Global Automated Guided Vehicle Market is segmented By Type (Tow Vehicles, Unit Load Carriers, Pallet Trucks, Assembly Line Vehicles, Forklift Trucks, Others), By Navigation Technology (Laser Guidance, Magnetic Guidance, Inductive Guidance, Optical Tape Guidance, Vision Guidance, Others), By Application (Logistics and Warehousing, Packaging, Assembly, Raw Material Handling, Others), By Industry (Automotive, Manufacturing, Food and beverages, Healthcare, Aerospace, Retail, Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Automated Guided Vehicle Market Overview
The Global Automated Guided Vehicle Market is expected to grow at a CAGR of 14% in the forecast period (2024-2031).
An automated guided vehicle (AGV) is a portable robot that navigates by following long lines or wires on the floor, or by using radio waves, vision cameras, magnets, or lasers.
They are frequently used in industrial, commercial, and healthcare settings. During the forecast period, the Global Automated Guided Vehicle Market is expected to grow at a CAGR of 14%.
Automated Guided Vehicle Market Summary
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Metrics |
Details |
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Market CAGR |
14% |
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Segments Covered |
By Type, By Navigation Technology, By Application, By Industry and By Region |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
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Fastest Growing Market |
Asia Pacific |
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Largest Market Share |
North America |
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Automated Guided Vehicle Market Dynamics
Drivers:
Rising demands in the e-commerce sector is expected to boost the Automated Guided Vehicles Market.
The growing demands in the e-commerce sector is pushing companies to move towards implementing automated solutions in order to increase the efficiency and productivity in their factories and warehouses. According to data, approximately 111,000 automated guided vehicle (AGV) units were sold globally in 2018. In non-manufacturing environments, approximately 103,000 such systems were deployed. According to the Global Consumer Survey Report of 2019, approximately 30% of the consumers polled buy products online once a week or more frequently. According to data, the global e-commerce sales reached approximately 3.5 trillion US Dollars in 2019, and accounted for almost 20% of the total retail sales in 2020, amounting to almost 4.3 trillion US Dollars, with these figures expected to increase during the forecast period. As a result, to speed up the dispatches and manufacturing processes in order to meet the demands of the consumers, a rise in the use of AGVs has been observed. For instance, in April 2019, Amazon acquired Canvas Technologies in order to develop AGVs and mobile navigation robots for its off the market logistical operations. Automated Guided Vehicles also assist manufacturers in achieving higher levels of quality and dependability in warehouse operations, thereby enabling companies to cut down on high labor costs.
Technological advancements in robotics sector will boost the demand for Automated Guided Vehicles.
The number of automated guided vehicle providers has increased in recent years, as improved navigation and safety systems benefit e-commerce order fulfilment and other warehouse operations. Consider the case of Amazon, which acquired Kiva Technologies in 2012 and Canvas Technologies in 2019 to support and improve its logistical operations. Canvas Technology, for example, used spatial AI to enable mobile robots to navigate safely around people in dynamic environments. AMRs can operate without a map thanks to a combination of sensors and simultaneous localization and mapping (SLAM) software. AGVs have also optimized transport routes and reduced workloads for the manual workers. For instance, Jungheinrich AGVS is made of five ERC 215a Automated Guided Vehicles that can carry loads of up to 1.5 tons. Precision approach and automatic operation of receiving and pick-up stations have been made possible by laser navigation. Personal protection scanners and sensors were installed in all vehicles. Furthermore, the Jungheinrich Logistics Interface software allows the Automated Guided Vehicles to be controlled by a tablet. An intuitive dialogue makes it simple to enter job orders. In a fully automated sequence, the next AGV receives and processes the order. These technological advancements are expected to boost the market for Automated Guided Vehicles.
Restraints:
The factors restraining the Global Automated Guided Vehicles market include the high procurement costs and potential safety hazards that come with the usage of AGVs.
COVID-19 Impact Analysis on Automated Guided Vehicle Market
The COVID-19 pandemic has impacted industries all over the world including the Automated Guided Vehicles market. The healthcare and e-commerce industries have been significantly affected by the pandemic. Due to social distancing rules being implemented and various travel restrictions imposed all over the world, consumers are unable to go to outlets and retail stores to buy various goods, so they have to shift to online shopping platforms to fulfill their demands. According to data, a 23% increase in online retail sales was observed in 2020, as compared to 2019. As a result, these e-commerce companies have had to focus on bringing in Automated Guided Vehicles so as to boost productivity and efficiency in their warehouses. Hospitals around the world are also implementing automated solutions so as to focus more of their manual workforce on treating people. AGVs fulfill many roles such as waste management, transportation of sterile supplies, carrying out UV disinfections, floor scrubbing and much more. These factors have boosted the market for Automated Guided Vehicles during the pandemic.
Automated Guided Vehicle Market Segmentation Analysis
The Global Automated Guided Vehicles Market is segmented into Type, Application, Navigation Technology, Industry and by Region.
Based on Type
The Global Automated Guided Vehicles market based on Type is segmented into Tow Vehicles, Unit Load Carriers, Pallet Trucks, Assembly Line Vehicles, Forklift Trucks and Others.
Tow vehicles accounted for the vast majority of the global AGV market in 2018. Towing applications can include bulk product movement into and out of warehouse areas, as well as direct service to a manufacturing/assembly operation. Amazon, for example, uses small, Roomba-shaped robots simply referred to as "drives" to deliver large stacks of products to human workers by following predetermined paths around the warehouse. Danbach Robot’s Towing AGV, also known as Tow Vehicle and Lurking Towing Agv, can pull multiple vehicles at once to achieve efficient handling. Furthermore, the Tow Vehicles AGV body can be equipped with a pallet, material rack, material box, and so on for conveying. Towing AGV improves transportation efficiency, as do traction AGVs with 500Kg / 1T / 2T and other models. Side path spurs are typically placed in receiving or shipping areas so that trains can be loaded or unloaded off the mainline without interfering with the movement of other trains on the main path. The unit load carrier segment is expected to grow at the fastest CAGR during the forecast period.
Based on Application
The Global Automated Guided Vehicles Market based on Application is segmented into Logistics and Warehousing, Packaging, Assembly, Raw Material Handling and Others.
Based on Navigation Technology
The Global Automated Guided Vehicles market based on Navigation Technology is segmented into Laser Guidance, Magnetic Guidance, Inductive Guidance, Optical Tape Guidance, Vision Guidance and Others.
Based on Industry
The Global Automated Guided Vehicles market based on Industry is segmented into Automotive, Manufacturing, Food and Beverages, Healthcare, Aerospace, Retail and Others.
Based on Region
The Global Automated Guided Vehicles Market based on Region is segmented into North America, Europe, South America, Asia-Pacific, Middle East & Africa.
North America and Asia-Pacific accounted for more than three-fifths of the global automated guided vehicle market in 2018. The Asia-Pacific region's large market share can be attributed to rapid growth in the consumer retail and automotive industries in countries such as China, Japan, the Republic of Korea, Singapore, and India. According to data, Singapore had an index score of 25.45 in terms of autonomous vehicle readiness in 2020, ranking first in the Asia Pacific region. In comparison, India received a 6.95 in terms of autonomous vehicle readiness in 2020. China has the world's largest robot market. According to data, the total volume of AGV sales in China totalled to over 18000 units, and is expected to grow further during the forecast period. Furthermore, governments in APAC countries are increasingly emphasising production floor safety and security, which can be best achieved by implementing AGVs. The AGV market is rapidly expanding in countries such as China and Japan as a result of increased investments by manufacturers and suppliers in the installation of these vehicles in warehouses and distribution centres. The AGV market in Japan was valued at approximately 11.3 billion yen in 2019. According to a survey conducted among manufacturing companies in India in the fourth quarter of 2020, approximately 30 percent had plans to implement advanced automation technologies such as robotics and automated guided vehicles. Growing warehouse automation, emerging applications such as augmented and virtual reality, and IoT, as well as the need for new technologies and innovations to produce higher quality products at faster speeds and lower costs, will drive the market in North America during the forecast period.
Automated Guided Vehicle Market Companies and Competitive Landscape
With the presence of various global and regional players, the global Automated Guided Vehicle Market is slightly fragmented. The key market players in the automated guided vehicle market are focusing on expansion through strategic interventions such as acquisitions, collaborations, expansion, and the launch of advanced products. For instance, Nidec-Shimpo released new versions of its S-Cart automated guided vehicle in 2018. Nidec-new Shimpo's model was based on the company's guideless navigation AGV "S-Cart."
Among the market's key players are Daifuku, JBT Corporation, KION Group, KUKA, Toyota Industries, Hyster-Yale Materials Handling, E&K Automation, Kollmorgen, Seegrid Corporation, and SSI Schaefer, Egemin Automation, Inc., Bastian Solutions, Elettric80 SpA, Fetch Robotics, Inc, inVia Robotics, Inc, Locus Robotics, System Logistics Spa, Transbotic.
Company Profile: Toyota Industries Corporation
Overview: Toyota Industries Corporation is a Japanese manufacturer of machines. Toyota Motor Corporation arose from the company that was originally and continues to be a manufacturer of automatic looms. In terms of revenue, it is one of the world's largest manufacturers of forklift trucks. It was established in 1926 and is based in Kariya, Japan.
Product Portfolio: The company specializes in manufacturing equipment for the material handling, automobile and textile industries. Products vary from AGV System Tug carts to AGV System Key carts, Automated Forklift trucks and many more.
Recent Developments: 1) Third Wave Automation and Toyota Industries announced the start of a strategic partnership to produce next-generation autonomous material handling vehicles in May 2021.
2) Toyota Material Handling Europe confirmed in June 2021 that it had used 100 percent renewable electricity in its European operations as of April 1, 2021. This change affects all of the organization's European entities and represents a significant step forward toward the organization's ambitious sustainability goals.
