FELTON, Calif., Jan. 24, 2023 /PRNewswire/ — The global automated guided vehicle (AGV) market size is projected to value USD 9.38 billion by 2030, registering a CAGR of 10.2% from 2022 to 2030. AGVs have revolutionized how materials are transferred inside warehouses and production facilities. In industries such as heavy machinery, warehousing, automotive, and manufacturing, employee safety is a prime concern and AGVs reduce human intervention in tasks such as unloading, loading, and storage of goods, thus, ensuring employee safety.
Key Industry Insights and Findings from the report:
Based on vehicle type, the tow vehicle segment captured a significant revenue share of more than 40% in 2021.
Based on navigation technology, the laser guidance segment dominated the AGV market in 2021 and is anticipated to remain the fastest-growing segment, with a CAGR of 17.4% during the forecast period.
The Asia Pacific region is anticipated to emerge as the fastest-growing region by 2030, with a CAGR of 11.2%, and can be attributed to the expanding e-commerce sector in China and India.
Read 213 page full market research report for more Insights, “Automated Guided Vehicle Market Size, Share & Trends Analysis Report By Vehicle Type, By Navigation Technology, By Application, By End Use Industry, By Component, By Battery Type And Segment Forecasts From 2022 To 2030“, published by Million Insights.
Automated Guided Vehicle (AGV) Market Growth & Trends
Cutting-edge technologies such as Big Data and machine learning have enabled companies to have linked factories and allowed the adoption of automated material handling systems. This has facilitated effective labor management, flexible production processes, and better quality control of products. Furthermore, the e-commerce sector is booming and efficient material handling has become a vital part of operations for e-commerce giants including Amazon, Alibaba, and Walmart, among several others. Thus, the emergence of a vast e-commerce industry and the subsequent adoption of automated material handling systems are propelling the AGV market growth.
Lead-acid batteries are steadily giving way to lithium-ion batteries in the AGV market. Compared to lead-acid batteries, lithium-ion batteries provide a number of benefits. They weigh less and are smaller than their counterparts. Furthermore, they enable more charge cycles, longer runtimes, and faster charging. Additionally, AGVs powered by lithium-ion batteries can provide higher round-trip efficiency. For instance, Nissan Motor Co., Ltd., a major manufacturer of cars, buses, and trucks, recently announced that it employs lithium-ion batteries to power its autonomous guided vehicles and requires no human intervention. These batteries extend the lifespan of AGVs.
Automated Guided Vehicle Market Segmentation
Million Insights has segmented the global automated guided vehicle (AGV) market based on vehicle type, navigation technology, application, end use industry, component, battery type, and region:
Automated Guided Vehicle Market – Type Outlook (Revenue, USD Million, 2017 – 2030)
Tow Vehicle
Unit Load Carrier
Pallet Truck
Forklift Truck
Hybrid Vehicles
Others
Automated Guided Vehicle Market – Navigation Technology Outlook (Revenue, USD Million, 2017 – 2030)
Laser Guidance
Magnetic Guidance
Vision Guidance
Inductive Guidance
Natural Navigation
Others
Automated Guided Vehicle Market – Application Outlook (Revenue, USD Million, 2017 – 2030)
Logistics and Warehousing
Transportation
Cold Storage
Wholesale & Distribution
Cross-docking
Assembly
Packaging
Trailer Loading and Unloading
Raw Material Handling
Others
Automated Guided Vehicle Market – End-Use Industry Outlook (Revenue, USD Million, 2017 – 2030)
Manufacturing Sector
Automotive
Aerospace
Electronics
Chemical
Pharmaceuticals
Plastics
Defense
FMCG
Tissue
Others
Wholesale and Distribution Sector
E-commerce
Retail Chains/Conveyance Stores
Grocery Stores
Hotels and Restaurants
Automated Guided Vehicle Market – Component Outlook (Revenue, USD Million, 2017 – 2030)
Hardware
Software
Service
Automated Guided Vehicle Market – Battery Type Outlook (Revenue, USD Million, 2017 – 2030)
Lead Battery
Lithium-Ion Battery
Nickel-based Battery
Others
Automated Guided Vehicle Market – Regional Outlook (Revenue, USD Million, 2017 – 2030)
North America
U.S.
Canada
Mexico
Europe
U.K.
Germany
France
Asia Pacific
China
Japan
India
Australia
South Korea
South America
Middle East and Africa (MEA)
List of Key Players in the Automated Guided Vehicle Market
Swisslog Holding AG
Egemin Automation Inc.
Bastian Solutions, Inc.
Daifuku Co., Ltd.
Dematic
JBT
Seegrid Corporation
TOYOTA INDUSTRIES CORPORATION
Hyster-Yale Materials Handling, Inc.
BALYO
E&K Automation GmbH
Kollmorgen
KMH Fleet Solutions
ELETTRIC80 S.P.A.
Fetch Robotics, Inc.
inVia Robotics, Inc.
Locus Robotics
Schaefer Systems International, Inc.
System Logistics Spa
Transbotics (A division of Scott Systems International Incorporated)
Read the Latest Press Releases by Million Insights:
Protein Supplements Market – The global protein supplements market size was valued USD 6.26 billion in 2021 and is anticipated to grow at a CAGR of 8.0% from 2022 to 2030. The market growth is attributed to the growing awareness regarding health concerns among the larger population. Moreover, the growing focus on fitness and building muscles is demanding protein supplements and based products. Protein supplements fulfill daily nutrition requirements.
Meal Kit Delivery Services Market – The global meal kit delivery services market size valued USD 15.21 billion in 2021. The market is anticipated to witness growth at a CAGR of 17.4% from 2022 to 2030. Home-made deliverable meals and chef-cooked meals are gaining traction in today’s fast-growing world. The young generations nowadays are looking for healthy and affordable food for day-to-day life consumption. Moreover, the rising preference for delivered meal products is gaining attention among the larger population.
Nucleic Acid Isolation And Purification Market – The global nucleic acid isolation and purification market accounted for 4.1 billion in 2020 and is projected to exhibit a CAGR of 11.4% from 2021 to 2028. The market is primarily driven by the increasing popularity of sequencing techniques in clinical diagnostics, key developments in growth in enzymology and genomics-based studies, and rising R&D investments pertaining to precision medicine and molecular biology.
Video Streaming Market – The size of the global video streaming market is estimated to reach USD 330.51 billion by 2030, exhibiting a CAGR of 21.3% from 2022 to 2030. The market is driven by the ongoing technical developments such as blockchain technology and Artificial Intelligence (AI) application to enhance video quality.
Oleochemicals Market – The size of the global oleochemicals market is anticipated to reach USD 34.89 billion by 2028, exhibiting a CAGR of 7.57% during the projected period. Major end-use industries including food & beverage, pharmaceuticals, personal care & cosmetics, and plastic & polymers have increased demand for oleochemical derivatives, which can be linked to the market expansion.
Explore more Market Research Reports by Million Insights, for industry specific reports that provide real-time market trends and forecasts, by condensing the integral elements from our industry reports into bite-sized paragraphs, charts, and tables.
Access More Press Releases
About Million Insights:
Million Insights, is a market research and consulting company, provides syndicated as well as customized research reports and consulting services. We have a comprehensive marketplace, that will enable you to compare data points, before you make a purchase. Enabling informed buying, is our motto and we strive hard to ensure that our clients get to browse through multiple samples, prior to an investment. Service flexibility & the fastest response time are two pillars, on which our business model is founded. Our market research report store includes in-depth reports, from across various industry verticals, such as healthcare, technology, chemicals, food & beverages, consumer goods, material science & automotive.
Contact:Ryan Manuel
Research Support Specialist, USA
Million Insights
Phone: 1-408-610-2300
Toll Free: 1-866-831-4085
Email: sales@millioninsights.comWeb: https://www.millioninsights.com/Follow Us: LinkedIn | Twitter
SOURCE Million Insights