Automated Guided Vehicle Market Size, Share & Trends Analysis Report By Type (Tow Vehicles, Unit Load Carriers, Pallet Trucks, Assembly Line Vehicles, Forklift Vehicles, Others), By Navigation Technology, By Industry, By Region, And By Segment Forecasts, 2023-2031.

Automated Guided Vehicle Market Size is valued at USD 2.20 Bn in 2022 and is predicted to reach USD 4.07 Bn by the year 2031 at a 7.2% CAGR during the forecast period for 2023-2031.

Automated Guided Vehicles (AGVs) are autonomous robotic vehicles designed for autonomous navigation within industrial settings such as factories and warehouses. Specialized technology is employed to visually perceive their surroundings and navigate predetermined routes or execute instructions autonomously, hence facilitating the transportation of objects without human intervention. Automated Guided Vehicles (AGVs) exhibit remarkable efficacy in executing repetitive activities, such as material transportation, and have found widespread use across diverse sectors, including manufacturing, warehousing, and healthcare facilities. Autonomous systems offer time and cost savings by operating independently, hence obviating the need for constant human supervision.

Productivity and worker safety can benefit from the use of automated guided vehicles. Various applications and uses have arisen for automated guided vehicle technology due to the many different ways it may be used to enhance building conditions. As online shopping becomes increasingly common, there will be a greater need to carry and process parcels, driving innovation in material handling systems. The introduction of Industry 4.0 has also allowed for the integration of cutting-edge technologies like AI, ML, and IoT, making AGVs more intelligent and productive than ever before. It drives expansion globally and is expected to boost market expansion in the coming years.

However, if a highly tailored and specialized device breaks, getting a replacement or repair may take some time. Parts may be replaced to resolve mechanical issues, but software and sensors might be trickier to analyze and repair. The COVID-19 epidemic profoundly impacted people's and businesses' daily routines. Because of the pandemic, many places worldwide instituted temporary or permanent curfews. Countless sectors suffered major losses due to productivity disparities. Because of this, business slowed even further as personnel was cut. In light of the inherent unpredictability of modern life, autonomous guided vehicles have arisen as a potential answer to these problems. To combat the COVID-19 crisis, AGVs were implemented into the healthcare system.

Competitive Landscape:

Some Major Key Players In The Automated Guided Vehicle Market:

• Daifuku
• JBT
• KION Group AG
• Toyota Industries Corp.
• KUKA AG
• Hyster-Yale Materials Handling
• Oceaneering International
• EK Robotics
• SSI Schaefer
• Scott Technology
• America In Motion
• Asseco CEIT
• CASUN
• DANBACH Robot Jiangxi Inc.
• ECA Group
• E80 Group S.P.A.
• Global AGV
• Grenzebach Group
• IDC Corporation
• IKV Robot Co., Ltd.
• Meiden America, Inc.
• Rocla AGV
• SAFELOG Gmbh
• Simplex Robotics Pvt. Ltd.
• System Logistics S.P.A.

Market Segmentation:

The automated guided vehicle market segmentation includes Type and Navigation Technology and Industry. According to Type, the market is divided into Tow Vehicles, Unit Load Carriers, Pallet Trucks, Assembly Line Vehicles, Forklift Vehicles, and Others. Whereas By Navigation Technology, the segment comprises Laser Guidance, Magnetic Guidance, Inductive Guidance, Optical Tape Guidance, Vision Guidance, and Others. As per the Industry, the market is segmented into Automotive, Chemicals, Aviation, Semiconductor & Electronics, E-commerce, Food & Beverage, Healthcare, Metals & Heavy Machinery, 3PL, and Others.

Based On Type, The Tow Vehicles Automated Guided Vehicle Segment Is Accounted As A Major Contributor To The Automated Guided Vehicle Market

The tow vehicles are expected to hold a major global market share in 2022 because tow vehicles can transport numerous carts at once and have a higher throughput. We may expect significant growth in this sector in the next years. As a bonus, many trailers can carry much heavier loads than a single-fork truck. This is the most efficient model if you need an AGV for hauling or pulling.

The Magnetic Guidance Segment Witnessed Growth At A Rapid Rate

The magnetic guidance segment is growing rapidly in the global automated guided vehicles because some AGVs are fitted with magnetic sensors and can thus follow a track with magnetic tape. Magnetic-guided navigation is expected to experience moderate growth in the near future, especially in countries like the US, Germany, the UK, China, and India.

In The Region, The Asia Pacific Automated Guided Vehicle Market Holds A Significant Revenue Share

It can be attributed to increased output in the automotive industry, and the resulting market fragmentation makes it easier to obtain reasonably priced automation services. In addition, the presence of key market competitors and improvements in automated guided vehicle technology fuel expansion in the region's industries. In addition, North America is projected to grow rapidly in the global automated guided vehicle market, boosted by an increasing population. Material handling equipment is in high demand because of growing demand from established companies in the manufacturing industry and growing financial support from the business.

Recent Developments:

• In September 2023, The collaboration between GROPYUS and automation specialist KUKA was announced to establish a production facility at the Richen location near Heilbronn, Germany. This facility will be entirely automated and operated by digital means. This entailed an investment amounting to several Bn euros in the mid-double-digit range. By the conclusion of 2024, the production capacity of GROPYUS had been augmented to around 3,500 residences annually.

• In September 2022, Toyota Material Handling Japan (TMHJ), a subsidiary of Toyota Industries Corporation, successfully created an autonomous lift truck incorporating groundbreaking AI technology. This advanced system can accurately identify the precise location and orientation of trucks and loads and subsequently generate automated travel routes to efficiently carry out loading operations. This innovation enabled the automation of loading processes in scenarios where the truck's halting location and load position were variable, in addition to the traditional fixed-position loading.

Automated Guided Vehicle Market Report Scope:

Segmentation of Automated Guided Vehicle Market-

Automated Guided Vehicle Market By Type -

• Tow Vehicles
• Unit Load Carriers
• Pallet Trucks
• Assembly Line Vehicles
• Forklift Vehicles
• Others

Automated Guided Vehicle Market By Navigation Technology-

• Laser Guidance
• Magnetic Guidance
• Inductive Guidance
• Optical Tape Guidance
• Vision Guidance
• Others

Automated Guided Vehicle Market By Industry-

• Automotive
• Chemicals
• Aviation
• Semiconductor & Electronics
• E-commerce
• Food & Beverage
• Healthcare
• Metals & Heavy Machinery
• 3PL
• Others

Automated Guided Vehicle Market By Region-

North America-

• The US
• Canada
• Mexico

Europe-

• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-

• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America-

• Brazil
• Argentina
• Rest of Latin America

 Middle East & Africa-

• GCC Countries
• South Africa
• Rest of the Middle East and Africa