The global “automated guided vehicle” (AGV) market size is slated to reach USD 3.14 billion by 2026, exhibiting a CAGR of 9.5% during the forecast period. Rising tide of industrial automation is likely to emerge as the central factor driving the growth of this market in the coming decade. Automation in industrial processes is primarily based on the integration of Artificial Intelligence-based technologies such as Internet of Things (IoT) with the existing infrastructure. Automated technologies are taking industries by storm and their future looks immensely promising. For example, the World Economic Forum (WEF) estimates that by 2035, only 35% of working hours will be spent on manual routine jobs that currently take up 48% of work time. Furthermore, manufacturing, logistics, and retail sectors will have the highest potential for automation by 2026, notes the WEF. AGVs are a prelude to the adoption of full-fledged AI-powered technologies in any industry and as automation gains ground, the AGV market demand will remain steady.
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Fortune Business Insights shares the above information in its report, titled “Automated Guided Vehicles (AGV) Market Size, Share & Industry Analysis, By Type (Unit Load Carrier, Forklift Truck, Mobile Robots and Others), By Navigation Technology (Laser Guided, Magnetic Guided, Vision Guided and Others), By Application (Transportation & Distribution, Storage & Assembly, Packaging), By Industry (Automotive, Food & Beverage, E-Commerce and Others) and Regional Forecast, 2020-2026”. As per the report, the value of this market was at USD 1.53 billion in 2018. The other highlights of the report include:
- Detailed analysis of the market share, size, and figures and the factors shaping them;
- Exhaustive study of the different market segments;
- 360-degree overview of the general industry outlook;
- Comprehensive evaluation of the regional and competitive dynamics of the market; and
- In-depth assessment of the market restraints.
Promise of Enhanced Efficiency to Propel the Market
One of the main automated guided vehicles market trends is the increasing uptake of AGVs across industries owing to their high efficiency. For example, AGVs can operate 24/7 without rest, something that humans cannot do. As a result, they not increase productivity but also bring down utility costs. Furthermore, AGVs, once connected and synched with warehouse management system, can effectively monitor inventory, thereby removing the need to hire extra personnel to do inventory work. Even more important is the fact that deploying AGVs in hazardous environments, such as handling of toxic chemicals, can reduce the incidence of industrial accidents. Thus, AGVs offer a slew of advantages in terms of productivity and efficiency, which bodes well for the AGV market revenue.
Market Landscape and Market Scenario Includes:
- Current market size estimate
- Revenues by players Top Companies
- Market size by product categories
- Market size by regions/country
Speedy Expansion of the E-commerce Industry to Drive the Market in Asia-Pacific
The AGV market size in Asia-Pacific stood at 0.37 billion in 2018 and the region is anticipated to dominate the automated guided vehicles market share in the forthcoming years. This is mainly attributable to the fast-growing e-commerce industry in India and China. Moreover, these countries are heavily investing in developing their manufacturing sectors and improving their warehousing infrastructure through intelligent systems, which is further driving this market.
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Key segments within the Automated Guided Vehicle market
1. By Type
- Unit Load Carrier
- Forklift Truck
- Mobile Robots
- Other (Tuggers, etc.)
2. By Navigation Type
- Laser Guided
- Magnetic Guided
- Vision Guided
- Others (Wire Guided, etc.)
3. By Application
- Transportation & Distribution
- Storage & Assembly
4. By Industry
- Food & Beverage
- Others (Healthcare, etc.)
5. By Region
- North America (the U.S. and Canada)
- Europe (U.K., Germany, France, Italy and Rest of Europe)
- Asia-Pacific (Japan, China, India, Southeast Asia, and Rest of Asia-Pacific)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
- Latin America (Brazil, Mexico, and Rest of Latin America)
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Important Features that are under Offering and Key Highlights of the Market Report:
- Detailed overview of Market Share
- Changing market dynamics of the industry
- In-depth market segmentation by Type, Application, etc.
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape of Market
- Strategies of key players and product offerings
- Potential and niche segments/regions exhibiting promising market growth
In North America, growth is expected to stable as the region has a well-established manufacturing sector and companies are rapidly adopting automation technologies to optimize their warehousing processes. Low working-age population is forcing many companies in Europe to implement automated technologies to maintain their efficiency in operations.
Urbanization and growth of e-commerce in Latin American countries is fueling the demand for AGVs.
Queries Addressed In Automated Guided Vehicle Market Report:
- What opportunities are present for the market players to enhance their business footprint?
- What manufacturing techniques are being implemented in the development of advanced Construction Equipment?
- Which segment is witnessing huge traction from the consumers?
- For what purposes, is the market being utilized?
- How many units are estimated to be sold in 2020?
Increasing Focus on Research and Innovation to Create a Charged-up Competitive Atmosphere
According to the automated guided vehicle market analysis, competition in this market is set to intensify as major players double down their investment launching innovative products. This would enable them to solidify their market position and diversify their product portfolio.
- October 2020: Hit Robot Group (HRG) launched its new-age automated guided vehicle, powered by the SLAM (Simultaneous Localization and Mapping) technology used by the company in its automated mobile robots. The AGV can recreate a 2D map of the facility it is deployed in and navigate on its own.
- September 2018: Seegrid Corporation, an automated guided vehicles market leader, introduced its new vision guided vehicle as an expansion of the company’s automated solutions platform. The smart platform would enable manufacturing, e-commerce, and distribution companies to optimize their operations and streamline their processes.
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The Automated Guided Vehicle Market Report Profiles the Following Players:
- HIT Robot Group
- SI Systems, LLC.
- ELETTRIC80 S.P.A.
- AGVE Group
- The Raymond Corporation
- Daifuku Co., Ltd.
- Seegrid Corporation
- KION GROUP AG
- Toyota Advanced Logistics
Key Features of Market Research Report:
- This report provides detail analysis of the Automated Guided Vehicle market and have a comprehensive understanding of the market and its commercial landscape.
- Learn about the various Automated Guided Vehicle market strategies that are being adopted by leading companies.
- It provides a five-year forecast assessed based on how the market is predicted to grow.
- It provides insightful analysis of changing competition dynamics and keeps you ahead of competitors.
- To understand the future scope and outlooks for the Automated Guided Vehicle market.
- Market Forecast by regions, type and application, with sales and revenue, from 2020 to 2026.
- Market Share, distributors, major suppliers, changing price patterns and the supply chain of raw materials is highlighted in the report.
- Market Size (sales, revenue) forecast by regions and countries from 2020 to 2023 of industry.
- The global Automated Guided Vehicle market Growth is anticipated to rise at a considerable rate during the forecast period, between 2020 and 2023. In 2020, the market was growing at a steady rate and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.
- Market Trend for Development and marketing channels are analysed. Finally, the feasibility of new investment projects is assessed and overall research conclusions offered.
- Automated Guided Vehicle Market Report also mentions market share accrued by each product in the market, along with the production growth.
Lastly, this report covers the market landscape and its growth prospects over the coming years, the Report also brief deals with the product life cycle, comparing it to the relevant products from across industries that had already been commercialized details the potential for various applications, discussing about recent product innovations and gives an overview on potential regional market shares.
Table of Content
Global Automated Guided Vehicle (AGV) Market Analysis, Insights and Forecast, 2015-2026
5.1. Key Findings / Summary
5.2. Automated Guided Vehicle Market Sizing Estimations and Forecasts – By Type (Value)
5.2.1. Unit Load Carrier
5.2.2. Forklift Truck
5.2.3. Mobile Robots
5.2.4. Other (Tugger, etc.)
5.3. Automated Guided Vehicle Market Sizing Estimations and Forecasts – By Navigation Technology (Value)
5.3.1. Laser Guided
5.3.2. Magnetic Guided
5.3.3. Vision Guided
5.3.4. Others (Wire guided, etc.)
5.4. Automated Guided Vehicle Market Sizing Estimations and Forecasts – By Application (Value)
5.4.1. Transportation & Distribution
5.4.2. Storage & Assembly
5.5. Market Sizing Estimations and Forecasts – By Industry (Value)
5.5.2. Food & Beverage
5.5.4. Others (Healthcare, etc.)
5.6. Automated Guided Vehicle Market Analysis, Insights and Forecast – By Region (Value)
5.6.1. North America
5.6.3. Asia Pacific
5.6.4. Middle East & Africa
5.6.5. Latin America
6. North America Automated Guided Vehicle (AGV) Market Analysis, Insights and Forecast, 2015-2026
6.1. Key Findings / Summary
6.2. Automated Guided Vehicle Market Sizing Estimations and Forecasts – By Type (Value)
6.2.1. Unit Load Carrier
6.2.2. Forklift Truck
6.2.3. Mobile Robots
6.2.4. Other (Tugger, etc.)
6.3. Market Sizing Estimations and Forecasts – By Navigation Technology (Value)
6.3.1. Laser Guided
6.3.2. Magnetic Guided
6.3.3. Vision Guided
6.3.4. Others (Wire guided, etc.)
6.4. Automated Guided Vehicle Market Sizing Estimations and Forecasts – By Application (Value)
6.4.1. Transportation & Distribution
6.4.2. Storage & Assembly
6.5. Automated Guided Vehicle Market Sizing Estimations and Forecasts – By Industry (Value)
6.5.2. Food & Beverage
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