The global automated guided vehicle market size is expected to reach USD 9.38 billion by 2030, registering a compound annual growth rate (CAGR) of 10.2% from 2022 to 2030. Automated guided vehicles (AGVs) are widely employed to transport raw materials within distribution, warehouses, and manufacturing facilities. There are numerous operations performed in a manufacturing facility and AGV ensures the safe transfer of materials, thereby disregarding any potential production disruptions.
AGVs can operate safely around heavy machinery, structures, and employees since they are equipped with LiDAR sensors and high-end cameras, thus, making it possible to identify junctions and floor signs and escape any collisions. Furthermore, these vehicles offer advantages such as reduced labor costs, higher production, less product damage, and grants a platform to incorporate automation operations in the modern manufacturing sector. These aspects are motivating the logistics and transportation companies to use AGVs for improving the efficacy of their operations. For example, in May 2021, Audi AG stated that they employ AGVs to optimize their production process, allowing them to keep a log of components that are likely to run out of stock and requires restocking. Similar developments are fueling the market growth.
To enhance the material handling sector, internet titans are engaging with retailers and other logistics-related businesses. For instance, in November 2021, Swisslog Healthcare and OTSAW Digital Pte Ltd, an autonomous robot solution, collaborated to create automated guided vehicles for the healthcare industry. These vehicles are expected to improve patient care. This partnership is set to strengthen AGV adoption in Asia Pacific, Europe, and MEA, in turn, drive product sales.
Nearly every business worldwide has experienced economic setbacks due to the unprecedented COVID - 19 outbreak. The strategic lockdown imposed by governments to arrest the spread of COVID-19 resulted in economic loss and a production gap in products. Despite the shortfall, the pandemic has also presented numerous opportunities for the market players. For instance, in February 2022, Aerotech US. introduced the AGV-XPO galvo scanner, a laser head that supports the designing of complicated medical technology components with great precision. AGVs from Techmotion are also available through WEWO for the transportation of sterile items, food, medications, and medical equipment. Additionally, these AGVs are employed for flows, controlled material validation, and cleaning rooms.
Automated Guided Vehicle Market Report Key Takeaways
- Based on vehicle type, the tow vehicle segment dominated the AGV market in 2021 and accounted for a share of more than 40%
- The laser guidance navigation technology segment captured a market share of over 35% in 2021 and is anticipated to emerge as the fastest-growing segment during the forecast period, registering a CAGR of 17.4%
- The logistics and warehousing application segment emerged as the leading segment in 2021, with a market share of 40%. The logistics and warehousing segment has been further categorized into wholesale & distribution, cold storage, transportation, and cross-docking
- Modern retrieval and automated storage systems are being aggressively adopted by businesses as they renovate their current facilities and construct new ones in order to moderate labor costs and increase productivity
- The assembly application segment is expected to showcase the highest CAGR of 13.1% during the forecast period
- Geographically, Europe accounted for the maximum revenue share of 31% in 2021 and is projected to continue its dominance during the forecast period
- In February 2022, the German industrial manufacturer Siemens joined forces with Parmley Graham Ltd. and AR Controls to develop automated guided vehicles. Numerous benefits, including lower labor expenses, a lower chance of workplace accidents, better logistics control, and quicker delivery, would result from the agreement and the introduction of the AGV
Automated Guided Vehicle Market Segments
- Automated Guided Vehicle Type Outlook (Revenue, USD Million, 2017 - 2030)
- Tow Vehicle
- Unit Load Carrier
- Pallet Truck
- Forklift Truck
- Hybrid Vehicles
- Others
- Automated Guided Vehicle Navigation Technology Outlook (Revenue, USD Million, 2017 - 2030)
- Laser Guidance
- Magnetic Guidance
- Vision Guidance
- Inductive Guidance
- Natural Navigation
- Others
- Automated Guided Vehicle Application Outlook (Revenue, USD Million, 2017 - 2030)
- Logistics and Warehousing
- Transportation
- Cold Storage
- Wholesale & Distribution
- Cross-docking
- Assembly
- Packaging
- Trailer Loading and Unloading
- Raw Material Handling
- Others
- Automated Guided Vehicle End-Use Industry Outlook (Revenue, USD Million, 2017 - 2030)
- Manufacturing Sector
- Automotive
- Aerospace
- Electronics
- Chemical
- Pharmaceuticals
- Plastics
- Defense
- FMCG
- Tissue
- Others
- Wholesale and Distribution Sector
- E-commerce
- Retail Chains/Conveyance Stores
- Grocery Stores
- Hotels and Restaurants
- Automated Guided Vehicle Component Outlook (Revenue, USD Million, 2017 - 2030)
- Hardware
- Software
- Service
- Automated Guided Vehicle Battery Type Outlook (Revenue, USD Million, 2017 - 2030)
- Lead Battery
- Lithium-Ion Battery
- Nickel-based Battery
- Others
- Automated Guided Vehicle Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- South America
- Middle East and Africa (MEA)
- List of Key Players of the Automated Guided Vehicle Market
- Swisslog Holding AG
- Egemin Automation Inc.
- Bastian Solutions, Inc.
- Daifuku Co., Ltd.
- Dematic
- JBT
- Seegrid Corporation
- TOYOTA INDUSTRIES CORPORATION
- Hyster-Yale Materials Handling, Inc.
- BALYO
- E&K Automation GmbH
- Kollmorgen
- KMH Fleet Solutions
- ELETTRIC80 S.P.A.
- Fetch Robotics, Inc.
- inVia Robotics, Inc.
- Locus Robotics
- Schaefer Systems International, Inc.
- System Logistics Spa
- Transbotics (A division of Scott Systems International Incorporated)
