SAN FRANCISCO, July 5, 2023 /PRNewswire/ — The global automated guided vehicle market size is anticipated to reach USD 9.18 billion by 2030, registering a CAGR of 9.7% from 2023 to 2030, according to a new report by Grand View Research, Inc. Automated guided vehicles (AGVs) have transformed the way materials can be moved within the manufacturing and distribution facilities. In a production environment where several operations are carried out simultaneously, these vehicles ensure a predictable and reliable transfer of raw materials and manufactured products from one point to another within the facility, thereby eliminating any potential disruption in production.
Key Industry Insights & Findings from the report:
- The unit load carrier segment is expected to expand at the fastest CAGR over the forecast period owing to its ability to handle multiple items simultaneously, reducing the number of trips required and, potentially, handling costs.
- Natural navigation technology’s adoption is expected to grow significantly over the forecast period as it enables businesses to easily modify and expand the guide path of the AGV.
- Assembly line application is expected to have the highest CAGR over the forecasts period as assembly line AGV are replacing traditional mechanical production lines.
- The manufacturing segment dominated the market in 2022 and accounted for a revenue share of over 77%. The growing adoption of automated guided vehicles across various industries can be attributed to the benefits offered by AGVs in terms of productivity, safety, and accuracy.
- The service segment is anticipated to be the fastest-growing segment in the forecast period. This growth can be attributed to the rising demand for various services, which include preventive and corrective maintenance, vehicle and software health check, and training employees directly or indirectly with the operation of AGVs.
- Europe dominated the market in 2022 and accounted for a revenue share of over 30%. Rising investments in the manufacturing sector’s technological advancement are expected to improve the AGV market in Europe.
Read 213-page market research report, “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, By Region, And Segment Forecasts, 2023 – 2030“, published by Grand View Research.
Automated Guided Vehicle Market Growth & Trends
These vehicles can operate safely around structures, machinery, and employees, as they are equipped with accessories, such as camera vision and LiDAR sensors, which help detect junctions, identify floor signs, and avoid collisions with any obstacle. For instance, in November 2021, Quanergy Systems, Inc., a U.S.-based company that offers an AI-powered LiDAR platform, launched the new M1 Edge 2D LiDAR sensors for automation. The newly launched LiDAR sensor is light in weight, broad 360°, with a sensing capability of up to 200 meters used in mobile robotics, AGVs, warehouse logistics applications, and port automation.
Several manufacturing plants and warehouses deploy material handling equipment for various activities, such as locating stock, picking orders, and moving products and raw materials. Transportation and logistics firms are mainly focusing on deploying such equipment to boost the efficiency of their operations in line with the growing demand for their services. For instance, in March 2023, MasterMover Ltd, a prominent manufacturer of electric tug and tow solutions, announced a collaboration with BlueBotics, a navigation, robotics, and industrial automation company.
The partnership intends to offer best-in-class Autonomous Navigation Technology (ANT) technologies for MasterMover’s range of AGVs. In February 2021, Scott (Transbotics Corporation), a prominent solution provider for AGVs, partnered with KUKA AG, a German manufacturer of robots, to coordinate the industrial robots of KUKA AG into material handling systems. Further, these robots would also benefit the warehouse team in assembling, packaging, welding, storing, and shipping. Also, material handling solutions are used to increase transportation efficiency, decrease physical damage to the material, and reduce overheads by limiting the number of employees.
The AGV market is witnessing a progressive switch from lead-acid to lithium-ion batteries. Lithium-ion batteries offer several advantages over lead-acid batteries. They tend to be lighter and more compact. They can charge faster, provide longer runtimes, and support more charge cycles. Hence, they are ideal for AGVs, as they need not be charged frequently during operating shifts or in 24×7 operating environments, and AGVs running on lithium-ion batteries can offer higher round-trip efficiencies. For instance, in March 2021, Nissan Motor Co., Ltd, a global manufacturer of automobiles, buses, and trucks, stated that they use lithium-ion batteries to power their automated guided vehicles, which no longer need a worker to remove the battery and plug them in it charges faster. These batteries let AGVs last longer and bring significant innovations to their warehouse.
Automated Guided Vehicle Market Report Scope
|
Report Attribute |
Details |
|
Market size value in 2023 |
USD 4.79 billion |
|
Revenue forecast in 2030 |
USD 9.18 billion |
|
Growth rate |
CAGR of 9.7% from 2023 to 2030 |
|
Base year for estimation |
2022 |
|
Historical data |
2017 – 2021 |
|
Forecast period |
2023 – 2030 |
Automated Guided Vehicle Market Segmentation
Grand View Research has segmented the global automated guided vehicle 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 & 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 & Distribution Sector
- E-commerce
- Retail Chains/Conveyance Stores
- Grocery Stores
- Hotels & 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
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Latin America
- Brazil
- Mexico
- Middle East and Africa (MEA)
- Kingdom of Saudi Arabia (KSA)
- UAE
- South Africa
List of Key Players in Automated Guided Vehicle (AGV) 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)
Check out more related studies published by Grand View Research:
- Vision Positioning System Market – The global vision positioning system market size is expected to reach USD 9.68 billion by 2025, according to a new report by Grand View Research, Inc., registering a 12.0% CAGR during the forecast period. Increased applications in healthcare, defense, and industrial automation sectors are expected to drive the market over the forecast period.
- Automated Parcel Delivery Terminals Market – The global automated parcel delivery terminals market size is expected to reach USD 1.06 billion by 2025, according to a new study by Grand View Research, Inc. The market is expected to witness significant growth, owing to the rapidly increasing volumes of parcel shipping. Such a considerable increase in volume is primarily driven by the growth in e-commerce market and cross-border deliveries globally. In addition, the increasing demand for alternative delivery solutions is also fueling the market growth.
- AMH Equipment Market – The global automated material handling equipment market size is expected to reach USD 114.45 billion by 2030, growing at a CAGR of 9.4% from 2023 to 2030, according to a new report by Grand View Research, Inc. Increasing labor costs in many countries drive the demand for AMH equipment to replace manual labor. It helps companies save money by reducing the need for manual labor and increasing productivity. Furthermore, e-commerce has created a need for faster and more efficient material handling systems. AMH equipment is used in e-commerce warehouses to handle large volumes of orders and ensure that products are delivered to customers quickly and accurately. Technological advances have also made it possible to develop more sophisticated AMH equipment that is fast, accurate, and reliable. These systems use sensors, Artificial Intelligence (AI), and Machine Learning (ML) to automate material handling tasks.
Browse through Grand View Research’s Next Generation Technologies Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com
Grand View Compass | Astra ESG Solutions
Follow Us: LinkedIn | Twitter
Logo: https://mma.prnewswire.com/media/661327/Grand_View_Research_Logo.jpg
SOURCE Grand View Research, Inc.