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.
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.
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.
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.
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.
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.
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.
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.
The Global Automated Guided Vehicle Market has been categorized in four regions:
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.
JBT (U.S) had the largest share of the world’s Automated Guided Vehicle in terms of sales revenue in 2018.
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.
Some of the leading companies operating in the Global Automated Guided Vehicle Market are
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
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 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
6.2.5 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
6.3.4 Trailer Loading and Unloading
6.3.5 Raw Material Handling
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
6.4.2 Metals & Heavy Machinery
6.4.3 Food & Beverages
6.4.7 Semiconductors & Electronics
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
7.2.2 By Type
7.2.3 By Navigation
7.2.4 By Application
7.2.5 By Industry
7.3.1 By Country
188.8.131.52 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
184.108.40.206 South Korea
220.127.116.11 South East Asia
18.104.22.168 Australia & NZ
22.214.171.124 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
126.96.36.199 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
188.8.131.52 Middle East
7.6.2 By Type
7.6.3 By Navigation
7.6.4 By Application
7.6.5 By Industry
8. Key Player Analysis
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.5 Toyota Industries
8.6 Oceaneering International Inc.
8.7 Hyster- Yale Material Handling Inc.
8.9 Mitsubishi Caterpillar Forklift America Inc.
8.11 Seegrid Corporation
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures