Automated guided vehicle market

Automated Guided Vehicle Market, By Type (Tow Vehicles, Unit Load Carriers, Forklift Trucks, Assembly Line Vehicles, Pallet Trucks, and Others), By Navigation Technology (Laser Guidance, Magnetic Guidance, Inductive Guidance, Optical Tape Guidance, Vision Guidance, and Others), By End-use Industry (Automotive, Metals & Heavy Machinery, Food & Beverages, Chemicals, Healthcare, Semiconductors & Electronics, Aviation, E-commerce, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030

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Jan 2023
CMI4297
150 Pages
Excel & Pdf
Information and Communication Technology

Summary

An automated guided vehicle or an autonomous guided vehicle (AGV) is a material handling system that travels throughout a warehouse, manufacturing unit or distribution center without any human intervention. It is used to transport various materials such as rubber, plastic, paper, metal, and others. For instance, automated guided vehicles are used to transport materials from the warehouse to the production facility. Manufacturers are using an automated guided vehicle to make the process faster, accurate, and cost-efficient. AGV is used to reduce labor costs, increase productivity, and reduce product damages. Automated guided vehicles are majorly used in food and beverages, pharmaceuticals, chemical, semiconductor & electronics, retail, healthcare, and other industries. In addition, automated guided vehicles are used in the work-in-progress application and with finished goods to support manufacturing and production units. Due to increasing competition across industries, many manufacturing industries are adopting automated guided vehicles that increases efficiency of large scale operations.

The Global Automated Guided Vehicle Market is estimated to account for US$ 4,097.5 Mn in terms of value by the end of 2030.

Recent Developments:

On March 2019, Crown Equipment Corporation, a U.S.-based material handling equipment company, announced collaboration with JBT, a U.S company that provides automated guided vehicles. Through this collaboration, JBT products help clients to maximize the benefits of material handling automation and achieve high return on investments.

Automated Guided Vehicle Market Report Coverage

Report Coverage	Details
Base Year:	2021	Market Size in 2021:	US$ 2,100 Mn
Historical Data for:	2017 to 2020	Forecast Period:	2022 to 2030
Forecast Period 2022 to 2030 CAGR:	7.8%	2030 Value Projection:	US$ 4,097.5 Mn
Geographies covered:	By Region: North America, Europe, Asia Pacific, Latin America, Middle East and Africa
Segments covered:	By Type: Tow Vehicles, Unit Load Carriers, Forklift Trucks, Assembly Line Vehicles, Pallet Trucks, and Others By Navigation Technology: Laser Guidance, Magnetic Guidance, Inductive Guidance, Optical Tape Guidance, Vision Guidance, and Others By End-use Industry: Automotive, Metals & Heavy Machinery, Food & Beverages, Chemicals, Healthcare, Semiconductors & Electronics, Aviation, E-commerce, and Others
Companies covered:	JBT, KION GROUP AG, KUKA AG, TOYOTA INDUSTRIES CORPORATION, Hyster-Yale Materials Handling, Inc., Schaefer Systems International Pvt Ltd., E&K AUTOMATION LIMITED, Oceaneering International, Inc., Murata Machinery, Ltd., KNAPP AG, Swisslog Holding AG, Dematic, Bastian Solutions, Inc., Daifuku Co., Ltd., Seegrid Corporation, Fetch Robotics, Inc., inVia Robotics, Inc., Crown Equipment Corporation, and Meidensha Corporation.Samemax Refrigeration Sdn Bhd., GE Corporation, PT. Royal Sutan Agung, Hoshizaki Singapore Pte Ltd., and Midea Group.
Growth Drivers:	Increasing demand for automation and automated guided vehicles The integration of industry 4.0 in the automation system
Restraints & Challenges:	High installation cost

Market Driver:

The increasing demand for automation and automated guided vehicles (AGV) is expected to drive the market growth significantly during the forecast period

An automated guided vehicle is considered as the most reliable solution for material handling, which in turn, increases the production capacity of many industries. This material handling equipment is used to minimize physical damages to the goods that are usually caused by human operators and also, increases the efficiency in the production. Automated guided vehicles are used in many industries such as logistics, automotive, food & beverages, and others. The increasing need for high efficiency, reducing production time, less human error, enhanced safety, and increasing accuracy are some of the factors that are expected to drive the market growth during the forecast period.

Restraint:

The major factor restraining growth of the global automated guided vehicle market is high installation and maintenance cost. Huge capital is needed to install an automated guided vehicle. The high cost of AGV can discourage manufacturing companies to install high-end vehicles. The cost of maintaining automated guided vehicle vary from age, type, and location. For instance, automated guided vehicles are used in manufacturing, chemical, and construction industries that require high maintenance costs. Thus, it becomes difficult for companies to invest in AGVs due to high capital spending. This, in turn, is expected to hinder growth of the automated guided vehicle market over the forecast period.

Global Automated Guided Vehicle Market - Impact of Coronavirus (Covid-19) Pandemic:

Due to the COVID-19 pandemic, players operating in the manufacturing industry have witnessed a positive shift in their business. Non-availability of labor and issues in the transportation of goods have increased demand for industrial robots in the manufacturing industry. For instance, in March 2020, according to Coherent Market Insights’ analysis, 140 million migrant people migrated to their native hometown from cities in India. Thus, due to the shortage of labor, the demand for automated guided vehicles has increased in order to minimize cost on manpower and save time for each operation. To minimize the transmission of virus, companies are using automated guided vehicle in order to contain the spread of coronavirus. This is expected to facilitate demand for automated guided vehicles in the near future.

Figure 1. Global Automated Guided Vehicle Market, Revenue Share (%), By Region, 2021

Market Trends

Trend

E-commerce companies in developed and emerging economies are adopting automated guided vehicles to enhance productivity and reduce labor costs. Companies such as Amazon.com Inc., Walmart, Alibaba, and Flipkart are focusing on automation in order to reduce operating costs and increase efficiency. For instance, in March 2019, Flipkart, an Indian e-commerce company, launched the first automated guided vehicle in Bengaluru. AGV helped Flipkart to meet growing customer demand and provide faster delivery and enhance user online experience. The automated guided vehicle is used to help operators to process or complete 4,500 shipments per hour with high accuracy.

Figure 2: Global Automated Guided Vehicle Market (US$ Mn) Analysis and Forecast, 2022 - 2030

Global Automated Guided Vehicle Market was valued at US$ 2100 Mn in 2021 and is expected to reach US$ 4097.5 Mn by 2030, growing at a CAGR of 7.8% between 2022 and 2030.

Major players operating in the Global Automated Guided Vehicle Market are JBT, KION GROUP AG, KUKA AG, TOYOTA INDUSTRIES CORPORATION, Hyster-Yale Materials Handling, Inc., Schaefer Systems International Pvt Ltd., E&K AUTOMATION LIMITED, Oceaneering International, Inc., Murata Machinery, Ltd., KNAPP AG, Swisslog Holding AG, Dematic, Bastian Solutions, Inc., Daifuku Co., Ltd., Seegrid Corporation, Fetch Robotics, Inc., inVia Robotics, Inc., Crown Equipment Corporation, and Meidensha Corporation.Samemax Refrigeration Sdn Bhd., GE Corporation, PT. Royal Sutan Agung, Hoshizaki Singapore Pte Ltd., and Midea Group.

Table of Content

Table of Contents

*Browse 60 market data tables and 40 figures on "Global Automated Guided Vehicle Market- forecast to 2030”.

Segmentation

Detailed Segmentation

- Frequently Asked Questions -

What is the expected market size of the Global Automated Guided Vehicle Market in 2030?

Global Automated Guided Vehicle Market is expected to reach US$ 4097.5 Million by 2030.

What is the expected compound annual growth rate (CAGR) of the Market during the forecast period (2022-2030)?

The Market is expected to witness a CAGR of 7.8% during the forecast period (2022-2030).

What is the primary factor contributing to the growth of the Market?

Major factor driving the growth of Market during the forecast period is Increasing demand for automation and automated guided vehicles

Based on Type, which segment held the largest market share in the Market in 2021?

automotive segment held the major market share in 2021 owing to increased consumption of soft drinks and nonalcoholic cool beverages.

Who are the key players operating in the Market?

Key players operating in the Global Automated Guided Vehicle Market are JBT, KION GROUP AG, KUKA AG, TOYOTA INDUSTRIES CORPORATION, Hyster-Yale Materials Handling, Inc., Schaefer Systems International Pvt Ltd., E&K AUTOMATION LIMITED, Oceaneering International, Inc., Murata Machinery, Ltd., KNAPP AG, Swisslog Holding AG, Dematic, Bastian Solutions, Inc., Daifuku Co., Ltd., Seegrid Corporation, Fetch Robotics, Inc., inVia Robotics, Inc., Crown Equipment Corporation, and Meidensha Corporation