Automated Guided Vehicle Market

Analysts at GMI Research estimates that the Automated Guided Vehicle Market size reached USD 3.1 billion in 2022, and forecast to touch USD 6.5 billion in 2030, growing at a significant CAGR of 9.8% from 2023-2030 attributed to growing demand for automation in material handling processes.

To have the edge over the competition by knowing the market dynamics and current trends of “Automated Guided Vehicle Market,” request for Sample Report here

Major Automated Guided Vehicle Market Drivers

Global Automated Guided Vehicle Market is primarily driven by growing focus of companies on improving workforce safety and surge in the demand for automation in material handling in various industries. Workforce safety has become a major concern for companies working in different sectors such as construction, Automotive, manufacturing and logistics, as workers are required to work in environments, which can potentially cause threat to their personal safety. In these industries, incidences of accidents most commonly happen when workers are engaged in tasks such as loading, unloading and manual movement of goods. As per the report published by U.S. Bureau of Labor Statistics, in 2021, almost 1,032 workers died across United States, indicating an increase of 16.3% as compared to 2020. All of these workers were engaged in transportation and material handling occupations, major reason behind increase in fatalities is due to rise in the number of transportation incidents. While the construction and extraction occupation witnessed second highest occupational deaths in the country, reaching to 951 in 2021. Such accidents can be eliminated by the deploying automated guided vehicles and these vehicles will also help companies to reduce downtime and increase overall productivity of enterprises.

Small and medium enterprises operating in different verticals such as Food and Beverage, Pharmaceutical and E-commerce, have started investing in automated guided vehicles. Despite having limited funds, SMEs are investing more in automated guided vehicles to remain competitive in the market and improve their profitability and efficiency. Such trends are creating more growth opportunities of Automated Guided Vehicle (AGV) Market. Moreover, increase in the deployment of Industry 4.0 in warehouses and integration of advanced technologies such as telematics services and laser and optical navigation systems AGVs, are supplementing the market growth. AGVs are widely used in transportation sector as it offers round-the-clock-assistance, accuracy and minimizes labor cost. However, organizations operating in the retail and e-commerce industry are preferring to deploy mobile robots over AGVs for automating warehouse operations coupled with technical challenges associated with sensing elements are restraining the growth of the market.

Do you want to know more about the Research process and detailed Methodology, Request Research Methodology of this report

Based on AGV vehicle Types, Tow Vehicles held the largest market share in 2022

Tow vehicles are considered to most productive type of AGV owing to its ability to move heavier loads with multiple trailers. Tow vehicles can operate at a pre-programmed speed and are increasingly used in pallet operations which requires frequent long-distance deliveries. While Hybrid and customized AGVs are used to handle and move variety of industrial loads, which are used in material automation in warehouses.

Based on Technology, Laser Guidance segment is projected to dominate the market.

Companies are increasingly using laser guidance technology as it is easy to install and offers more security, flexibility, and precise navigation. Vision Guidance technology is gaining traction in the AGV Market due to growing need for intelligent routing solutions and technological advancements in computer vision and related software.

Manufacturing segment held a major share in 2022

Automated Guided Vehicles are increasingly used at manufacturing facilities to improve accuracy of workflow, prevent accidents and increase overall productivity of businesses. For instance, Gideon Brothers, robotics, and AI company deployed its AGV at Atlantic Grupa’s, logistic facility, which helped the company to increase throughput of the central facility.

In case, any of your paint points areas are not covered in the current scope of this report, Request for Customization here

Asia-Pacific region is estimated to grow at the fastest rate.

Asia-Pacific Automated Guided Vehicle Market is driven by increasing awareness amongst end users about the benefits of automation, rapid economic growth in the region, presence of the leading companies such as Daifuku, Toyota industries and JBT and government initiatives to boost the manufacturing industry.

European AGV Market is driven by growing demand for material handling equipment in the manufacturing industry and increasing automation in different industries. In addition, major companies across Europe are deploying automated robots to increase their productivity. For instance, in May 2021, Audi deployed its automated transport vehicle at its manufacturing plant at Neckarsulm, Germany to reduce unplanned stops.

Top AGV Companies

The major key players in the market include Daifuku Co., Ltd., JBT Corporation, Kion Group AG, KUKA AG, Toyota Industries Corporation, Hyster-Yale Materials Handling, Inc., Oceaneering International, Inc., E&K Automation GmbH, Kollmorgen Corp., Seegrid Corporation, SSI SCHÄFER FRITZ SCHÄFER GMBH among others.

Key Developments:

• • In March 2022, Oceaneering International added 3 Autonomous Mobile Robotics product in its portfolio namely UniMover D 100, UniMover O 600 and MaxMover CB D 2000. UniMover D 100, is a small underride vehicle, which will be used for transporting light goods such as boxes and trays.
  • In February 2021, Daifuku entered into a strategic partnership with AFT Industries, which is based out of Germany. This partnership focusses on leveraging material handling capabilities of both companies in the Automotive industry.
  • In April 2021, Toyota Industries created a new company called T-Hive. This company is formed as partnership between Toyota Industries and Toyota L&F, Bastian Solutions, Toyota Material Handling, Vanderlande and Raymond. T-Hive focusses on offering seamless movement, storage and distribution of goods throughout the supply chains.
  • In April 2019, Daifuku completed the acquisition of Vega Conveyor & Automation, which is based in India. Vega is engaged in different activities such as consulting, design, manufacture, installation, and after-sales service of conveyors and other material handling equipment.
  • In Mar 2019, JBT Corporation, a leading material handling company, entered into a partnership with Crown Equipment to provide its clients with increased access to their shared portfolio of automation capabilities.

Segments Covered in the Report:

The Global Automated Guided Vehicle market has been segmented based on the type, navigation technology, application, industry, and region. Based on type, the market is segmented into Tow vehicles, unit load carriers, pallet trucks, assembly line vehicles, forklift trucks, and others. Based on navigation technology, the market is segmented into laser guidance, magnetic guidance, inductive guidance, optical tape guidance, vision guidance, and others. Based on the application, the market is segmented into transportation, distribution, storage, assembly, packaging, and waste handling. Based on the industry, the market is segmented into automotive, manufacturing, food & beverages¸ aerospace, healthcare¸ logistics, retail, and other.

For detailed scope of the “Automated Guided Vehicle Market” report request a Sample Copy of the report

Market Segmentation

Global Automated Guided Vehicle Market by Type  

• • Tow Vehicles
  • Unit Load Carriers
  • Pallet Trucks
  • Assembly Line Vehicles
  • Forklift Trucks
  • Other Types

Global Automated Guided Vehicle Market by Navigation Technology 

• • Laser Guidance
  • Magnetic Guidance
  • Inductive Guidance
  • Optical Tape Guidance
  • Vision Guidance
  • Others

Global Automated Guided Vehicle Market by Application     

• • Transportation
  • Storage
  • Distribution
  • Assembly
  • Packaging
  • Waste Handling

Global Automated Guided Vehicle Market by Industry          

• • Automotive
  • Manufacturing
  • Food & Beverages
  • Aerospace
  • Healthcare
  • Logistics
  • Retail
  • Other

Global Automated Guided Vehicle Market by Region

• • North America Automated Guided Vehicle Market (Option 1: As a part of the free 25% customization)

    • By Type
    • By Navigation Technology
    • By Application
    • By Industry
    • US Market All-Up
    • Canada Market All-Up

  • Europe Automated Guided Vehicle Market (Option 2: As a part of the free 25% customization)

    • By Type
    • By Navigation Technology
    • By Application
    • By Industry
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Automated Guided Vehicle Market (Option 3: As a part of the free 25% customization)

    • By Type
    • By Navigation Technology
    • By Application
    • By Industry
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Automated Guided Vehicle Market (Option 4: As a part of the free 25% customization)

    • By Type
    • By Navigation Technology
    • By Application
    • By Industry
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating the Automated Guided Vehicle (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Daifuku Co., Ltd.
  • JBT Corporation
  • Kion Group AG
  • KUKA AG
  • Toyota Industries Corporation
  • Hyster-Yale Materials Handling, Inc.
  • Oceaneering International, Inc.
  • E&K Automation GmbH
  • Kollmorgen Corp.
  • Seegrid Corporation
  • SSI SCHÄFER FRITZ SCHÄFER GMBH