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Pulished Date April, 2021
ID: 8916
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Automated Guided Vehicle Market Segmentation by types (Tow Vehicles, Unit Load Carriers, Forklift Trucks, Assembly Line Vehicles, Pallet Trucks), by Navigation (Laser guided, Magnetic Guided, Vision Guided, and others), By Application (Logistics & Warehouse, Assembling, Packing, Trailer Loading and Unloading, Raw Material Handling, Others), By Industry (Automotive, Metals & Heavy Machinery, Food & Beverages, Chemicals, Healthcare, 3PL, Semiconductors & Electronics, Aviation, E-commerce, Others) –Demand Analysis and Opportunity Outlook 2027

Pulished: April, 2021
ID: 8916
Pages: 175

Automated Guided Vehicle Market Size & Growth 2021-2026

Automated Guided Vehicle Market is anticipated to reach a valuation of US$ 3.5 billion by the end of 2027 from US$ 2.4 billion in 2022, with an annual growth rate of almost 7.8% between 2022 and 2027. An Automated Guided Vehicle is also known as an automated portable robot. The portable robot follows the marked lines or wires on the floor accordingly. It further utilizes radio waves, vision cameras, or lasers for navigation. These Automated Guided vehicles are self-guided vehicles used for material handling or loading carriers that travel autonomously throughout a warehouse, distribution center, or manufacturing facility without an onboard operator or driver. The automated guided vehicles are available in a different form with different navigating systems. The tow vehicle type of AGV and laser-guided navigating system are dominant segments in the market growth of the Automated Guided Vehicle Market. These AVGs are highly used in logistics & warehouses for Transportation, distribution, cold storage, wholesale and distribution, and cross-docking.

The demand for Automated Guided Vehicles is increasing in the automotive, e-commerce, food & beverages, and healthcare sector. Asia-Pacific region is predicted to occupy the largest market of Automated Guided Vehicles. The growing focus on industrial automation for increasing productivity, quality improvement, labor, and time management fuels the development of the Automated Guided Vehicles Market in the forecasted period between 2022 and 2027.

Market Drivers:

The driving force of the Automated Guided Vehicle Market is the increasing demand for automated solutions for material handling in the industry. There is a high need for automated solutions in automotive, food and beverages, healthcare, and e-commerce to escalate the demand for automated guided vehicles in the market. This automated technology can deliver raw material, assemble parts, and track the shipment of articles. It also helps store, distribute, and transport without any human intrusion. Therefore, automated solutions enhance work quality, productivity, and labor management.

Moreover, the rising adoption of Industrial 4.0 and the government initiatives for technological development of industries fuels the demand for Automated Guided Vehicle Market in the period between 2022 and 2027. 

Restraints:

The high installation, maintenance, and switching cost associated with Automated Guided Vehicle is the major restraint in the market growth. Industries have to spend a huge amount on the installation and setup of AVGs. These vehicles are automatic and require navigation and communication systems to interact with other material handling. Additionally, the maintenance cost is also high, which varies according to age, type, location, number of shifts per day, and equipment condition.

Recent Developments:

In April 2021, The Toyota Industries Corporation announced the creation of the global autonomous vehicle software development company T-Hive. T-Hive’s main aim is to provide a seamless control system overall autonomous vehicles (AVs) within TICO, such as automated guided forklifts (AGF), automated guided vehicles (AGVs), and autonomous mobile robots (AMRs). The combined solution portfolio will be introduced at logistics sites worldwide, enabling TICO’s customers to enjoy the flawless movement, storage, and distribution of goods throughout their entire supply chain.

At ProMatDX in April 2021, JBT introduced its Warehouse Freezer AGV, which can operate in temperatures ranging from -10°F to 110°F.

Market Segmentation:

Automated Guided Vehicle Market By Type:

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

Based on Type, The Tow Vehicle is the dominant segment in the global Automated Guided Vehicle Market and accounted for a revenue share of 40% in 2021. Tow Automated Guided Vehicle can provide flexible solutions for logistics and manufacturing flow because it can transport several trolleys simultaneously, reducing the number of transportations needed and helping increase productivity. In addition, towing vehicles can carry out autonomous, safe, and reliable loads in collaboration with operators. Owing to these factors, the Tow vehicles will sustain its market dominancy with a CAGR of 15.4% in the global Automated Guided Vehicle Market between 2022 and 2027.

Automated Guided Vehicle Market By Navigation:

  • Laser-guided
  • Magnetic Guided
  • Vision Guided 
  • Others (Wire guided etc.)

Based on Navigation, the global Automated Guided Vehicle Market is segmented into Laser guided, Magnetic Guided, Vision Guided, and others. The laser-guided AGVs dominate the market due to its flexibility and accurate laser guidance technology. Moreover, the demand for laser-guided vehicles is growing for material handling in the industry because it acts as an electronic eye to skip the obstacles of the path. It also facilitates safety improvement, increases material throughput, and minimizes downtime.

Therefore, due to these factors, the laser-guided Automated Vehicle is expected to increase the sales and revenue of the global Automated Guided Vehicle Market in the period between 2022 and 2027.

Automated Guided Vehicle Market By Application:

  • Logistics & Warehouses
  • Transportation 
  • Wholesale & Distribution
  • Storage 
  • Cross-docking
  • Assembling
  • Packing
  • Trailer Loading and Unloading
  • Raw Material Handling
  • Others 

Based on Application, the global Automated Guided Vehicle Market is segmented into Logistics & Warehouse, Assembling, Packing, Trailer Loading and Unloading, Raw Material Handling, Others. The Logistics and warehousing segment is dominating the Automated Guided Vehicle Market. The demand for Automated Guided vehicles is growing in logistics & warehousing for Transportation, wholesale distribution, cold storage and distribution, and cross-docking. Additionally, The AGVs can work accurately and efficiently even in narrow aisles and compact layouts and enhance the reliability of the storage process. Owing to these factors, the demand for AGVs in Logistics and warehouses boosted the global Automated Guided Vehicle Market between 2022 and 2027.

Automated Guided Vehicle Market By Industry:

  • Automotive
  • Metals & Heavy Machinery
  • Food & Beverages
  • Chemicals
  • Healthcare
  • 3PL
  • Semiconductors & Electronics
  • Aviation
  • E-commerce
  • Others

Based on Industry, the global Automated Guided Vehicle Market is segmented into Automotive, Metals & Heavy Machinery, Food & Beverages, Chemicals, Healthcare, 3PL, Semiconductors & Electronics, Aviation, E-commerce, Others. AVG demand for AVGs is prominent in the automotive & food industry due to bulk material handling (storage, packing, and movement), etc. In addition, the E-commerce segment is expected to have vigorous growth in the future due to increasing e-commerce activities by major e-commerce players.

Regional Analysis:

The Global Automated Guided Vehicle Market has been categorized in four regions:

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa & Latin America.

North America Region is the largest contributor of the global Automated Guided Vehicle Market due to increasing import and export activities. The huge deployment of automated technologies in warehouses to optimize operations and work efficiency fuels the Automated Guided Vehicle Market's market growth between 2022 and 2027.

Asia Pacific region is expected to have the highest growth rate in the global Automated Guided Vehicle Market. In the APAC region, China, India, and South Korea will contribute to the AGVs market growth due to the rapid growth of automotive, food &beverages, e-commerce and healthcare industries. Additionally, the government is more focusing on safety and security in production areas as well as taking initiatives on the development of Industrial manufacturing to boost the growth of the Automated Guided Vehicles Market in the forecasted period.

Europe and Latin America are the emerging countries in the Automated Guided Vehicle Market growth. The increasing deployment of Industrial 4.0 and industrial automation fuels the growth Automated Guided Vehicle Market in the future.

In the Middle East and Africa region, manufacturers are more focused on automation technologies, which drives the Automated Guided Vehicle Market growth during the forecast period.

Leading Company:

JBT (U.S) had the largest share of the world’s Automated Guided Vehicle in terms of sales revenue in 2018.

Covid-19 Impact on Global Automated Guided Vehicle Market: 

The covid-19 outbreak has halted worldwide industrial activities, due to which the economy was at a great loss. Lockdown and unavailability of workforces disturbed the production and supply chains significantly affected the market of Automated Guided Vehicles. In addition, the fear of the deadly virus and the social distancing restrictions flourishes e-commerce, food and beverages, and the healthcare sector, which increases the demand for Automated Guided vehicles in the market.

Key Players:

Some of the leading companies operating in the Global Automated Guided Vehicle Market are 

  • Daifuku (Japan)
  • JBT (US)
  • KION (Germany)
  • KUKA (Germany)
  • Toyota Industries (Japan)
  • Oceaneering International Inc.
  • Hyster- Yale Material Handling Inc. 
  • JBT
  • Mitsubishi Caterpillar Forklift America Inc.
  • Kollmorgen
  • Seegrid Corporation

1. Introduction                                 

                1.1 Market Definition                    

                1.2 Scope of the report                

                1.3 Study Assumptions                 

                1.4 Base Currency, Base Year and Forecast Periods                          

2. Research Methodology                                           

                2.1 Analysis Design                         

                2.2 Research Phases                      

                                2.2.1 Secondary Research           

                                2.2.2 Primary Research 

                                2.2.3 Data Modelling      

                                2.2.4 Expert Validation  

                2.3 Study Timeline                          

3. Report Overview                                        

                3.1 Executive Summary                

                3.2 Key Inferences                       

4. Market Dynamics                                       

                4.1 Impact Analysis                         

                                4.1.1 Drivers      

                                4.1.2 Restraints  

                                4.1.3 Opportunities        

                4.2 Regulatory Environment                       

                4.3 Technology Timeline & Recent Trends                            

5. Competitor Benchmarking Analysis                                    

                5.1 Key Player Benchmarking                     

                                5.1.1 Market share analysis        

                                5.1.2 Products/Service  

                                5.1.3 Regional Presence               

                5.2 Mergers & Acquisition Landscape                      

                5.3 Joint Ventures & Collaborations                        

6. Market Segmentation                                              

                6.1 Automated Guided Vehicle Market, By Type                              

                                6.1.1 Tow Vehicles          

                                6.1.2 Unit Load Carriers

                                6.1.3 Forklift Trucks        

                                6.1.4 Assembly Line Vehicles     

                                6.1.5 Pallet Trucks           

                                6.1.6 Market Size Estimations & Forecasts (2021-2026)   

                                6.1.7 Y-o-Y Growth Rate Analysis             

                                6.1.8 Market Attractiveness Index          

                6.2 Automated Guided Vehicle Market, By Navigation                   

                                6.2.1 Laser guided           

                                6.2.2 Magnetic Guided 

                                6.2.3 Vision Guided        

                                6.2.4 others       

                                6.2.5 Market Size Estimations & Forecasts (2021-2026)   

                                6.2.6 Y-o-Y Growth Rate Analysis             

                                6.2.7 Market Attractiveness Index          

                6.3 Automated Guided Vehicle Market, By Application                  

                                6.3.1 Logistics & Warehouse       

                                6.3.2 Assembling             

                                6.3.3 Packing     

                                6.3.4 Trailer Loading and Unloading         

                                6.3.5 Raw Material Handling       

                                6.3.6 Others      

                                6.3.7 Market Size Estimations & Forecasts (2021-2026)   

                                6.3.8 Y-o-Y Growth Rate Analysis             

                                6.3.9 Market Attractiveness Index          

                6.4 Automated Guided Vehicle Market, By Industry                       

                                6.4.1 Automotive            

                                6.4.2 Metals & Heavy Machinery              

                                6.4.3 Food & Beverages

                                6.4.4 Chemicals

                                6.4.5 Healthcare              

                                6.4.6 3PL             

                                6.4.7 Semiconductors & Electronics         

                                6.4.8 Aviation    

                                6.4.9 E-commerce           

                                6.4.10 Others    

                                6.4.11 Market Size Estimations & Forecasts (2021-2026)

                                6.4.12 Y-o-Y Growth Rate Analysis           

                                6.4.13 Market Attractiveness Index        

7. Geographical Landscape                                         

                7.1 Global Automated Guided Vehicle Market, by Region

                7.2 North America - Market Analysis (2021 - 2026)                            

                                7.2.1 By Country              

                                                7.2.1.1 USA

                                                7.2.1.2 Canada

                                7.2.2 By Type    

                                7.2.3 By Navigation         

                                7.2.4 By Application        

                                7.2.5 By Industry             

                7.3 Europe                         

                                7.3.1 By Country              

                                                7.3.1.1 UK

                                                7.3.1.2 France

                                                7.3.1.3 Germany

                                                7.3.1.4 Spain

                                                7.3.1.5 Italy

                                                7.3.1.6 Rest of Europe

                                7.3.2 By Type    

                                7.3.3 By Navigation         

                                7.3.4 By Application        

                                7.3.5 By Industry             

                7.4 Asia Pacific                  

                                7.4.1 By Country              

                                                7.4.1.1 China

                                                7.4.1.2 India

                                                7.4.1.3 Japan

                                                7.4.1.4 South Korea

                                                7.4.1.5 South East Asia

                                                7.4.1.6 Australia & NZ

                                                7.4.1.7 Rest of Asia-Pacific

                                7.4.2 By Type    

                                7.4.3 By Navigation         

                                7.4.4 By Application        

                                7.4.5 By Industry             

                7.5 Latin America                             

                                7.5.1 By Country              

                                                7.5.1.1 Brazil

                                                7.5.1.2 Argentina

                                                7.5.1.3 Mexico

                                                7.5.1.4 Rest of Latin America

                                7.5.2 By Type    

                                7.5.3 By Navigation         

                                7.5.4 By Application        

                                7.5.5 By Industry             

                7.6 Middle East and Africa                           

                                7.6.1 By Country              

                                                7.6.1.1 Middle East

                                                7.6.1.2 Africa

                                7.6.2 By Type    

                                7.6.3 By Navigation         

                                7.6.4 By Application        

                                7.6.5 By Industry             

8. Key Player Analysis                                    

                8.1 Daifuku                        

                                8.1.1 Business Description           

                                8.1.2 Products/Service  

                                8.1.3 Financials 

                                8.1.4 SWOT Analysis       

                                8.1.5 Recent Developments       

                                8.1.6 Analyst Overview 

                8.2 JBT                 

                8.3 KION                             

                8.4 KUKA                            

                8.5 Toyota Industries                     

                8.6 Oceaneering International Inc.                          

                8.7 Hyster- Yale Material Handling Inc.                   

                8.8 JBT                 

                8.9 Mitsubishi Caterpillar Forklift America Inc.                    

                8.10 Kollmorgen                              

                8.11 Seegrid Corporation                             

9. Market Outlook & Investment Opportunities                                 

Appendix                                           

                List of Tables                     

                List of Figures                   

  • Global, Regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and also identifying the regions that are still untapped
  • The segment-level analysis in terms of by type, By Navigation & By Application Region, along with market size forecasts and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographics, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the microenvironment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analyzing the level of competition and business strategy development
  • A comprehensive list of key market players along with with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis, and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
  1. Global Automated Guided Vehicle Market By Region, From 2022-2027 ( USD Billion )
  2. Global Automated Guided Vehicle Market By Type, From 2022-2027 ( USD Billion )
  3. Global Tow Vehicles Market By Region, From 2022-2027 ( USD Billion )
  4. Global Unit Load Carriers Market By Region, From 2022-2027 ( USD Billion )
  5. Global Forklift Trucks Market By Region, From 2022-2027 ( USD Billion )
  6. Global Assembly Line Vehicles Market By Region, From 2022-2027 ( USD Billion )
  7. Global Pallet Trucks Market By Region, From 2022-2027 ( USD Billion )
  8. Global Automated Guided Vehicle Market By Navigation, From 2022-2027 ( USD Billion )
  9. Global Laser guided Market By Region, From 2022-2027 ( USD Billion )
  10. Global Magnetic Guided Market By Region, From 2022-2027 ( USD Billion )
  11. Global Vision Guided  Market By Region, From 2022-2027 ( USD Billion )
  12. Global others Market By Region, From 2022-2027 ( USD Billion )
  13. Global Automated Guided Vehicle Market By Application, From 2022-2027 ( USD Billion )
  14. Global Logistics & Warehouse Market By Region, From 2022-2027 ( USD Billion )
  15. Global Assembling Market By Region, From 2022-2027 ( USD Billion )
  16. Global Packing Market By Region, From 2022-2027 ( USD Billion )
  17. Global Trailer Loading and Unloading Market By Region, From 2022-2027 ( USD Billion )
  18. Global Raw Material Handling Market By Region, From 2022-2027 ( USD Billion )
  19. Global Others Market By Region, From 2022-2027 ( USD Billion )
  20. Global Automated Guided Vehicle Market By Industry, From 2022-2027 ( USD Billion )
  21. Global Automotive Market By Region, From 2022-2027 ( USD Billion )
  22. Global Metals & Heavy Machinery Market By Region, From 2022-2027 ( USD Billion )
  23. Global Food & Beverages Market By Region, From 2022-2027 ( USD Billion )
  24. Global Chemicals Market By Region, From 2022-2027 ( USD Billion )
  25. Global Healthcare Market By Region, From 2022-2027 ( USD Billion )
  26. Global 3PL Market By Region, From 2022-2027 ( USD Billion )
  27. Global Semiconductors & Electronics Market By Region, From 2022-2027 ( USD Billion )
  28. Global Aviation Market By Region, From 2022-2027 ( USD Billion )
  29. Global E-commerce Market By Region, From 2022-2027 ( USD Billion )
  30. Global Others Market By Region, From 2022-2027 ( USD Billion )

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