Market Insights:
Automated guided vehicles market is valued at USD 13.1 Billion in 2022, registering a CAGR of 7.2% during the forecast period (2022-2030), and the market is expected to surpass USD 24.5 Billion by 2030.
Automated guided (AGV) vehicles are referred to as self-guided vehicles or autonomous guided vehicles which are load carriers and material handling systems. These automated guided vehicles are utilized for many different applications including the transportation of finished goods, raw materials, or work-in-progress goods coupled with the handling and lifting of products. The AGV systems aid in transporting items in manufacturing factories, distribution centers, and warehouses without any fixed conveying system and manual interventions. Furthermore, it follows guide paths for the optimization of transport, storage, and picking functions in the surroundings of premium space.
Automated guided vehicles are being extensively opted for due to multiple advantages, such as low labor costs, low product damage, grown productivity, and scale to assist automation procedures. These notable benefits are propelling the logistics and transportation firms to deploy AGVs in order to increase the efficiency and effectiveness of their operations. Additionally, retail and commerce-based firms and businesses are deploying robots that are collaborative in their warehouses for extending their businesses. The European market is expected to contribute the largest market share as compared to other regions. The numerous established automobile manufacturing facilities in this region utilize these automated vehicles in their manufacturing procedures. Followed by the European region, the Asia Pacific region is the second largest holder of the market share across the world due to the growing adoption and awareness in manufacturing plants across developing nations like India and China.
Market Dynamics:
Driver
Increasing requirements for automation in several manufacturing facilities and industries is the major factor that drives the market. Additionally, a decrease in human efforts along with the surge in human safety is another factor that is increasing the demand for automated guided vehicles. Further, the growth in urbanization is directly proportionate to the increase in the population. Rising urbanization and the extension of significant industries like logistics, construction and automotive support the surged sales of AGVs. Moreover, bulk manufacturing throughout important industries and sectors also propels the demand for AGVs. Thus, the above-mentioned factors propel the growth of the automated guided vehicles market.
Restraint
As with any kind of new technological investment, the deployment of this new technology is costly which restrains the start-up costs for AGVs. Additionally, the hardware of AGV requires a guidance system to be installed, whose cost fluctuates depending on the software utilized by the AGV and the size of the factories. An AGV consists of a complex machine combined with multiple software and sensors to be operated if you are utilizing a highly specialized and customized unit, repairs and replacements could take more time. The above-mentioned factors are the factors that hamper the growth of the automated vehicles market during the forecast period.
COVID-19 Impact
COVID-19 harmed the market of automated guided vehicles in multiple regions of the world. Furthermore, the shutdown of manufacturing industries all over the globe has led to a decreased demand for AGVs. This has impacted the market drastically. Additionally, the pandemic is responsible for a huge drop in revenue and profits for the manufacturing sector. Business entities have experienced an important cut down of their staff further resulting in a loss of manufacturing activities. However, post-pandemic, there was a positive effect on the growth of the market due to the rise in industrial manufacturing processes.
Automated guided vehicles Report Coverage:
| Report Attributes | Report Details |
| Study Timeline | 2016 – 2030 |
| Market Size in 2030 (USD Billion) | 24.5 Billion |
| CAGR (2022-2030) | 7.2% |
| By Vehicle Type | Tow Vehicle, Unit Load Carrier, Pallet Truck, Forklift Truck |
| By Navigation Technology | Laser Guidance, Magnetic Guidance, Vision Guidance, Inductive Guidance |
| By Battery type | Lead Battery, Lithium-Ion Battery, Nickel-based Battery |
| By Application | Logistics and Warehousing, Assembly, Packaging, Trailer Loading and Unloading, and Raw Material Handling. |
| By End-use | Manufacturing Sector, Wholesale and Distribution Sector |
| By Geography | North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa |
| Key Players | 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 |
Market Segment Analysis:
By Vehicle Type
Based on vehicle type, the market is segmented into unit load carriers, tow vehicles, pallet trucks, and forklift trucks. The tow vehicle type segment dominated the market in the year 2021 and is credited for a revenue share of more than 35%. Moreover, the unit load carrier sector is anticipated to increase at the fastest growth during the forecast period. The unit load AGVs are utilized for delivering large containers, pallets, and roll handling. Also, it avails the ability to organize the task effectively by decreasing aisle traffic and damage to the product. These AGVs are exceptional for repetitive tasks, hazardous areas, and long distances. As they are autonomous robots, they reduce the need for human labor along with the safety of workers. Product delivery and trackable timing are the extra advantages of unit load carriers that make them efficient for the movement of enormous products.
By Navigation Technology
The navigation segment is divided into laser guidance, magnetic guidance, vision guidance, and inductive guidance. The laser guidance segment has dominated the automated guided vehicles market in 2021 and is credited with a revenue share of more than 30%. Moreover, the natural navigation segment is anticipated to extend at the fastest over 17.5% during the forecast period. Typically, the vision guidance sector is anticipated to observe growth during the forecast period. The requirement for efficient and intelligent routing is attributed to the growing utilization of automated vehicles. Modernization in computer vision and affiliated software solutions are enabling AGVs to analyze the surrounding environment in real-time, therefore growing demand for AGVs for functioning in multiple challenging environments, like maneuvering vital components.
By Battery Type
The battery type is segmented into the lead battery, lithium-ion battery, and nickel-based battery. The lead battery sector dominated the market in 2021 and credited with a revenue share which is greater than 50%. Furthermore, these batteries are low in cost compared to other types of batteries. It also provides good stable voltage, good reversibility, and long service life, and is acceptable for an extended range of utilizations. Moreover, the lithium-ion battery sector is anticipated to observe the fastest rate of growth during the forecast period. Typically, The AGVs market is observing a successive switch from lead-acid to lithium-ion type of batteries. Compared to lead-acid batteries, lithium-ion batteries are more expensive. These batteries are highly efficient, high performing, low maintenance, and fast charging.
By Application
The application segment of the market is divided into assembly, logistics and warehousing, packaging, trailer loading and unloading, and raw material handling. The segment of logistics and warehousing has dominated the market in 2021. The warehousing and logistics sector has been segmented further into wholesale & distribution, transportation, cold storage, and cross-docking. Businesses advancing their existing facilities and adopting new facilities are aggressively observed in modern automated and retrieval storage systems and material handling equipment to boost efficiency, and productivity and save labor costs. Moreover, the assembly segment is expected to observe the fastest growth rate during the forecast period. The warehousing and logistics companies are retaining their competitiveness by focusing on and opting for narrow aisles, taller racks, and compact layouts within their distribution facilities. The increasing demand for AGVs from this segment is anticipated to propel the automated guided vehicles market statistics.
By End-use
The end-user segment of the market comprises of Manufacturing Sector, Wholesale, and Distribution Sectors. The manufacturing segment holds the largest share of the market in the year 2021 and is credited for a share of revenue of over 74.8%. Furthermore, the manufacturing industry is subdivided into automotive, aerospace & defense, electronics, chemicals, plastics, pharmaceutical, FMCG, and others. The wholesale and distribution segment is anticipated to see the fastest growth rate of 11.9% during the forecast period. Also, the wholesale & distribution segment is again subdivided into grocery stores, e-commerce, hotels and restaurants, and retail chains/conveyance stores. The increasing utilization of AGVs throughout multiple industries can be credited to the advantages provided by the automated guided vehicles market in terms of accuracy, productivity, and safety. The aerospace & defense production facilities tend to be large, due to the component sizes like engine pods, wings, fuselages, and nacelles among others. Furthermore, aerospace & defense companies have deployed automated guided vehicles so that large and heavy substances can be shifted within the facility on predetermined routes and with avoided human errors.
By Geography
The regional segment includes Asia Pacific, Europe, North America, the Middle East, and Africa, Latin America. The European territory has dominated the market of AGV in the year 2021 and has been credited for a revenue share of over 30.8%. Furthermore, the European market is expected to maintain a dominating status in the regional market during the forecast period. The growth of the European market is significantly driven by the growing demand for material handling equipment by the manufacturing industry. Furthermore, automation in all other sectors has augmented the market growth in this region. Asia Pacific region is anticipated to grow at the fastest growth rate of 10.9% during the forecast period. The industry of e-commerce has been increasing consistently in developing countries of the Asia Pacific territories, like China and India.
Automated Guided Vehicles Market Competitive Landscape:
The competitive analysis of the market has been analyzed in the report, besides the detailed profiles of the major players in the industry. Major players in the global market of protective textiles are investing in research and development to enrich and improve their product portfolios. Furthermore, they are aiming at collaborations, mergers, and acquisitions to retain a competitive edge in the market. Key players currently operating in the market include-
- 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
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