Automated Guided Vehicle Market Size to Hit USD 4.43 Billion, at a CAGR 9.8% | Fortune Business Insights
Automated Guided Vehicle Market to Grow at 9.8% CAGR from 2023 to 2030; Improved Stability and Control to Propel the Demand for Forklift Trucks: Fortune Business Insights™
Pune, India, Sept. 07, 2023 (GLOBE NEWSWIRE) — The global automated guided vehicle market size was valued at USD 2.12 billion in 2022. The market is anticipated to expand from USD 2.30 billion in 2023 to USD 4.43 billion by 2030, exhibiting a CAGR of 9.8% over the estimated period. The surge is attributed to the various advantages of Automated Guided Vehicle (AGV) such as improved product efficiency and the removal of human workforce from potentially dangerous situations. Fortune Business Insights™ provides this information in its research report, titled “Automated Guided Vehicle Market, 2023-2030”.
KEY INDUSTRY DEVELOPMENTS:
AFT Industries AG and Daifuku Co., Ltd. agreed to create a commercial relationship centered on deploying the material handling experience of both firms in the automobile sector.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 9.8% |
| 2030 Value Projection | USD 4.43 billion |
| Base Year | 2022 |
| Automated Guided Vehicle Market Share in 2022 | USD 2.12 billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 160 |
| Segments covered | By Type, By Navigation Technology, By Application, By Industry and By Region |
| Automated Guided Vehicle Market Growth Drivers | Increasing Material Handling Process from E-commerce Industry to Accelerate AGV Market Revenue |
| Transportation & Distribution to Have Highest Growth Due to Adoption in Various Industries |
COVID-19 Impact:
Industry Growth Boosted by the Rising AGV Adoption in Warehouses across Numerous Industries
The COVID-19 pandemic resulted in an upsurge in the adoption of automated guided vehicles owing across various industries. This was mainly on account of their working capabilities without physical contact. The vehicles were also adopted in the healthcare industry for combating the COVID-19 pandemic situation. These factors propelled industry expansion during the pandemic period.
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List of the Companies Operating in the Market:
- 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.)
- Crown Equipment Corporation (U.S.)
- Seegrid Corporation (U.S.)
Drivers and Restraints:
Market Value to Surge Driven by Increasing Product Demand in E-commerce Sector
The automated guided vehicle market growth is being impelled by the soaring product demand in the e-commerce sector. The advent of the Industry 4.0 has also led to the adoption of advanced technologies such as machine learning, the Internet of Things (IoT), and artificial intelligence.
However, lack of flexibility associated with automated guided vehicles may hinder industry expansion to some extent.
Report Coverage:
The report gives a comprehensive coverage of the key trends impelling the global industry landscape over the forthcoming years. It further delves into the prominent factors propelling market expansion throughout the projected period. These insights have been furnished after extensive research and data collation from credible sources.
Market Segmentation:
Automated Forklift Trucks Segment to Exhibit Notable Expansion Owing to Enhanced Stability
On the basis of type, the market is categorized into tow vehicles, automated forklift trucks, uunderride/tunneling vehicles, assembly line vehicles, and others (unit load carriers). Of these, the automated forklift trucks segment held a dominating share in the market and is expected to expand at a substantial CAGR over the study period. The expansion is impelled by extensive deployment of these vehicles owing to their enhanced control, storage capacity, and stability.
Laser Guided Navigation Segment to Register Substantial Growth Driven by Accurate Positioning Tolerances
Based on navigation technology, the market is categorized into magnetic guided, laser guided, vision guided, and others (wire guided). The laser guided segment is poised to expand at a substantial rate over the projected period. The surge is impelled by the growing product usage on account of the advantage of accurate positioning.
Transportation & Distribution Segment to Gain Traction Impelled by Rising Adoption in Numerous Industries
Based on application, the market is fragmented into storage & assembly, transportation & distribution, and packaging. The transportation and distribution segment is slated to exhibit appreciable growth over the estimated period. The upsurge is on account of the increasing product adoption in various facilities and industries.
Based on geography, the market for automated guided vehicle has been segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
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Regional Insights:
North America to Emerge as a Key Region Owing to Growing Reliance on New Technologies
The North America automated guided vehicle market share is poised to record appreciable growth over the estimated period. The rise is on account of the increasing adoption of new technologies by manufacturers driven by numerous advantages such as greater material throughput and lower operating costs.
The Asia Pacific market is slated to record lucrative growth throughout the study period. The expansion is due to the increasing adoption of AGV software for traffic management, transport management, and steering.
Competitive Landscape:
Major Industry Players Strike Various Deals to Strengthen Industry Footing
An array of strategies such as partnership agreements, mergers, collaborations, and others are being adopted by key market players for expanding their geographical footprints. Besides, companies are also focusing on the formation of alliances and R&D activities. Additional strategies include the development and launch of new solutions.
Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Automated Guided Vehicle Key Players Market Share Insights and Analysis, 2022
- Global Automated Guided Vehicle Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2019-2030
- Key Findings
- By Type (USD)
- Tow Vehicles
- Automated Forklift Trucks
- Underride/ Tunneling Vehicles
- Assembly Line Vehicles
- Others (Unit Load Carriers)
- By Navigation Technology (USD)
- Laser Guided
- Magnetic Guided
- Vision Guided
- Others (Wire Guided)
- By Application (USD)
- Transportation & Distribution
- Storage & Assembly
- Packaging
- By Industry (USD)
- Automotive
- Food & Beverage
- E-commerce
- Others (Healthcare, etc.)
- By Region (USD)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
- North America Automated Guided Vehicle Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2019-2030
- Key Findings
- By Type (USD)
- Tow Vehicles
- Automated Forklift Trucks
- Underride/ Tunneling Vehicles
- Assembly Line Vehicles
- Others (Unit Load Carriers)
- By Navigation Technology (USD)
- Laser Guided
- Magnetic Guided
- Vision Guided
- Others (Wire Guided)
- By Application (USD)
- Transportation & Distribution
- Storage & Assembly
- Packaging
- By Industry (USD)
- Automotive
- Food & Beverage
- E-commerce
- Others (Healthcare, etc.)
Continued…
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