Automated Guided Vehicle (AGV) Market - Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2019–2029, Segmented By Type (Tow Vehicles, Unit Load Carriers, Pallet Trucks, Assembly Line Vehicles, Forklift Trucks); By Navigation Technology (Laser Guidance, Magnetic Guidance, Inductive Guidance, Optical Tape Guidance, Vision Guidance); By Application (Transportation, Distribution, Storage, Assembly, Packaging, Waste Handling); By End User (Automotive, Manufacturing, Food & Beverages, Aerospace, Healthcare, Logistics, Retail); By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)
Global Automated Guided Vehicle (AGV) Market Size Booming at Significant CAGR of 8.79% to Touch USD 4.36 Billion by 2029
Global automated guided vehicle (AGV) market is flourishing because of the increasing focus on enhancing safety, accuracy, and productivity and a spurring demand for automation and AGVs.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global automated guided vehicle (AGV) market size at USD 2.63 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global automated guided vehicle (AGV) market size to grow at a significant CAGR of 8.79% reaching a value of USD 4.36 billion by 2029. Major growth drivers for the global automated guided vehicle (AGV) market include an increasing pace of modernization and globalization and rising adoption of the latest technology across various sectors. Notably, the global demand for AGVs is on the rise, owing to their attributes, such as flexible route mapping, easy implementation, high precision, and scalability. Also, the market is witnessing rising demand, primarily propelled by industrial automation, which is effectively reducing inventory damages and elevating material handling efficiency within production facilities. Another driving force is the continuous increase in R&D investments and the growing number of production facilities worldwide. For instance, in November 2021, Lödige Industries, a leading provider of equipment for air cargo terminals, initiated a trial project at Swissport's new air cargo terminal in Frankfurt. In this project, Lödige Industries introduced its inaugural AGV, a 10ft AGV capable of transporting various ULDs, including 15ft containers. This AGV has the capacity to replace manual ULD transport, such as Slave Pallet Movers and other ground handling equipment, with a remarkable load capacity of 6,800 kg. Hence, such aspects are expected to boost the expansion of global automated guided vehicle market during the forecast period. However, high initial investment costs and lack of flexibility and obstacle resistance in automated guided vehicles are anticipated to restrain the overall market growth during the period in analysis.
Global Automated Guided Vehicle Market – Overview
The global automated guided vehicle (AGV) market refers to the worldwide market for autonomous mobile robots that are designed to transport and move materials within industrial and commercial settings without the need for human intervention. These vehicles are equipped with sensors, navigation systems, and control technology to navigate and perform tasks such as material handling, logistics, and manufacturing operations. The AGVs are programmed to follow predetermined paths, avoid obstacles, and efficiently carry out tasks, contributing to increased efficiency, reduced labor costs, and improved workflow in various industries.
Impact of COVID-19 on Global Automated Guided Vehicle Market
COVID-19 pandemic had a dual impact on the global automated guided vehicle (AGV) market. While the initial disruption in manufacturing and supply chains affected the AGV industry, the need for automation and contactless operations during the pandemic accelerated its adoption. The demand for AGVs in healthcare, e-commerce, and essential industries surged as they played a crucial role in ensuring efficient and safe operations. Companies increasingly turned to AGVs to mitigate the risk of contagion and maintain business continuity. While the pandemic posed short-term challenges, it underscored the resilience and adaptability of the AGV market, driving its long-term growth and relevance in a post-pandemic world.
Global Automated Guided Vehicle Market – By End Use
On the basis of end use, the global automated guided vehicle market (AGV) is divided into Automotive, Manufacturing, Food & Beverages, Aerospace, Healthcare, Logistics, Retail segments. The manufacturing segment holds the highest share in the global automated guided vehicle (AGV) market by end use. Manufacturing facilities often require the efficient movement of raw materials, work-in-progress items, and finished products within their operations. AGVs offer a reliable and cost-effective solution for automating material handling tasks, ensuring streamlined workflows and minimal downtime. Their precise navigation, ability to work alongside human employees safely, and adaptability to a variety of manufacturing environments make AGVs highly suitable for this sector. As a result, the manufacturing industry has been a prominent adopter of AGV technology, contributing to its dominant share in the global AGV market.
Competitive Landscape
Major players operating in the global automated guided vehicle (AGV) market include Swisslog Holding AG, Egemin Automation Inc., Bastian Solutions, Inc., Daifuku Co., Ltd, Dematic, JBT, Seegrid Corporation, TOYOTA INDUSTRIES CORPORATION, Hyster-Yale Materials Handling, Inc., BALYO, E&K Automation GmbH, Kollmorgen, KMH Fleet Solutions, ELETTRIC80 S.P.A., and Fetch Robotics, Inc. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Global Automated Guided Vehicle Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Automated Guided Vehicle Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
- 1. Research Framework
- 1.1. Research Objective
- 1.2. Product Overview
- 1.3. Market Segmentation
- 2. Executive Summary
- 3. Global Automated Guided Vehicle (AGV) Market Insights
- 3.1. Industry Value Chain Analysis
- 3.2. DROC Analysis
- 3.2.1. Growth Drivers
- 3.2.1.1. Increasing focus on safety, accuracy, and productivity
- 3.2.1.2. Surge in demand for automation and automated guided vehicles (AGVs)
- 3.2.2. Restraints
- 3.2.2.1. High initial investment costs
- 3.2.2.2. Lack of flexibility and obstacle resistance in automated guided vehicles
- 3.2.3. Opportunities
- 3.2.3.1. Increasing incorporation of industry 4.0.
- 3.2.3.2. Rising focus on industrial automation
- 3.2.4. Challenges
- 3.2.4.1. Low labor cost restricting adoption of automated guided vehicles in emerging economies
- 3.2.4.2. Technical challenges related to safety elements
- 3.3. Technological Advancements/Recent Developments
- 3.4. Regulatory Framework
- 3.5. Porter’s Five Forces Analysis
- 3.5.1. Bargaining Power of Suppliers
- 3.5.2. Bargaining Power of Buyers
- 3.5.3. Threat of New Entrants
- 3.5.4. Threat of Substitutes
- 3.5.5. Intensity of Rivalry
- 4. Global Automated Guided Vehicle (AGV) Market Overview
- 4.1. Market Size & Forecast, 2019–2029
- 4.1.1. By Value (USD Million)
- 4.2. Market Share and Forecast
- 4.2.1. By Type
- 4.2.1.1. Tow Vehicles
- 4.2.1.2. Unit Load Carriers
- 4.2.1.3. Pallet Trucks
- 4.2.1.4. Assembly Line Vehicles
- 4.2.1.5. Forklift Trucks
- 4.2.2. By Navigation Technology
- 4.2.2.1. Laser Guidance
- 4.2.2.2. Magnetic Guidance
- 4.2.2.3. Inductive Guidance
- 4.2.2.4. Optical Tape Guidance
- 4.2.2.5. Vision Guidance
- 4.2.2.6. Others
- 4.2.3. By Application
- 4.2.3.1. Transportation
- 4.2.3.2. Distribution
- 4.2.3.3. Storage
- 4.2.3.4. Assembly
- 4.2.3.5. Packaging
- 4.2.3.6. Waste Handling
- 4.2.4. By End User
- 4.2.4.1. Automotive
- 4.2.4.2. Manufacturing
- 4.2.4.3. Food & Beverages
- 4.2.4.4. Aerospace
- 4.2.4.5. Healthcare
- 4.2.4.6. Logistics
- 4.2.4.7. Retail
- 4.2.4.8. Others
- 4.2.5. By Region
- 4.2.5.1. North America
- 4.2.5.2. Europe
- 4.2.5.3. Asia-Pacific (APAC)
- 4.2.5.4. Latin America (LATAM)
- 4.2.5.5. Middle East and Africa (MEA)
- 5. North America Automated Guided Vehicle (AGV) Market
- 5.1. Market Size & Forecast, 2019–2029
- 5.1.1. By Value (USD Million)
- 5.2. Market Share & Forecast
- 5.2.1. By Type
- 5.2.2. By Navigation Technology
- 5.2.3. By Application
- 5.2.4. By End User
- 5.2.5. By Country
- 5.2.5.1. United States
- 5.2.5.1.1. By Type
- 5.2.5.1.2. By Navigation Technology
- 5.2.5.1.3. By Application
- 5.2.5.1.4. By End User
- 5.2.5.2. Canada
- 5.2.5.2.1. By Type
- 5.2.5.2.2. By Navigation Technology
- 5.2.5.2.3. By Application
- 5.2.5.2.4. By End User
- 6. Europe Automated Guided Vehicle (AGV) Market
- 6.1. Market Size & Forecast, 2019–2029
- 6.1.1. By Value (USD Million)
- 6.2. Market Share & Forecast
- 6.2.1. By Type
- 6.2.2. By Navigation Technology
- 6.2.3. By Application
- 6.2.4. By End User
- 6.2.5. By Country
- 6.2.5.1. Germany
- 6.2.5.1.1. By Type
- 6.2.5.1.2. By Navigation Technology
- 6.2.5.1.3. By Application
- 6.2.5.1.4. By End User
- 6.2.5.2. United Kingdom
- 6.2.5.2.1. By Type
- 6.2.5.2.2. By Navigation Technology
- 6.2.5.2.3. By Application
- 6.2.5.2.4. By End User
- 6.2.5.3. Italy
- 6.2.5.3.1. By Type
- 6.2.5.3.2. By Navigation Technology
- 6.2.5.3.3. By Application
- 6.2.5.3.4. By End User
- 6.2.5.4. France
- 6.2.5.4.1. By Type
- 6.2.5.4.2. By Navigation Technology
- 6.2.5.4.3. By Application
- 6.2.5.4.4. By End User
- 6.2.5.5. Spain
- 6.2.5.5.1. By Type
- 6.2.5.5.2. By Navigation Technology
- 6.2.5.5.3. By Application
- 6.2.5.5.4. By End User
- 6.2.5.6. Belgium
- 6.2.5.6.1. By Type
- 6.2.5.6.2. By Navigation Technology
- 6.2.5.6.3. By Application
- 6.2.5.6.4. By End User
- 6.2.5.7. Russia
- 6.2.5.7.1. By Type
- 6.2.5.7.2. By Navigation Technology
- 6.2.5.7.3. By Application
- 6.2.5.7.4. By End User
- 6.2.5.8. The Netherlands
- 6.2.5.8.1. By Type
- 6.2.5.8.2. By Navigation Technology
- 6.2.5.8.3. By Application
- 6.2.5.8.4. By End User
- 6.2.5.9. Rest of Europe
- 6.2.5.9.1. By Type
- 6.2.5.9.2. By Navigation Technology
- 6.2.5.9.3. By Application
- 6.2.5.9.4. By End User
- 7. Asia-Pacific Automated Guided Vehicle (AGV) Market
- 7.1. Market Size & Forecast, 2019–2029
- 7.1.1. By Value (USD Million)
- 7.2. Market Share & Forecast
- 7.2.1. By Type
- 7.2.2. By Navigation Technology
- 7.2.3. By Application
- 7.2.4. By End User
- 7.2.5. By Country
- 7.2.5.1. China
- 7.2.5.1.1. By Type
- 7.2.5.1.2. By Navigation Technology
- 7.2.5.1.3. By Application
- 7.2.5.1.4. By End User
- 7.2.5.2. India
- 7.2.5.2.1. By Type
- 7.2.5.2.2. By Navigation Technology
- 7.2.5.2.3. By Application
- 7.2.5.2.4. By End User
- 7.2.5.3. Japan
- 7.2.5.3.1. By Type
- 7.2.5.3.2. By Navigation Technology
- 7.2.5.3.3. By Application
- 7.2.5.3.4. By End User
- 7.2.5.4. South Korea
- 7.2.5.4.1. By Type
- 7.2.5.4.2. By Navigation Technology
- 7.2.5.4.3. By Application
- 7.2.5.4.4. By End User
- 7.2.5.5. Australia & New Zealand
- 7.2.5.5.1. By Type
- 7.2.5.5.2. By Navigation Technology
- 7.2.5.5.3. By Application
- 7.2.5.5.4. By End User
- 7.2.5.6. Indonesia
- 7.2.5.6.1. By Type
- 7.2.5.6.2. By Navigation Technology
- 7.2.5.6.3. By Application
- 7.2.5.6.4. By End User
- 7.2.5.7. Malaysia
- 7.2.5.7.1. By Type
- 7.2.5.7.2. By Navigation Technology
- 7.2.5.7.3. By Application
- 7.2.5.7.4. By End User
- 7.2.5.8. Singapore
- 7.2.5.8.1. By Type
- 7.2.5.8.2. By Navigation Technology
- 7.2.5.8.3. By Application
- 7.2.5.8.4. By End User
- 7.2.5.9. Vietnam
- 7.2.5.9.1. By Type
- 7.2.5.9.2. By Navigation Technology
- 7.2.5.9.3. By Application
- 7.2.5.9.4. By End User
- 7.2.5.10. Rest of APAC
- 7.2.5.10.1. By Type
- 7.2.5.10.2. By Navigation Technology
- 7.2.5.10.3. By Application
- 7.2.5.10.4. By End User
- 8. Latin America Automated Guided Vehicle (AGV) Market
- 8.1. Market Size & Forecast, 2019–2029
- 8.1.1. By Value (USD Million)
- 8.2. Market Share & Forecast
- 8.2.1. By Type
- 8.2.2. By Navigation Technology
- 8.2.3. By Application
- 8.2.4. By End User
- 8.2.5. By Country
- 8.2.5.1. Brazil
- 8.2.5.1.1. By Type
- 8.2.5.1.2. By Navigation Technology
- 8.2.5.1.3. By Application
- 8.2.5.1.4. By End User
- 8.2.5.2. Mexico
- 8.2.5.2.1. By Type
- 8.2.5.2.2. By Navigation Technology
- 8.2.5.2.3. By Application
- 8.2.5.2.4. By End User
- 8.2.5.3. Argentina
- 8.2.5.3.1. By Type
- 8.2.5.3.2. By Navigation Technology
- 8.2.5.3.3. By Application
- 8.2.5.3.4. By End User
- 8.2.5.4. Peru
- 8.2.5.4.1. By Type
- 8.2.5.4.2. By Navigation Technology
- 8.2.5.4.3. By Application
- 8.2.5.4.4. By End User
- 8.2.5.5. Rest of LATAM
- 8.2.5.5.1. By Type
- 8.2.5.5.2. By Navigation Technology
- 8.2.5.5.3. By Application
- 8.2.5.5.4. By End User
- 9. Middle East & Africa Automated Guided Vehicle (AGV) Market
- 9.1. Market Size & Forecast, 2019–2029
- 9.1.1. By Value (USD Million)
- 9.2. Market Share & Forecast
- 9.2.1. By Type
- 9.2.2. By Navigation Technology
- 9.2.3. By Application
- 9.2.4. By End User
- 9.2.5. By Country
- 9.2.5.1. Saudi Arabia
- 9.2.5.1.1. By Type
- 9.2.5.1.2. By Navigation Technology
- 9.2.5.1.3. By Application
- 9.2.5.1.4. By End User
- 9.2.5.2. UAE
- 9.2.5.2.1. By Type
- 9.2.5.2.2. By Navigation Technology
- 9.2.5.2.3. By Application
- 9.2.5.2.4. By End User
- 9.2.5.3. Qatar
- 9.2.5.3.1. By Type
- 9.2.5.3.2. By Navigation Technology
- 9.2.5.3.3. By Application
- 9.2.5.3.4. By End User
- 9.2.5.4. Kuwait
- 9.2.5.4.1. By Type
- 9.2.5.4.2. By Navigation Technology
- 9.2.5.4.3. By Application
- 9.2.5.4.4. By End User
- 9.2.5.5. South Africa
- 9.2.5.5.1. By Type
- 9.2.5.5.2. By Navigation Technology
- 9.2.5.5.3. By Application
- 9.2.5.5.4. By End User
- 9.2.5.6. Nigeria
- 9.2.5.6.1. By Type
- 9.2.5.6.2. By Navigation Technology
- 9.2.5.6.3. By Application
- 9.2.5.6.4. By End User
- 9.2.5.7. Algeria
- 9.2.5.7.1. By Type
- 9.2.5.7.2. By Navigation Technology
- 9.2.5.7.3. By Application
- 9.2.5.7.4. By End User
- 9.2.5.8. Rest of MEA
- 9.2.5.8.1. By Type
- 9.2.5.8.2. By Navigation Technology
- 9.2.5.8.3. By Application
- 9.2.5.8.4. By End User
- 10. Competitive Landscape
- 10.1. List of Key Players and Their Offerings
- 10.2. Global Automated Guided Vehicle (AGV) Market Share Analysis, 2022
- 10.3. Competitive Benchmarking, By Operating Parameters
- 10.4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
- 11. Impact of Covid-19 on Global Automated Guided Vehicle (AGV) Market
- 12. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
- 12.1. Swisslog Holding AG
- 12.2. Egemin Automation Inc.
- 12.3. Bastian Solutions, Inc.
- 12.4. Daifuku Co. Ltd
- 12.5. Dematic
- 12.6. JBT
- 12.7. Seegrid Corporation
- 12.8. TOYOTA INDUSTRIES CORPORATION
- 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. Other Prominent Players
- 13. Key Strategic Recommendations
- 14. Research Methodology
- 14.1. Qualitative Research
- 14.1.1. Primary & Secondary Research
- 14.2. Quantitative Research
- 14.3. Market Breakdown & Data Triangulation
- 14.3.1. Secondary Research
- 14.3.2. Primary Research
- 14.4. Breakdown of Primary Research Respondents, By Region
- 14.5. Assumptions & Limitations
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