Automated Guided Vehicle Market Share Report & Growth Analysis - 2030

[Research Report] The automated guided vehicles (AGV) market size is expected to reach US$ 11.84 billion by 2030 from US$ 4.53 billion in 2022, with an estimated CAGR of 12.7% from 2022 to 2030.

Analyst Perspective:

One of the key factors driving the automated guided vehicles (AGV) market is the ongoing revolution in automation and Industry 4.0. As industries embrace digitization and smart manufacturing processes, integrating AGVs into existing systems becomes a logical step to optimize production and logistics workflows. AGVs can seamlessly connect with other machinery and software systems, allowing for synchronized and streamlined operations, thereby enhancing productivity and throughput. Industry 4.0 also aims to create an operational environment wherein humans and robots can work together efficiently in warehouses. For instance, DHL Supply Chain, a contract logistics leader within Deutsche Post DHL Group, uses AGVs and robots in its warehouses for picking. The company collaborated with Robomotive, a Dutch industrial automation company, to develop a robot cell capable of depalletizing, picking, and order fulfillment functions. Factors such as a diverse product catalog, competitive pricing, and shopping ease have surged the traction of e-commerce among consumers. E-commerce is growing rapidly in developed countries and emerging nations, owing to the presence of several large corporations such as Amazon and Walmart. The growing popularity of e-commerce has surged the demand for warehouses and distribution centers. As a result, the increasing demand for e-commerce retail is further propelling the automated guided vehicles (AGV) market growth.

Automated Guided Vehicles (AGV) Market Overview:

The automated guided vehicles (AGV) market is experiencing significant growth due to constant technological advancements and increasing demand for efficient and cost-effective material handling solutions. AGVs are self-operating, driverless vehicles that can navigate and transport materials within industrial and commercial settings, eliminating the need for manual labor and reducing human error. Another factor fueling the automated guided vehicles (AGV) market growth is the increasing emphasis on safety and efficiency in various industries. AGVs are equipped with advanced sensors, cameras, and collision avoidance technologies, making them capable of navigating complex environments without accidents or damage to goods. These features make AGVs an attractive option for industries looking to enhance their safety standards.

Automated Guided Vehicles (AGV) Market Driver:

Increasing Industrialization and Automation to Drive Automated Guided Vehicles (AGV) Market

Industrialization and automation are revolutionizing how businesses and industries operate worldwide. Automation has enabled businesses to become more cost-effective and efficient by excluding labor-intensive tasks and increasing production accuracy and speed. Automation also has the potential to improve product quality and decrease human error. It has allowed businesses to improve customer service, modernize their operations, and reduce customer wait times. Automation is also helping businesses become more flexible, acknowledging them to respond quickly to changes in the market. As businesses embrace automation, they quickly realize the benefits it can bring to their operations. Industrialization and automation in industries are growing significantly. For instance, in June 2023, Rockwell Automation announced that 85% of automotive manufacturers plan to maintain or even increase their workforce due to technology adoption. In addition, 64% of businesses use software to automate processes, and 54% of leaders are increasing automation to address labor shortages. Automated guided vehicles are widely used for several purposes: increasing safety, lowering production time, assuring high production volume, and minimizing the risk of human mistakes. Thus, the growing industrialization and automation in industries drives the automated guided vehicles (AGV) market.

Customize This Report To Suit Your Requirement

You will get customization on any report - free of charge - including parts of this report, or country-level analysis, Excel Data pack, as well as avail great offers and discounts for start-ups & universities

Get FREE CUSTOMIZATION

Automated Guided Vehicles (AGV) Market: Strategic Insights

• Get Top Key Market Trends of this report.
  This FREE sample will include data analysis, ranging from market trends to estimates and forecasts.

Free Sample PDF

Report Segmentation and Scope:

The “Automated Guided Vehicles (AGV) Market” is segmented based on Technology, Vehicle Type, End Users and geography. Based on technology, the automated guided vehicles (AGV) market is bifurcated into laser target navigation, magnetic navigation, wired navigation, guide tape navigation and others. The automated guided vehicles (AGV) market, by vehicle type, is segmented into tow vehicle, pallet trucks, tugger trains, forklift trucks, and others. Based on end users, the automated guided vehicles (AGV) market is bifurcated into logistics, automotive, general manufacturing, healthcare, retail, food and beverage, aerospace and others. The automated guided vehicles (AGV) market, based on geography, is segmented into North America Europe, Asia Pacific, Middle East & Africa, and South America.

Automated Guided Vehicles (AGV) Market Segmental Analysis:

Based on technology, the automated guided vehicles (AGV) market is subsegmented into wired navigation, guide tape navigation, laser target navigation, magnet navigation, and others. The laser target navigation segment held the largest share in 2022. The same segment is expected to register the highest CAGR in the automated guided vehicles (AGV) market during the forecast period. The laser target navigation method for automated guided vehicles (AGV) is very flexible and can be used in various environments. The reflective targets can be placed on the floor, walls, or other surfaces so that the AGV can be navigated around obstacles and through narrow aisles. Laser target navigation can be scaled to accommodate a wide range of AGVs, from small carts to large forklifts. It makes it a versatile solution for various warehouse and manufacturing applications. Various manufacturers have launched automated guided vehicles equipped with the laser target navigation system

Automated Guided Vehicles (AGV) Market Regional Analysis:

The North America automated guided vehicles (AGV) size was valued at US$ 1,161.16 million in 2022 and is projected to reach US$ 2,976.90 million by 2030; it is expected to register a CAGR of 12.5% during 2023–2030. The North America automated guided vehicles (AGV) market is segmented into the US, Canada, and Mexico. The US held the largest share of the North America automated guided vehicles (AGV) market in 2022. Manufacturing enterprises in the US plan to grow at a fast pace in the coming years by bolstering their productivity with the adoption of new technologies. Moreover, decreasing gas prices, rising labor costs in emerging markets, and better regulatory frameworks securing the intellectual property rights of companies boost their growth. Companies in the US are deploying automated material handling solutions to enhance productivity and gain a competitive edge in the markets they serve. Companies in the metals, food & beverages, warehousing, life sciences, and semiconductors and electronics manufacturing industries are increasingly deploying automated material handling equipment in their facilities. New electric or autonomous vehicle manufacturers are opening their manufacturing facilities in the US.

Automated Guided Vehicles (AGV) Market Key Player Analysis:

The automated guided vehicles (AGV) market consists of players such as Dematic Corp, Kion Group AG, Jungheinrich AG, Toyota Material Handling Inc, Konecranes Plc, John Bean Technologies Corp, Daifuku Co Ltd, Bastian Solutions LLC, Hyster-Yale Group Inc, and Murata Machinery Ltd.

Automated Guided Vehicle

Automated Guided Vehicles (AGV) Market Regional Insights

The regional trends and factors influencing the Automated Guided Vehicles (AGV) Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Automated Guided Vehicles (AGV) Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Automated Guided Vehicles (AGV) Market Report Scope

Automated Guided Vehicles (AGV) Market Players Density: Understanding Its Impact on Business Dynamics

The Automated Guided Vehicles (AGV) Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Automated Guided Vehicles (AGV) Market are:

1. Dematic Corp
2. Kion Group AG
3. Jungheinrich AG
4. Toyota Material Handling Inc
5. Konecranes Plc

Disclaimer: The companies listed above are not ranked in any particular order.

Recent Developments:

 

Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the automated guided vehicles (AGV) market. A few recent key automated guided vehicles (AGV) market developments are listed below:

• In June 2023, Dematic introduced its newest freezer-rated autonomous guided vehicles (AGVs). Dematic's whole line of AGVs, including high-reach and counterbalance models, was designed and constructed in Australia. It is now fully certified for use in freezing conditions, catering to the needs of the growing automated guided vehicles (AGV) market.
• In March 2023, the Storage Solutions group ("Storage Solutions") was successfully acquired by Jungheinrich AG from Merit Capital Partners, MFG Partners, and the management of Storage Solutions. All closing requirements, including American merger control clearance, have been met. With Storage Solutions, Jungheinrich expands the racking and warehouse automation market in the US with a solid growth foundation.
• In December 2021, KION Group opened a new forklift truck plant in China and laid the foundation stone for further supply chain solutions plants. These new facilities will help the KION Group to forge ahead with its growth strategy in China and expand its product portfolio in both operating segments. The KION Group planned to create more than 1,000 new jobs in Jinan in the medium term. More than 4,600 people of the KION Group's almost 40,000-strong workforce are already based in China.