Automated Guided Vehicle (AGV) Market

Automated Guided Vehicle (AGV) Market

Growth Factors of Automated Guided Vehicles Market

The Automated Guided Vehicles market size was valued at USD 2.12 billion in 2023, and the market is now projected to grow from 2.30 billion in 2024 to USD 4.43 billion by 2032, exhibiting a CAGR of 9.8% during the forecast period of 2024-2032.

The COVID-19 has affected the AGVs market majorly as it has increased the pace of adopting automation in different sectors. Issues such as disruption in supply chain and shortage of labour force to do the work encouraged the companies to look for effective ways hence they invested in AGVs for functions such as transportation and warehousing. In addition, the growth in the demand for e-commerce necessities enhances the requirement for automatic logistics solutions. Furthermore, concerns relating to health and safety made organizations adopt contactless procedures, which further increased the AGVs’ utility to organizations. The latter prompted market expansion and placed automation at the forefront of strategies post-COVID.

The major trends prevailing in the market of automated guided vehicles (AGVs) can be reviewed. There are new developments to independent movement, as well as, information processing with the help of artificial intelligence and machine learning technologies in order to improve the AGV systems. IoT has trended the fleet management by integrating its operations with that of the great technology known as IoT. Moreover, AGV’s are complemented by a more recent development of collaborative robots or cobots that enhance flexibility of warehouses. Another consideration is also sustainability, with the manufacturers inventing new models of energy saving vehicles. All these trends are already making waves and are forcing changes to occur in the area of logistics and manufacturing. The above-mentioned factors are driving the Automated Guided Vehicles market growth.

Automated guided vehicles (AGVs) market is highly dynamic due to developing technologies and continuously progressing automation in several sectors. This is based on increased demand for improved efficiency in transport and production processes as well as skilled human resource constraint in these industries. Some of the current developments in the design of AGVs are showing features such as LiDAR and computer vision to improve their functions. The actual connection between AGVs and WMS is enabling the enhancement of supply chain functions. Also, what has been seen as a long-term tendency, the market is reaching for creating electric and energy consuming models of manufacturing, will widen the potential of this market while taking into account the ecological factor.

Comprehensive Analysis Automated Guided Vehicles Market

Several categories for dividing the AGVs market are proposed in order to satisfy all the requirements the industry can provide. According to type the market can be divided as tow vehicles, automated forklift trucks, underride/tunneling vehicles, assembly line vehicles and other includes unit load carriers. These vehicles are identified through the navigation systems i.e Laser guided, Magnetic guided, Visionary guided, Wire guided and hence allows flexibility and accuracy under various terminologies. Functional smart vehicles convey different uses, including transportation and distribution, storage, as well as assembly, and packing. The most important fields using AGVs include automotive manufacturing, food & beverage, Internet retailing, and healthcare. Industry analysis reveals information about expansion opportunities of various geographical markets for AGVs, demonstrating its versatility across numerous manufacturing environments.

Among all the regions, North America has emerged as the largest market for automated guided vehicles (AGVs) due to stern capital laid on automation and better production technologies. The key industry players include Dematic and Oceaneering International; such players motivate innovations and healthy competition and drive the market growth. Industries in the region’s logistics and e-commerce sectors require effective material handling to support the high demand for AGVs to facilitate their operations. Furthermore, efforts to enhance the supply chain stability and establish operations cost efficiency make North America to be a strategic region on the implementation and development of AGVs.

Key players in this sector include Oceaneering International Inc (U.S.), Toyota Advanced Logistics (Japan), Daifuku Co., Ltd. (Japan), KION GROUP AG (Germany), Dematic (U.S.), Hyster-Yale Materials Handling, Inc. (U.S.), JBT (U.S.), Mitsubishi Caterpillar Forklift America Inc. (U.S.)

A key growth area within the scope of AGVs involves the use of AMRs which incorporate innovative sensor solutions together with artificial intelligence. These robots are for dynamic environments allowing the robot to find and work toward the goal while avoiding any obstacle in the path. Unlike the AGV’s used in common today, the AMRs do not require predefined route means they provide flexibility when used in the warehouse and manufacturing industries. On the same note, the incorporation of cloud-based management systems ensures that fleet operations are more harmonized and that businesses supply better information analysis so bumps in productivity can be addressed.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2030

Base Year 2022

Estimated Year 2023

Forecast Period 2023-2030

Historical Period 2019-2021

Growth Rate CAGR of 9.8% from 2023 to 2030

Unit Value (USD Billion)

By Type

Tow Vehicles

• Automated Forklift Trucks
• Underride/Tunneling Vehicles
• Assembly Line Vehicles
• Others (Unit Load Carriers)

By Navigation Technology

Laser Guided

• Magnetic Guided
• Vision Guided
• Others (Wire Guided)

By Application

Transportation & Distribution

• Storage & Assembly
• Packaging

By Industry

Automotive

• Food & Beverage
• E-commerce
• Others (Healthcare)

By Region

North America (By Type, Navigation Technology, Application, Industry, and Country)

• U.S. (By Type)
• Canada (By Type)
• Europe (By Type, Navigation Technology, Application, Industry, and Country)
• U.K. (By Type)
• Germany (By Type)
• France (By Type)
• Italy (By Type)
• Rest of Europe
• Asia Pacific (By Type, Navigation Technology, Application, Industry, and Country)
• China (By Type)
• Japan (By Type)
• India (By Type)
• Southeast Asia (By Type)
• Rest of Asia Pacific
• Middle East & Africa (By Type, Navigation Technology, Application, Industry, and Country)
• GCC (By Type)
• South Africa (By Type)
• Rest of Middle East & Africa
• South America (By Type, Navigation Technology, Application, Industry, and Country)
• Brazil (By Type)
• Argentina (By Type)
• Rest of South America

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