Automated Guided Vehicle Market To Grow At 10.2% CAGR By 2030, Due To Rising Adoption Of Material Handling Equipment And Automation Solutions In Various Industries | Grand View Research, Inc.
Automated Guided Vehicle Industry Overview
The global automated guided vehicle market size was valued at USD 3.81 billion in 2021 and is expected to reach USD 9.38 billion by 2030, at a CAGR of 10.2% from 2022 to 2030.
Automated guided vehicle (AGV) systems assist to move and transport items in manufacturing facilities, warehouses, and distribution centers without any permanent conveying system or manual intervention. It follows configurable guide paths for optimization of storage, picking, and transport functions in the environment of premium space.
AGVs are being highly adopted owing to several benefits, such as reduced labor costs, reduced product damage, increased productivity, and scale to support automation processes. These notable advantages are encouraging the transportation and logistics firms to deploy AGVs in order to boost the efficiency of their operations. For instance, in May 2021, AUDI AG stated that they use AGVs in their manufacturing centers which helps them indirectly plan the production process to know which component is out of stock and needs to be available. Further, it also helps in carrying items supply trolleys which helps them maintain safety.
Gather more insights about the market drivers, restrains and growth of the Global Automated Guided Vehicle Market
Retailing and other logistics-related companies are collaborating and partnering with tech giants to transform the material handling industry. For instance, in November 2021, OTSAW Digital Pte Ltd, an autonomous mobile robot solution, partnered with Swisslog Healthcare to develop automated guided vehicles for the healthcare sector to enable better patient care. Further, this partnership would expand their business by deploying AGV in Asia Pacific, Europe, and MEA. Besides, in February 2022, Siemens, a Germany-based industrial manufacturer, partnered with Parmley Graham Ltd. and AR Controls to build, design, and manufacture automated guided vehicles. The partnership and the launch of AGV would bring a lot of advantages such as low labor costs, reduced risk of workplace injury, logistics management, and faster delivery.
Furthermore, retail and commerce-based companies and businesses are deploying collaborative robots in their warehouses and expanding their businesses through acquisitions of large-scale cobot providers. For instance, in February 2022, SAVE MART SUPERMARKETS, a grocery store company, partners with Starship Technologies, a provider of autonomous delivery vehicles. The initiative aims to deliver groceries using the starship robot, a combination of artificial intelligence and machine learning. With the installation of the starship robot, SAVE MART SUPERMARKETS expanded its delivery area. Besides, in August 2021, Alta Equipment Company, a prominent solution provider for construction equipment, industrial forklifts material handling, and warehouse solutions, partnered with Vecna Robotics, an autonomous mobile robotics company and a provider of workflow optimization solutions and logistics automation. This partnership would deliver an autonomous mobile robotic solution to its customers for integrated-pallet handling, safe and versatile. The partnership aims to expand the Vecna Robotics business, whereas Alta Equipment would serve its customers with innovative class materials handling equipment. Further, in July 2021, ABB automation company, a Swedish multination corporation, acquired ASTI Mobile Robotics, specializing in automation solutions. This acquisition would let ABB expand into new industry segments by offering an automation portfolio.
Automated guided vehicles are being used in various end-use industries, such as logistics, automotive, healthcare, manufacturing, food & beverages, and others. Increased productivity and reduced labor costs are the key factors driving the need for industrial equipment. The demand for AGVs is expected to grow owing to the increasing automation in industries. Increasing industrialization has led to the continuous need for customized material handling and transport solutions for fueled efficiency. For instance, in November 2021, JBT, a technology solutions provider in the food and beverage industry, acquired Urtasun Technologia Alimentaria, a provider of vegetable and fruit processing solutions. This acquisition aims to scale JBT’s business globally by providing automated solutions in the food industry and letting Urtasun Technologia Alimentaria expand its product offerings.
Automated Guided Vehicle Market Segmentation
Based on the Vehicle Type Insights, the market is segmented into Tow Vehicle, Unit Load Carrier, Pallet Truck, Forklift Truck, Hybrid Vehicles and Others.
- The tow vehicle segment dominated the market in 2021 and accounted for a revenue share of over 40%.
- The unit load carrier segment is expected to rise at the fastest CAGR of 12.4% over the forecast period.
Based on the Navigation Technology Insights, the market is segmented into Laser Guidance, Magnetic Guidance, Vision Guidance, Inductive Guidance, Natural Navigation and Others.
- The laser guidance segment dominated the market in 2021 and accounted for a revenue share of over 35%.
- The natural navigation segment is expected to expand at the fastest CAGR of 17.4% over the forecast period.
Based on the Application Insights, the market is segmented into Logistics and Warehousing, Assembly, Packaging, Trailer Loading and Unloading, Raw Material Handling and Others.
- The logistics and warehousing segment dominated the market in 2021 and accounted for a revenue share of over 40%.
- The assembly segment is expected to witness the fastest CAGR of 13.1% over the forecast period.
Based on the End-Use Industry Insights, the market is segmented into Manufacturing Sector and Wholesale and Distribution Sector.
- The manufacturing segment dominated the market in 2021 and accounted for a revenue share of over 75%.
- Wholesale and distribution sector segment is expected to witness the fastest CAGR of 12.2% over the forecast period.
Based on the Component Insights, the market is segmented into Hardware, Software and Service.
- The hardware segment dominated the market in 2021 and accounted for a revenue share of over 70%. The growth can be attributed to the increasingly deployed collaborative robots for reduced human labor and repetitive tasks in manufacturing or distribution facilities.
- The service segment is expected to witness the fastest CAGR of 11.7% over the forecast period. The growth can be attributed to the growing demand among the end-users for various services, which include preventive and corrective maintenance, vehicle and software health check, and training employees involved directly or indirectly with the operation of AGVs.
Based on the Battery Type Insights, the market is segmented into Lead Battery, Lithium-Ion Battery, Nickel-based Battery and Others.
- The lead battery segment dominated the market in 2021 and accounted for a revenue share of over 60%. These batteries have low-cost advantages over other battery types.
- The lithium-ion battery segment is expected to witness the fastest CAGR of 15.8% over the forecast period.
Based on the Automated Guided Vehicle Regional Insights, the market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa (MEA).
- The Europe region dominated the market in 2021 and accounted for a revenue share of over 31%. Besides, the European regional market is projected to remain the dominating regional market over the forecast period.
- Asia Pacific region is expected to expand at the fastest CAGR of 11.2% over the forecast period. The e-commerce industry has been growing considerably in emerging economies of the Asia Pacific region, such as China and India.
Market Share Insights:
- March 2022: Seegrid Corporation, an autonomous mobile robot provider, partnered with ROBEX. This initiative towards partnership would allow Seegrid Corporation to expand its business, and clients of ROBEX would also be introduced to Seegrid Corporation products. Further, this would help grow the demand for automation in supply chain management.
- October 2021: Shenzhen Casun Intelligent Robot Co., Ltd., an automation machinery manufacturing company, launched CASUN Intelligent Robot “little giant.” The CASUN’s self-deployed intelligent control lets AGV perform in and out of the warehouse to achieve and fulfill the loading and unloading in various industries.
Key Companies Profile:
Increasing collaborations and mergers & acquisitions are expected to maximize the environmental and economic benefits for the market players by enabling them to share ideas and enhance their internal skills and technologies.
Some prominent players in the global Automated Guided Vehicle market include
- Swisslog Holding AG
- Egemin Automation Inc.
- Bastian Solutions, Inc.
- Daifuku Co., Ltd.
- Seegrid Corporation
- TOYOTA INDUSTRIES CORPORATION
- Hyster-Yale Materials Handling, Inc.
- E&K Automation GmbH
- 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)
Order a free sample PDF of the Automated Guided Vehicle Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Address:Grand View Research, Inc. 201 Spear Street 1100 San Francisco, CA 94105, United States
City: San Francisco
Country: United States