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Automated Guided Vehicle Market 2022 – Size, Share, Growth, Trends, Forecast to 2027

The global automated guided vehicle market size is expected to surpass around US$ 4 Bn by 2027, expanding growth at a CAGR of 14% from 2020 to 2027.

The automated guided vehicle market is highly technology driven, and original equipment manufacturers are strongly focused on enhancing the capabilities of their existing product portfolios.

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Rise in need for automation in the material handling process across sectors, such as automotive, manufacturing, aerospace, and healthcare, is estimated to drive the demand for AGVs. A key benefit associated with AGVs is the reduction of labor cost. Furthermore, it also promotes efficient material handling since manual material handling has always been time-consuming and prone to accidents. AGVs combined with radio frequency technology collaborate with the warehouse control system and the warehouse management system to improve accuracy and efficiency, since AGVs have little downtime and operate at a fixed rate to meet a predictable metric for operational activity. Therefore, the use of AGVs in warehouses directly reduce labor costs and increases the efficiency and reliability of storage process. A key challenge for manufacturers of automated guided vehicles is in turning a prototype into a commercial product in the market. These vehicle manufacturers face various issues including modeling, data modelling, and self-calibration.

Penetration of AGVs is rising in the material handling and management industry. Furthermore, they are also being extensively utilized in several industries such as retail, manufacturing, healthcare, logistics, food & beverage, and aerospace. AGVs are employed in various areas across a facility including assemble, kitting, transportation, warehousing, staging, order picking and transferring load to support processing and handling. The use of AGVs helps eliminate risks arisen due to handling of materials manually. AGVs improve safety at the workplace, while optimizing the speed of the operation.

e-Commerce companies are adopting automated guided vehicles as a key component in their growth and expansion, as AGVs can reduce their processing time. Expansion of e-Commerce industries are likely to offer significant opportunity to AGV manufacturers. Moreover, when it comes to retail, e-Commerce is the fastest distribution channel, and it is no longer restricted to developed markets of the U.S. and Europe. It has become a global phenomenon with high market penetration in APAC. Therefore, expansion of e-commerce and use of AGVs by e-Commerce players are projected to further offer considerable opportunities to the global AGV market.

In this study, the years considered to estimate the market size of Automated Guided Vehicle are as follows:

  • History Year: 2017-2020
  • Base Year: 2020
  • Forecast Year 2021 to 2027

Automated Guided Vehicles Fulfil Demands of Industry 4.0

Advancements in navigation technologies in recent times have played an imperative role in the development of cutting-edge automated guided vehicles. Due to these advancements in technologies and innovations, stakeholders in the automated guided vehicle market have a plethora of navigation technologies to choose from. However, as per the current trends, key participants in the automated guided vehicle market are primarily interested in four major navigation technologies: magnetic navigation, vision-guided vehicles, laser-guided navigation, and natural navigation.

Within the automotive industry, deployment of automated guided vehicles in intra-logistic applications is increasing at a rapid pace. With evolving industrial requirements, players in the automotive industry are seeking solutions to improve their production capabilities by increasing their dependency on automated guided vehicles. In the past two decades, logistic requirements in the manufacturing sector have increased in accordance with the changing market demand. Customization is a growing trend in the automotive sector and to fulfill these demands, automotive manufacturers are engaging in innovations– a factor that is expected to propel the demand for automated guided vehicles. With the dawn of Industry 4.0, a number of smart factories or smart industry initiatives within the automotive sector have sprung up in recent years– a trend that is likely to continue.

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Food & Beverages Industry Deploys Automated Guided Vehicles to Increase Productivity

While the automotive industry is expected to provide a significant impetus for growth of the automated guided vehicles market, the food & beverages industry will provide significant opportunities for market players. In the current scenario, some of the leading factors that are expected to boost the adoption of automated guided vehicles in the food & beverages industry include improvements in warehouses, need to minimize overhead costs, and increase productivity with minimum labor. Forklift automated guided vehicles are increasingly being used in the food & beverages sector, as manufacturers in the value chain are investing resources to move repetitive tasks toward automated solutions.

Moreover, with significant growth in trailer loading applications worldwide, automated guided vehicles have emerged as the prime candidate to streamline and bring about improvements in terms of productivity and efficiency. Stakeholders in the automated guided vehicle market are focusing on the development of automated guided vehicle that communicate with warehouse programmable logic controllers (PLC) and warehouse management systems (WMS). Companies are also likely to leverage the benefits of the 3D technology for imaging to track pallet activity efficiently.

Key Players

Prominent companies operating in the automated guided vehicle market include Dematic GmbH & Co. KG, Toyota Industries Corporation, Swisslog Holding AG, Egemin Automation Inc., Oceaneering AGV Systems, Bastian Solutions LLC, Hyster-Yale Materials Handling Inc., JBT Corporation, E&K Automation GMBH, Seegrid Corporation, AGVE Group, Transbotics, Jungheinrich AG, Daifuku Co., Ltd., and AMERDEN Inc.

Segmentation

Automated Guided Vehicle Market, by

  • Forklift AGVs
  • Load Transfer AGVs
  • Pallet Trucks
  • Assembly Line Vehicles
  • Light Load Transporters
  • Tugger AGVs
  • Others

Automated Guided Vehicle Market,

  • Distribution & Logistics
  • Automotive
  • Aerospace
  • Healthcare
  • Retail
  • Manufacturing
  • Food & Beverages
  • Others

Automated Guided Vehicle Market, by Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Singapore
    • Rest of Asia Pacific
  • Middle East & Africa
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of South America

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Steve Robber

My name is Steve Robber, I’m the Owner of Market Stats News. Steve has served in many positions at various organizations for the past seven years. Currently he is an Author at Finance.Yahoo. Contact us for a free news publication, we look forward to speaking with you!

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