Automated Guided Vehicle Market by Type(Tow Vehicles, Unit Load Carriers, Pallet Trucks, Assembly Line Vehicles, Forklift Vehicles, and Other Types), byNavigation Technology (Laser Guidance, Magnetic Guidance, Inductive/Wire Guidance, Optical Tape Guidanc

Automated Guided Vehicle Market by Type(Tow Vehicles, Unit Load Carriers, Pallet Trucks, Assembly Line Vehicles, Forklift Vehicles, and Other Types), byNavigation Technology (Laser Guidance, Magnetic Guidance, Inductive/Wire Guidance, Optical Tape Guidance, Vision Guidance, and Other Technologies), by Payload Capacity (Low, Medium , and High) , by Battery Type (Lead Battery, Lithium-ion Battery, Nickel-based Battery, and Others), by Mode of Operation (Indoor, and Outdoor), by Application (Logistics and warehousing, Assembly, Packaging, Trailer loading & unloading, Raw material handling, and Other Applications), and by Industry Verticals (Automotive, Metals & Heavy Machinery, Railways, Semiconductors & Electronics, Chemicals, Healthcare, Aviation, E-commerce & Logistics, Food &Beverages, and Other Verticals)- Global Opportunity Analysis and Industry Forecast, 2022 – 2030

Market Definition

The Automated Guided VehicleMarketsizewas valued at 4.02 billion in 2021 and is predicted to reach 8.66 billion by 2030 with a CAGR of 8.9% from 2022-2030. Automated guided vehicle are the material handling automated machines that are programmed to move carts, trays, and pallets in different warehousing and manufacturing facilities. The automation through automated guided vehicle (AGV) aids the requirement for material handling capacity, decreasing production time in the process. Also, the chances of human errors in production decrease drastically, ensuring increased volume of production, accuracy, and improved safety.It enables computerized control of received assembled parts, in-time delivery of raw material, and tracking of shipped articles. Moreover, it helps store, distribute, and transport material without human intervention; thereby, ruling out the possibilities of injuries to workers and damage to products. Companies such as Walmart and Amazon are focusing on the automation of material handling process to reduce operation cost and increase the inventory size.

Market Dynamics and Trends

The global increasing demand of automated guided vehicle market is projected to be driven by rise in demand for material handling through automated solutions across industries. Also,the demand for automation is increasing in the healthcare, e-commerce, automotive, and food industries owing to the overall requirement for product efficiency. AGV-enabled industrial facility automation help to meet the required material handling capacity while saving production time and reducing the risk of human error. Moreover, rise in urbanization, and significant rise in industrial production is expected to propel the growth of the market during the forecast period. Furthermore, the increase in demand for automation and automated guided vehicles in various industries such as Elettric 80, Daifuku Webb, and JBT Corporation along with rise in safety, accuracy, and productivity drive growth of the market in the upcoming years.

However, high initial investment costs and lack of skilled labor is expected to restrain the growth of market during the forecast period. On the other hand,the adoption of Industry 4.0 technologies in warehousing is capable of converting an industrial facility into an autonomous plant. It will combine theindustrial automation solutions, computers, and robotics to form a single automated unit and the network of connected devices that can creates a smart architecture capable for making decentralized decisions. This is expected to create lucrative growth opportunities for the automated guided vehicle market players in future.

Market Segmentations and Scope of the Study

The automated guided vehicle market size has been segmented based on type, navigation technology, payload capacity, battery type, mode of operation, application, industry verticals, and geography. Based on type, the market is divided intotow vehicles, unit load carriers, pallet trucks, assembly line vehicles, forklift vehicles, and other types. Based on navigation technology, the market is bifurcated into laser guidance, magnetic guidance, inductive/wire guidance, optical tape guidance, vision guidance, and other technologies. Based on payload capacity, the market is divided into low (below 250 kg), medium (251kg to 1000 kg), and high (more than 1000 kg). Based on battery type, the market is divided into lead battery, lithium-ion battery, nickel-based battery, and others. Based on mode of operation, the market is categorized into indoor, and outdoor. The application segment is classified into logistics and warehousing, assembly, packaging, trailer loading & unloading, raw material handling, and other applications. Based on industry verticals, the market is divided into automotive, metals & heavy machinery, railways, semiconductors & electronics, chemicals, healthcare, aviation, e-commerce & logistics, food &beverages, and other verticals. The automotive segment is further sub-segmented into press shop, and assembly line. The railways are further sub-segmented into maintenance, transport, and manufacturing. The geography breakdown and analysis of each of the aforesaid segments includes regions comprising of North America, Europe, Asia-Pacific, and ROW.

Geographical Analysis

North America holds the lion share ofglobal automated guided vehicle market and is expected to continue dominating the market during the forecast period. The North America has emerged as the largest regional market in 2020due to increase in expenditure across the U.S. and Canada. In addition, the U.S is witnessing continuous growth in import and export activities. Moreover, the modern manufacturing facilities in North America rely on technological innovation to maximize the product’s quality. Automation has gained major importance to improve the customer-fulfillment side of operations, particularly for retail and e-commerce, especially due to longer onboarding and training, and shortages in labor. According to the Bureau of Labor Statistics, in 2020, the total number of warehouses in the U.S. were 19,190 as compared to 18,736 in 2019; thereby, driving the market.

However,Asia Pacific is expected to show a steady rise in the automated guided vehicle market due to the easy availability of affordable automation services as there are highly fragmented market and rising production in the automobile sector. Also, with the growing e-commerce demand in emerging countries such as Japan, China, and India, the e-commerce companies have been deploying automated guided vehicles at their warehouses.

Competitive Landscape

The automated guided vehicle market comprises of various players such as AGILOX, ASTI, AVT, Toyota Forklift, DS Automotion, EK Robotics, SeegridCorporation, MIR, Nipper, OTTO Motors, Rethink Robotics, Stanley Innovation, and Husarion. These manufacturers are actively indulging in R&D initiatives, product & technology innovations, and industrial collaborations to enhance their product and increase their growth as well as geographical reach. For instance, in December 2020, Toyota Forklift had announced that they have introduced two new autonomous warehouse vehicles that are core tow tractor automated forklifts and center-controlled riderin partnership with Toyota Advanced Logistics firm. These autonomous mobile robots were designed for manufacturing facilities and distribution center operations where tasks are highly standardized, and easily completed without the help of advanced human management.

KEY MARKET SEGMENTS
Automated Guided Vehicle- By Type
Tow Vehicles
Unit Load Carriers
Pallet Trucks
Assembly Line Vehicles
Forklift Vehicles
Other Types
Automated Guided Vehicle- By Navigation Technology
Laser Guidance
Magnetic Guidance
Inductive/Wire Guidance
Optical Tape Guidance
Vision Guidance
Other Technologies
Automated Guided Vehicle- By Payload Capacity
Low (Below 250 Kg)
Medium (251Kg to 1000 Kg)
High (More than 1000 Kg)
Automated Guided Vehicle- By Battery Type
Lead Battery
Lithium-ion Battery
Nickel-based Battery
Others
Automated Guided Vehicle- By Mode of Operation
Indoor
Outdoor
Automated Guided Vehicle- By Application
Logistics and warehousing
Assembly
Packaging
Trailer loading & unloading
Raw material handling
Other Applications
Automated Guided Vehicle- By Industry Verticals
Automotive
Press Shop
Assembly line
Metals & Heavy Machinery
Railways
Maintenance
Transport
Manufacturing
Semiconductors & Electronics
Chemicals
Healthcare
Aviation
E-commerce & Logistics
Food &Beverages
Other Verticals
Automated Guided Vehicle- By Region
North America
U.S.
Canada
Mexico
Europe
Germany
France
Italy
Spain
UK
Russia
Sweden
Norway
Denmark
Netherlands
Finland
Rest of Europe
Asia Pacific
China
Japan
India
Australia
South Korea
Taiwan
Singapore
Vietnam
Rest of Asia-Pacific
Rest of the World
Brazil
South Africa
Nigeria
Israel
KSA
Turkey
Remaining Countries