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Automated Guided Vehicle Market

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.

Report ID : 2118 | Published : 2024-03-20 | Pages: 180 | Format: PDF/EXCEL

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 Vehicle Market

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:

Report Attribute

Specifications

Market Size Value In 2022

USD 2.20 Bn

Revenue Forecast In 2031

USD 4.07 Bn

Growth Rate CAGR

CAGR of 7.2 % from 2023 to 2031

Quantitative Units

Representation of revenue in US$ Bn and CAGR from 2023 to 2031

Historic Year

2019 to 2022

Forecast Year

2023-2031

Report Coverage

The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends

Segments Covered

By Type, Navigation Technology, Industry

Regional Scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country Scope

U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia

Competitive Landscape

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.

Customization Scope

Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape.

Pricing And Available Payment Methods

Explore pricing alternatives that are customized to your particular study requirements.

Chapter 1. Methodology and Scope

1.1. Research Methodology

1.2. Research Scope & Assumptions

Chapter 2. Executive Summary

Chapter 3. Global Automated Guided Vehicle Market Snapshot

Chapter 4. Global Automated Guided Vehicle Market Variables, Trends & Scope

4.1. Market Segmentation & Scope

4.2. Drivers

4.3. Challenges

4.4. Trends

4.5. Investment and Funding Analysis

4.6. Industry Analysis – Porter’s Five Forces Analysis

4.7. Competitive Landscape & Market Share Analysis

4.8. Impact of Covid-19 Analysis

Chapter 5. Market Segmentation 1: By Type Estimates & Trend Analysis

5.1. By Type, & Market Share, 2020 & 2031

5.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2020 to 2031 for the following By Type:

5.2.1. Tow Vehicles

5.2.2. Unit Load Carriers

5.2.3. Pallet Trucks

5.2.4. Assembly Line Vehicles

5.2.5. Forklift Vehicles

5.2.6. Others 

Chapter 6. Market Segmentation 2: By Navigation Technology Estimates & Trend Analysis

6.1. By Navigation Technology & Market Share, 2020 & 2031

6.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2020 to 2031 for the following By Navigation Technology:

6.2.1. Laser Guidance

6.2.2. Magnetic Guidance

6.2.3. Inductive Guidance

6.2.4. Optical Tape Guidance

6.2.5. Vision Guidance

6.2.6. Others 

Chapter 7. Market Segmentation 3: By Industry Estimates & Trend Analysis

7.1. By Industry & Market Share, 2020 & 2031

7.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2020 to 2031 for the following By Industry:

7.2.1. Automotive

7.2.2. Chemicals

7.2.3. Aviation

7.2.4. Semiconductor & Electronics

7.2.5. E-commerce

7.2.6. Food & Beverage

7.2.7. Healthcare

7.2.8. Metals & Heavy Machinery

7.2.9. 3PL

7.2.10. Others 

Chapter 8. Automated Guided Vehicle Market Segmentation 4: Regional Estimates & Trend Analysis

8.1. North America

8.1.1. North America Automated Guided Vehicle Market revenue (US$ Million) estimates and forecasts By Type, 2019-2031

8.1.2. North America Automated Guided Vehicle Market revenue (US$ Million) estimates and forecasts By Navigation Technology, 2019-2031

8.1.3. North America Automated Guided Vehicle Market revenue (US$ Million) estimates and forecasts By Industry, 2019-2031

8.1.4. North America Automated Guided Vehicle Market revenue (US$ Million) estimates and forecasts by country, 2019-2031

8.2. Europe

8.2.1. Europe Automated Guided Vehicle Market revenue (US$ Million) By Type, 2019-2031

8.2.2. Europe Automated Guided Vehicle Market revenue (US$ Million) By Navigation Technology, 2019-2031

8.2.3. Europe Automated Guided Vehicle Market revenue (US$ Million) By Industry, 2019-2031

8.2.4. Europe Automated Guided Vehicle Market revenue (US$ Million) by country, 2019-2031

8.3. Asia Pacific

8.3.1. Asia Pacific Automated Guided Vehicle Market revenue (US$ Million) By Type, 2019-2031

8.3.2. Asia Pacific Automated Guided Vehicle Market revenue (US$ Million) By Navigation Technology, 2019-2031

8.3.3. Asia Pacific Automated Guided Vehicle Market revenue (US$ Million) By Industry, 2019-2031

8.3.4. Asia Pacific Automated Guided Vehicle Market revenue (US$ Million) by country, 2019-2031

8.4. Latin America

8.4.1. Latin America Automated Guided Vehicle Market revenue (US$ Million) By Type, (US$ Million) 2019-2031

8.4.2. Latin America Automated Guided Vehicle Market revenue (US$ Million) By Navigation Technology, (US$ Million) 2019-2031

8.4.3. Latin America Automated Guided Vehicle Market revenue (US$ Million) By Industry, (US$ Million) 2019-2031

8.4.4. Latin America Automated Guided Vehicle Market revenue (US$ Million) by country, 2019-2031

8.5. Middle East & Africa

8.5.1. Middle East & Africa Automated Guided Vehicle Market revenue (US$ Million) By Type, (US$ Million) 2019-2031

8.5.2. Middle East & Africa Automated Guided Vehicle Market revenue (US$ Million) By Navigation Technology, (US$ Million) 2019-2031

8.5.3. Middle East & Africa Automated Guided Vehicle Market revenue (US$ Million) By Industry, (US$ Million) 2019-2031

8.5.4. Middle East & Africa Automated Guided Vehicle Market revenue (US$ Million) by country, 2019-2031

Chapter 9. Competitive Landscape

9.1. Major Mergers and Acquisitions/Strategic Alliances

9.2. Company Profiles

9.2.1. Daifuku

9.2.2. JBT

9.2.3. KION Group AG

9.2.4. Toyota Industries Corp.

9.2.5. KUKA AG

9.2.6. Hyster-Yale Materials Handling

9.2.7. Oceaneering International

9.2.8. EK Robotics

9.2.9. SSI Schaefer

9.2.10. Scott Technology

9.2.11. America In Motion

9.2.12. Asseco CEIT

9.2.13. CASUN

9.2.14. DANBACH Robot Jiangxi Inc.

9.2.15. ECA Group

9.2.16. E80 Group S.P.A.

9.2.17. Global AGV

9.2.18. Grenzebach Group

9.2.19. IDC Corporation

9.2.20. IKV Robot Co., Ltd.

9.2.21. Meiden America, Inc.

9.2.22. Rocla AGV

9.2.23. SAFELOG Gmbh

9.2.24. Simplex Robotics Pvt. Ltd.

9.2.25. System Logistics S.P.A.

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 Seg

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

InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.

Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.

Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.

Secondary research

The secondary research sources that are typically mentioned to include, but are not limited to:

  • Company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings.
  • External and internal proprietary databases, regulatory databases, and relevant patent analysis
  • Statistical databases, National government documents, and market reports
  • Press releases, news articles, and webcasts specific to the companies operating in the market

The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista

Primary Research:

Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies

The contributors who typically take part in such a course include, but are not limited to: 

  • Industry participants: CEOs, CBO, CMO, VPs, marketing/ type managers, corporate strategy managers, and national sales managers, technical personnel, purchasing managers, resellers, and distributors.
  • Outside experts: Valuation experts, Investment bankers, research analysts specializing in specific markets
  • Key opinion leaders (KOLs) specializing in unique areas corresponding to various industry verticals
  • End-users: Vary mainly depending upon the market

Data Modeling and Analysis:

In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.

The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.

To know more about the research methodology used for this study, kindly contact us/click here.

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Frequently Asked Questions

How big is the Automated Guided Vehicle Market Size?

Automated Guided Vehicle Market is expected to grow at a 7.2% CAGR during the forecast period for 2023-2031.

Meiden America, Inc., Rocla AGV, SAFELOG Gmbh, Simplex Robotics Pvt. Ltd., System Logistics S.P.A.

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