• • Automotive
  • Manufacturing
  • Food & Beverages
  • Aerospace
  • Healthcare
  • Logistics
  • Retail
  • Other

Global Automated Guided Vehicle Market by Region

• • North America Automated Guided Vehicle Market (Option 1: As a part of the free 25% customization)
    • By Type
    • By Navigation Technology
    • By Application
    • By Industry
    • US Market All-Up
    • Canada Market All-Up
  • Europe Automated Guided Vehicle Market (Option 2: As a part of the free 25% customization)
    • By Type
    • By Navigation Technology
    • By Application
    • By Industry
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Automated Guided Vehicle Market (Option 3: As a part of the free 25% customization)
    • By Type
    • By Navigation Technology
    • By Application
    • By Industry
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Automated Guided Vehicle Market (Option 4: As a part of the free 25% customization)
    • By Type
    • By Navigation Technology
    • By Application
    • By Industry
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating the Automated Guided Vehicle (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Daifuku Co., Ltd.
  • JBT Corporation
  • Kion Group AG
  • KUKA AG
  • Toyota Industries Corporation
  • Hyster-Yale Materials Handling, Inc.
  • Oceaneering International, Inc.
  • E&K Automation GmbH
  • Kollmorgen Corp.
  • Seegrid Corporation
  • SSI SCHÄFER FRITZ SCHÄFER GMBH